The value of mobile commerce transactions are expected to surpass $3.2trn by 2017, increasing from $1.5trn in 2013, according to a report from mobile research consultant Juniper Research.
Over the next five years, this increase is forecast to be fuelled by mobile banking which will account for the majority of transaction values.
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To put this into perspective, total financial transactions in the US alone reached $4,400trn in 2012.
The report found that key industries such as retail, airline and financial institutions are expected to increase their investments in mobile technology to improve customer engagement, delivery and payment options.
The introduction of mobile wallet services was noted to have provided first time financial access in various emerging markets, where the number of unbanked adults was over 50%.
A number of obstacles m-commerce will need to overcome are also identified.
Author of the report Dr Windsor Holden said: "A significant minority of retailers have yet to optimise their sites for mobile. Unless retailers ensure a seamless, user-friendly mobile shopping experience, they will fall behind competitors who are already using mobile channels to enhance customer relationships."
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