[caption id="attachment_40233" align="alignleft" width="300"] Displays ads will account for the majority of revenue[/caption]
Mobile ad spend will reach $18bn (£10.9bn) globally in 2014, according to Gartner forecasts.
From 2013's estimated total of $13.1bn, spend will grow at a CAGR of 33.7 per cent over the next four years, reaching a projected $41.9bn by 2017.
Display will continue to make up the majority of mobile ad revenue, Gartner predicts, but the highest growth will come from video formats.
“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 apps increases faster than brands request ad space on mobile device screens,” said Stephanie Baghdassarian, research director at Gartner.
“However, from 2015 to 2017, growth will be fuelled 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.”