Apple App Store A $1.2 Billion Business In 2009

The upcoming Apple iPhone application store could swell into a $1.2 billion market by the end of 2009, according to an analyst from investment firm Piper Jaffray.

The projection is the best-case scenario from analyst Gene Munster, who told clients Wednesday that iPhone users tend to use more data and that will increase with the release of the iPhone 3G.