According to new research, global mobile phone advertisement expenditure is predicted to hit $362 billion in 2023 as mobile gains a larger share of the ad wallet.
According to a data.ai analysis, mobile will take over the advertising wallet as more time is spent in apps than ever before, with total hours on the track to exceed four trillion on Android phones alone by 2022.
The global mobile phone advertisement expenditure in 2022 is expected to be $336 billion.
Furthermore, the survey stated that economic headwinds and privacy rules will reduce mobile gaming spending in 2022 and 2023.
Consumer spending on mobile gaming would fall -5 percent to $110 billion in 2022 due to the economic slump.
14 more titles will join the $2 billion app club in 2023.
Consumer spending on 11 of the 14 games on the app store is likely to exceed $2 billion.
According to the estimate, seven applications and games will reach the $3 billion app club in 2023.
Furthermore, worldwide mobile hours are predicted to exceed six trillion which will result in an increase in mobile phone advertisement by 2028.
Increasing mobile centricity, developments in linked technologies, the rise of casual and core gaming, 5G roll-out, and the need for digital connection, self-expression, and deeper app personalization will fuel continued growth in mobile device time spent.
According to the report, video streaming and user-generated content will continue to drive development over the next six years.