Albany, NY -- (SBWIRE) -- 07/11/2018 -- According to a new market report published by Transparency Market Research entitled "Mobile Advertising Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024," the global mobile advertising market in terms of revenue accounted for US$ 13.05 Bn in 2014 and is forecast to expand at a CAGR of 31.3% during the period from 2016 to 2024. Rising adoption of personal devices and companies leveraging on disruptive technology for customer reach are the key factors driving the growth of the mobile advertising market. In addition, the growing trend of social media and the introduction of video ads is further anticipated to drive the growth of this market over the forecast period.

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In the mobile advertising market by devices, the smartphone segment was the largest in 2014, accounting for 51.64% of the overall market. The smartphone devices segment of the mobile advertising market is preferred by users, combining the features of a personal computing system with convenient add-ons such as mobility, single platform to connect/interact, and faster reach.

In terms of industrial verticals, BFSI held the largest share in the global mobile advertising market. The hospitality & tourism sector held the second-largest and energy & utility and media & entertainment sector third-largest shares, respectively, in 2014. Rising demand for online advertising in these sectors is anticipated to drive the growth of the global mobile advertising market. There is a huge demand for creative ads to provide information to users, and users prefer the smartphone, which provides various media to reach users such as video, in-app, in-game, and social media advertising.

In terms of type, search advertising held the highest share in the mobile advertising market. There is high demand for search advertising to reduce search costs for users and increase accessibility to useful information within a limited time frame. With the support of search advertising, advertisers could publish information that is easily available to users.

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Advertisement Campaign solutions holds the largest share as political parties are using these solutions for attracting the attention of population in their region during different stages of elections which include local body to national level elections. The reporting & analytics solution is expected to be the fastest growing segment in the forecast period due to rising adoption of data analytics solutions in understanding the mindset of customers.

In the mobile advertising market by region, North America is the major contributor for the revenue generated in the global mobile advertising market. The APAC region is anticipated to be the fastest-growing segment during the forecast period due to high growth in mobile innovation and high usage of Internet through by consumers in the region. The North America mobile advertising market revenue is mainly contributed by the government and BFSI sectors.