Global mobile advertising revenue increased 64.8 per cent to $31.9bn last year, up from $19.3bn in 2013, according to data from the Interactive Advertising Bureau (IAB), IAB Europe, and IHS Technology.
According to the report, the sharp increase is largely due to continued shifts in the way consumers engage with media and innovations within the industry.
North America posted the highest year-over-year growth with a 76.8 per cent increase in mobile ad revenue, with other regions showing growth of more than 50 per cent.
Daniel Knapp, director of advertising research at IHS, said: “Mobile yet again proves to be key to the continual evolution of the online advertising market. These numbers have been underpinned by the industry coming together to collaborate and create improvements to mobile advertising infrastructure. Technology is now better explained, measurement is improving, and targeting is better aligned with other media to help advertisers reach and engage with their audiences.”
Mobile display ads brought in $15.1bn in 2014, outpacing mobile search ads for the first time.
While mobile display represented 47.4 per cent of all mobile ad revenue last year, mobile search made up 46.1 per cent with $14.7bn.
In terms of mobile advertising formats, display is anything that is viewed or read on a mobile phone including rich media and videos, both browser-based and in-app. Search constitutes specific word requests on search engines.