Mobile App Revenue Set to Explode

Revenue will reach $35 billion by 2014, IDC says.
By Olivia Oran ,

NEW YORK (

TheStreet

) - Mobile apps -- some costing less than $1 -- are big business. Worldwide app revenue is expected to grow more than 60% per year, reaching $35 billon by 2014, according to a new report by market research firm IDC.

The number of mobile programs downloaded to smartphones will increase to 76.9 billion in 2014, up from 10.9 billion in 2010.

Mobile applications are viewed by analysts as a significant factor in the growth of smartphones.

Apple

(AAPL) - Get Report

boasts more than 300,000 mobile apps for iPhone devices, while

Google's

(GOOG) - Get Report

Android marketplace has around 100,000 programs.

Shares of Apple rose 1.2% in afternoon trading to $324.21.

Google climbed 1.3% to $599.96.

--Written by Olivia Oran in New York.

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