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Mobile phone usage has also increased. The total number of mobile phone subscriptions crossed eight billion for the first time in 2019 and reached 8.6 billion this year. This has heightened the prominence of mobile advertising, with companies devoting increasingly large budgets to it. Spending on mobile advertising rose 17% versus 2020 and is expected to surpass $339 billion by 2023.
Furthermore, the global mobile advertising market is expected to grow from $96.46 billion in 2021 to $782.12 billion in 2028, at a 34.8% CAGR. Given this backdrop, Wall Street analysts expect mobile advertising stocks Digital Turbine, Inc. (APPS) and Phunware, Inc. (PHUN) to rally by more than 50% in price in the near term.
