Global app store revenues are expected to reach $56.4 billion in 2017 and $85 billion in 2020 as the number of smartphone users grows rapidly, according to Newzoo.
The market analytics firm has released its latest Global Mobile Market Report, which studies the number of devices currently in use, app revenues, and more to make predictions of the future market.
Newzoo said that of the $56.4 billion, 82% of the revenue would come from mobile games.
The report claims that the number of active smartphone users globally will grow to 2.6 billion in 2017. This number is expected to shoot up to 3.6 billion in 2020, almost half the world's population.
Due to this increase in smartphone users, app revenues are expected to grow accordingly. The Asia-Pacific region alone is predicted to account for $31.8 billion of all revenues generated worldwide in 2017.
Looking at more recent figures, Newzoo stated that Samsung is currently the largest mobile manufacturer in the world, with over 859 million active smartphones on the market. This makes up 31% of all phones currently in use globally.
PocketGamer.biz Contributing Editor Jon Jordan recently analysed how market research firms come up with their forecasts, and why some may differ.