According to the latest projections from Frost & Sullivan with regard to Australia’s mobile advertising market, things are heating up fast down under.
Australia’s mobile advertising market is predicted to grow strongly at a CAGR of 39% from 2013 to 2018, with expenditure reaching $682 million in 2018.
By that time, the report reads, 70% of overall mobile advertising spend will be served on tablets, while 30% of adverts are expected to be served on smartphones.
Frost & Sullivan’s new report, Australian Online General and Mobile Advertising Market 2013, reveals that 50% of companies plan to increase their mobile advertising budget substantially compared to the prior year. 79% reported intentions to increase mobile advertising expenditure by more than 10%.
Over the last 12 months there has been very high growth in mobile advertising expenditure, fuelled by strong growth in consumer media consumption on smartphones, but especially tablets. It is now increasingly being seen as an important part of the overall advertising strategy of both media agencies and brands.
“In the last 12 months, the Australian mobile advertising market grew strongly across all industries. “Banking & finance and automotive continue to lead the market, though retail is also seeing strong adoption,” said Phil Harpur, Senior Research Manager for Australia & New Zealand at Frost & Sullivan.