The iTunes Store seems set on trajectory to become the world's biggest supplier of music within two years, a report claims.

Released in July, the UK Record Industry Annual Survey makes the claims within its annual in-depth analysis of the UK music sector.

The report predicts that Apple will outsell all the other record companies combined within two years. Report author Cliff Dane said: "The record industry peaked about six years ago and is going down. Apple is going up very rapidly. Apple is also super profitable, while the record industry isn't."

Apple recently confirmed its service to now be the third largest music retailer in the US, with over three billion songs being purchased and downloaded worldwide since the service's inception.

"We’d like to thank all of our customers who have contributed to this incredible milestone, " said Eddy Cue, Apple’s vice president of iTunes.