The global smartphone installed base is expected to grow by 50 percent over the next several years to reach more than six billion devices by 2020, a new analysis from IHS Markit predicted.

According to the forecast, the smartphone installed base will increase by more than two billion smartphones from 2016’s count of four billion to reach the predicted total by 2020. Revenues for smartphones shipped that year are expected to come in at around $355 billion, the report added.

“Smart mobile devices will rapidly become universally adopted throughout the world, enabling innovative smart services, which will transform emerging economies,” IHS Technology Director Ian Fogg commented. “Mobile devices and services are now the hub for people’s entertainment and business lives, as well as for communication.”

IHS Markit’s report indicated Fogg’s later point about business would translate into an increase in in-app mobile spending in the forecast period, rising from $54 billion in 2016 to $74 billion by 2020.

The strongest boost in spending is expected to come from Africa, the Middle East, and Latin America. While Africa and the Middle East will both grow at an average rate of 18 percent annually, the report pointed to Latin America as the leader with an average growth rate of 23 percent. The global average growth rate for mobile app spending during the forecast period is expected to be 8 percent annually, IHS Technology Director Jack Kent noted.

“There are many opportunities for new apps, mobile payments and mobile money services,” Kent said. “Asia, notably, will continue to play the number one role in the global apps market – accounting for more than 50 percent of consumers’ spending.”