The smartphone app market is expected to reach $6.3 trillion by 2021, up 380% from $1.3 trillion in 2016.

A recent report has predicted that the global app market will reach $6.3 trillion by 2021, up from $1.3 trillion in 2016. The report by App Annie Research said the global app market is growing exponentially due to increasing mobile ownership globally, with users expected to spend about 3.5 trillion hours using apps in 2021, compared to about 1.6 trillion hours spent in 2016. The company expects sales of the Apple App Store to reach $40 billion in 2017 and Google Play to reach $21 billion. <App Annie noted that e-commerce apps are the main driver of app market growth and the company expects more and more people to use their smartphones to shop. Chinese consumers are more than three times more likely to buy food using their cell phones than U.S. consumers and more than two times more likely to transfer money using apps than their U.S. counterparts.

App Annie noted that e-commerce apps are the key driver of growth in the app market and the company expects more and more people to use their smartphones to shop.