Citibank study estimates App Store market will hit $2 billion by year's end

According to a study conducted by Citibank, the App Store market will hit $2 billion by the end of 2011.

This massive sum will be a boon to Apple, as the company pockets 30 percent of gross revenue made through the sale of Apps, meaning the firm could rake in as much as $600 million from the store alone.

If the $2 billion figure is reached, the entire group of developers would rake in a total of $1.4 billion in sales, with most growth for the sector coming from the microtransaction (in-App) market of free-to-play games.

Citibank concludes that by the end of 2013, the entire App market will be worth approximately $27 billion - which includes Android and other tech emerging over the next couple of years.

Thanks, Develop.