The global market for mobile advertisements is expected to reach US$ 11.4 billion this year, buoyed by faster-than-expected growth of mobile devices, data showed Friday.
If the trend continues, worldwide mobile advertising revenue is expected to reach $ 24.5 billion 2016, growing 400 percent between 2011 and 2016, according to the data by market researcher Gartner Inc.
The increase was attributed to a rapidly-growing demand for mobile devices such as smartphones and tablet computers.
“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.
By region, the Asia-Pacific, including Japan, was projected to lead the market with revenues totaling $ 4.8 billion. North America and Western Europe followed with $ 3.8 billion won and $ 1.9 billion, respectively.
The data come as South Korean portal operators, such as NHN Corp. and Daum Communications Corp., as well as advertisement agencies are turning to the budding platform.
The local mobile advertising market is estimated to have reached 189.8 billion won ($ 179.7 million) in 2012, more than doubling from the previous year, according to a report by the Korean Online Ad Association.