According to the panellists from firms like PricewaterhouseCoopers (PwC), Vserv, Mindbowser and (x)cube Labs, the shift from e-commerce to m-commerce and more engagement with mobile shopping, news and personalised apps are factors responsible for the growth.
"The next wave of growth in the Indian mobile apps is being driven by the increased usage of smartphones coupled with low mobile tariffs bridging the digital divide between metros, non-metros and rural areas," co-founder of Vserv, a mobile marketing firm, Ashay Padwal, said.
"Users' accessing the Internet through their mobile devices has become a key driver for the growth of mobile apps," he added.
The panellists also said apps are playing a pivotal role in creating employment and entrepreneurs, enabling ease in doing business and driving inclusive development through e-Education, e-Governance, e-Health Apps and e-Commerce.
"At present the app economy has created about 75,000 direct jobs in India, and has the potential to reach 600,000 over a period of time. India app ecosystem is estimated to be in the range of $330 mn (roughly Rs. 2,156 crores) by 2016," said Sandeep Ladda, partner and India technology and e-commerce sector leader, PwC.
In addition, the number of smartphone owners using mobile apps of e-commerce companies has gone up from 1,680 (21 percent) in May 2014 to 4,320 (54 percent) in May this year, based on real-time mobile usage data across 8,000 handsets in the country.
"Around nine billion apps will be downloaded in India in 2015, more than five times the number of apps downloaded in 2012 (1.56 billion) at a cumulative annual growth rate (CAGR) of 75 percent," they said.