The number of businesses investing in mobile advertising is set to increase during 2012, it has been claimed.
According to IT analyst Gartner, industry revenues are set to reach $11.4 billion (£7.13 billion) this year, up from $9.6 billion in 2012.
By 2016, this figure is expected to reach $24.5 billion, with mobile advertising revenue creating new opportunities for app developers, ad networks, mobile platform providers, and 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 Stephanie Baghdassarian, research director at Gartner.
"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."
Andrew Frank, research vice president at Gartner, claimed that smartphones and media tablets extend the addressable market for mobile advertising in more and more geographies.
More people are spending an increasing share of their time with these devices, he stated.
"This market will therefore become easier to segment and target, driving the growth of mobile advertising spend for brands and advertisers," Mr Frank stated.
He suggested mobile advertising should be integrated into advertisers' overall marketing campaigns in order to connect with their audience "in very specific actionable ways" through their smartphones and tablets.
Posted by Jenny Arthur