Global mobile app market to reach $6.3 trillion by 2021

A journalist takes a picture of China's mobile company Xiaomi's new model Mi Max at its launching ceremony in Beijing, May 10, 2016. - Photo: Reuters

A new study by analyst firm App Annie suggests the global mobile app economy was worth $1.3 trillion last year and is poised to skyrocket to $6.3 trillion by 2021 as users spend more money on apps, in-app purchases, and mobile commerce.

According to the report, consumer spending across all mobile app stores will reach $139 billion over the next four years. Apple's App Store will remain the largest contributor regarding app store purchases, growing to over $60 billion in 2021. In-app advertising will also witness a sharp growth to $201 billion.

While people are spending more time interacting with apps, the researchers predict the amount of time they will be logged on will grow from 1.6 trillion hours in 2016 to a staggering...