I was working on an Android project using Xamarin in Visual Studio 2012. I recently upgraded from an HDD to a SSD so I reinstalled Windows and all of my programs.
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I experienced this problem when there was not sufficient memory on device. After "successful" deployment the app was missing even from the app list in Settings. Deleting through adb gave me Failure which indicated it was not installed. In Output log in VS2015 I was having the same message as OP. Finally it worked after I cleaned up about 50-100 MB, even though in App Settings it showed me that there were 500 MB free. I tried different solutions (deleting through adb, cleaning, building then deploying) but only cleaning up worked.