Spending by advertisers is projected to increase to $2.9 billion in 2011 from $1.4 billion this year, JupiterResearch said.
Currently, 22 percent of online advertisers are engaged in mobile marketing, the research firm said. Early adopters include wireless carriers and media companies, and organizations within automotive, financial services, consumer packaged goods and food services.
Brands leveraging mobile marketing tend to be youth oriented, but not exclusively so, JupiterResearch said.
Meanwhile, about a quarter of current mobile phone subscribers said they would be willing to watch advertising on their handsets if they received free phone applications in return, a survey by Harris Interactive found. In addition, 7 percent of phone subscribers said they would be interested in receiving promotional text messages, if they were relevant.