Revenue from the Apple App Store will more than double over the next five years. It will hit $96 billion by 2023, according to a new report by SensorTower.

Developers have been paid more than $70 billion since Apple's App Store launched in 2008

China Dominates, Latin America Leads Revenue Growth

The report said the App Store would hit 37 billion worldwide downloads by 2023. That is in comparison to 124 billion downloads in the Google Play store at the same time.

China would remain the country that generated the most App Store revenue, despite that slowing at the end of 2018. The U.S. and Japan are 2nd and 3rd respectively. It is also the country that continues to download the most.

SensorTower noted that user spending in the App Store in Latin America is set to hit $2.4 billion by 2023. This is a key factor is the predicted global increase in revenue. In total, the report predicts that revenue will hit $96 billion by 2023, more than double the $47 billion it was in 2018. Revenue from the Google Play store $25 billion in 2018, and will reach $50 billion by 2023.

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