The size of the IPA produced by exporting from Xcode 7 is not representative of the IPA size that will be shipped down to devices when you app is installed, and the size increase over an Xcode 6 build is not something to worry about. Unfortunately, the statistics shown to you by TestFlight aren’t representative of the app size when installed on a device. You should file a bug report at http://bugreport.apple.com to get more meaningful app size statistics.
What’s inflated the IPA size after building with Xcode 7? Bitcode and the Swift 2 libraries.
When apps containing Swift 2 code are built, Swift 2 frameworks are bundled with the final app, including libswiftCore, and this library contains all of iOS device architectures — armv7, armv7s, and arm64. Further, the Swift libraries include Bitcode, even if your app specifically turns Bitcode off. If the app contains a watchOS 2 app, a second libswiftCore framework is included in the watch app bundle with armv7k architecture and the Bitcode.
Objective-C apps that have Bitcode turned on (optional for iOS, mandatory for watchOS 2) have a smaller version of the same issue. While these apps don’t embed the Swift libraries, Bitcode will be in the binary, increasing the size of the IPA over what the user will actually download.
Apps containing Bitcode will have the Bitcode stripped out before the app is shipped down an iOS device. Apps using Swift 2 with Bitcode off may find it inconvenient that Bitcode is still included in the Swift frameworks, but this is never sent to an end user’s device. iOS 8 and older OS versions will receive a universal app with all resources and all architectures, but with Bitcode stripped out. The same is true for iOS 9 devices, with App Thinning additionally removing resources and architectures that the target device will never use.
Apps with an pre-submission IPA size slightly above the cellular download limit will probably remain under the cellular download limit once the Bitcode stripping occurs, but the exact size reduction is different for every app, depending on what frameworks are included and what additional content is removed by App Thinning.
Further complicating questions on the end size of an app is that apps downloaded from the App Store have their binaries encrypted, which reduces the amount the binary can be compressed. Q&A 1795 explains this a little bit more, linked below.
While there is nothing that can be done to shrink the binary size with these circumstances, please consult the following for reducing the size of your app in other ways:
Q&A 1779: Reducing Download Size for iOS App Updates
Q&A 1795: Reducing the size of my App
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