2014 will be a banner year for mobile ad spending. That’s according to a new report from Gartner published this week.
Citing improved market conditions ripe for an added infusion of advertising cash into mobile, global mobile advertising spending is forecast to reach $18 billion in 2014, up from the projected $13.1 billion in 2013.
Based on additional projections contained in the same report, this white-hot market is expected to grow to $41.9 billion by 2017. Gartner said that display formats will make up most of the revenue, but video will show the highest growth.
“Over the next few years, growth in mobile advertising spending will slow due to ad space inventory supply growing faster than demand, as the number of mobile websites and applications increases faster than brands request ad space on mobile device screens,” estimates Stephanie Baghdassarian, research director at Gartner. “However, from 2015 to 2017, growth will be fueled by improved market conditions, such as provider consolidation, measurement standardization and new targeting technologies, along with a sustained interest in the mobile medium from advertisers.”