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According to a study commissioned by mobile application store operator GetJar, the mobile application market will reach $17.5 billion by 2012. By then, the number of mobile application downloads will have also grown to nearly 50 billion from just over 7 billion in 2009.

Here are a few other highlights from the report (via Paid Content and TechCrunch): The annual growth rate for mobile app downloads is 92% By 2012, off-deck, paid apps will be the biggest source of revenue In 2009, mobile operators accounted for more than 60% of apps' revenue By 2012, mobile operators will account for less than 23% of apps' revenue The app store growth (8 to 38 by 2012) is an increase of 375% Average app selling price is $1.09 in North America, $0.20 in South America and $0.10 in Asia Revenue opportunities in Europe will grow from $1.5 billion in 2009 to $8.5 billion in 2012 Revenue opportunities in North America will grow from $2.1 billion to around $6.7 billion in 2012 Apps are most popular in Asia where they account for 37% of global downloads this past year Users spent the most for apps in North America where they account for over 50% of revenue