When analysts at IHS Screen Digest began tracking the mobile app market in 2008, the industry was worth just $206 million. Apple's App Store was ruling the marketplace, accounting for a majority of all sales. However, now that there are more people downloading apps and more players vying for those digital dollars, IHS reports that the mobile app market—consisting of app stores run by Apple, Google, RIM, and Nokia—will total $3.8 billion by the end of 2011

What's more, the report suggests that the market will keep growing year by year, hitting $8.3 billion by 2014. At present, Apple is dominating the industry. IHS is predicting that Apple's App Store will bring in $2.91 billion in revenues in 2011 and will continue to hold over 50% of the market for the next three years. Behind Apple, Android is occupying second place with $425.4 million in projected revenues. 

[via Paid Content