A new report from market research firm Gartner predicts that worldwide revenue for mobile advertising will total $11.4 this year, up from $9.6 billion in 2012. By 2016, the industry will be worth $24.5 billion, it said.
The report noted that the rapid rise of smartphones and tablets has created huge opportunities for mobile development firms, ad networks, mobile platform providers, specialty agencies and communications service providers.
"The mobile advertising market took off even faster than we expected due to an increased uptake in smartphones and tablets, as well as the merger of consumer behaviors on computers and mobile devices," said Gartner research director Stephanie Baghdassarian. "Growth in mobile advertising comes in part at the expense of print formats, especially local newspapers, which currently face much lower ad yields as a result of mobile publishing initiatives."