WASHINGTON, Oct. 29, 2014 (GLOBE NEWSWIRE) -- The third annual State of the App Economy report from ACT | The App Association shows the app industry is thriving and continues to grow at a tremendous rate. Having risen to an $87 billion marketplace in just six years, analysts project growth beyond $150 billion by 2017.
"Our latest work reveals that the past twelve months have been an extraordinary period for app companies," said The App Association's Jonathan Godfrey. "Small companies and startups are leading a booming app industry that is growing and creating jobs throughout all regions of the country."
The study finds that of the top grossing apps, 74 percent are made by companies located in the United States. More than three-quarters of those companies are based outside of Silicon Valley, and can be found in places like Coralville, Iowa, and Boulder, Colorado.
The study also reveals that startups and small companies make up 77 percent of the app market. And that app makers both big and small are creating jobs. In fact, 52 percent of top grossing app companies are hiring, with large companies having an average of 208 openings, and small companies posting an average of 10 unfilled positions.
Attached is a comprehensive infographic with some of our findings, and a State of the App Economy 2014 header.
You can access the full report here.
App makers have harnessed the power of mobile connectivity to change the way people work, play, shop, and communicate - and there are no signs of that incredible innovation stopping.
About ACT | The App Association
ACT | The App Association is an organization representing more than 5,000 small and mid-size software companies in the mobile app economy. ACT advocates for an environment that inspires and rewards innovation while providing resources to help its members leverage their intellectual assets to raise capital, create jobs, and continue innovating.
Photos accompanying this release are available at:
CONTACT: Jonathan Godfrey JGodfrey@actonline.org 202-420-7486Source:Association for Competitive Technology