Mobile App Revenues May Exceed $25 Billion in 2013

2013 will be a banner year for mobile app revenue. That’s according to the latest research and industry projections from Gartner.

If the projections manifest, global app revenues will reach an all time global high of $25 billion this year.

With well over 700,000 apps available from both the iOS and Android app stores today, consumers have no shortage of apps to choose from – a reality that is responsible for smartphone owners spending, on average, at least two hours per day engaged with their various apps.

Since 2011, mobile consumers have nearly doubled the time they spend with their downloaded apps across all platforms.

Apple and Google Inc.’s Play store are today neck-in-neck in terms of smartphone apps catalogs and usage, said analysts. Apple still dominates in terms of money made by more than three to one, according to App Annie.

The cost of acquiring users through advertising, however, continues to spike considerably year-over-year, the Wall Street Journal confirmed on Monday.