Gene Munster from investment bank Piper Jaffray is predicting that Apple’s App Store could one day become an over one billion dollar industry. However, this prediction is just one part of his three case scenario in which Apple could see anywhere from a 1 to 3% operating income increase. According to Munster, one of the key reasons this may happen is that, “Mobile service adoption rates show that iPhone owners are more sophisticated mobile users, likely a result of both the user profile and the device itself. The bottom line is that we expect similar adoption of the App Store to other advanced services.” Check out the chart after the jump to see his other two scenarios.

If only 3% of those 575 million potential customers buy an iPhone, we’re at 17.25 million; well over Apple’s goal of 10 million iPhones for the end of 2008. Piper Jaffray analyst Gene Muster, who put out this prediction, explains his theory: The key numbers in his report: 46 carriers announced to date (up from more »