According to some predictions there will be one billion smartphones sold in 2015 – more than double the number of personal computers sold in the same period.

These devices are fast becoming the platform of choice for users, not just for calls and texts, but for a plethora of apps from social media to weather to the latest traffic news - there is literally an app for anything you could ever need.

The definition of an app is 'a self-contained programme or piece of software designed to fulfil a particular purpose especially as downloaded by a user to a mobile device'.

Here are some other stats to put this device/app explosion into context and appreciate the scale of the market potential:

• In 2014 Apple store passed 75 billion downloads, Google’s play store had passed 50 billion

• By 2016 there will be 10 billion mobile internet devices in use globally

• That’s 1.4 for every person on the planet

• 46 per cent of downloaders have paid for an app

• By 2017 it is estimated that more than 268 billion downloads will be made, generating revenue in excess of $77bn

So how does that assist the Welsh digital economy?

For businesses, software developers and creative agencies in this space this represents a huge opportunity.

For entrepreneurs and investors there are burgeoning venture opportunities.

In fact, for any business there’s an opportunity to gain a competitive and economic advantage through the use of apps in delivering your business services.

Caerphilly-based Nudjed has secured significant funding in support of its business that includes an app allowing companies to measure the wellbeing of their workforce.

HardingEvans, a traditional Newport-based law firm, has received numerous unsolicited enquiries in the first few weeks since launching their HR in Hand app. They identified a gap in the market for an HR app which 'offers tools and advice for both HR professionals and those working for SMEs who can’t afford a permanent HR resource' and decided that an app was the best way to address that market.

And this week Cardiff City Council announced a pilot for a Smart Parking app to show available parking spaces in certain parts of the city – the first time this technology has been used in the UK outside of London.

So how do you invent the next big app; here’s some points to consider:

• Create a great product which is original, solves a problem or is entertaining

• Make it viral - so all of your users will want to share it with their friends and connections

• Smaller market gives you a smaller target market, but may have less competition and be easier to penetrate

• Price it correctly to an app purchaser there is a big difference between free and 69p. Can you make your app free but earn money through it in other ways?

Think about apps and your business. You never know you could be the next app millionaire.

Next Digital Tuesday – August 4, Riverfront Theatre, Newport

Registration is still open for today’s event which gives a unique opportunity to hear from and network with Stephen and Leon Fear, from Fear Group, who have recently invested £60m in a project in Newport.

Stephen is entrepreneur in residence at The British Library and is known in the press as the phonebox millionaire in recognition of the humble start to his business empire.

If you’d like to join us register via www.digital-tuesday.com