Apple has certainly revolutionized the concept of apps and now Citibank has confirmed it. According to a report released by the
bank, Apple app store is likely to maintain its growth spurt and won't be slowing down anytime soon. Citibank has also estimated that the app store will contribute up to $2 billion in revenue to the Cupertino based company. And these numbers are still pessimistic in comparison to estimates released by research firm Gartner, which has estimated that the global app market was worth $4 billion in 2010.
Gartner has predicted the exponential growth for the segment has predicted that the market may see its revenue climbing to $27 billion level in two years. The numbers may sound excessive, but let's not forget the growing popularity of smartphones which ultimately is going to fuel the app market. However, Citibank is expecting the smartphone growth to lose some of its sheen. The sector grew 53 percent in 2010 but the rate is likely to slow down to 29 percent in 2011.
Source: BGR