It seems like we've been waiting forever for the mobile advertising market to explode. It's been poised to take off for years now, yet prediction upon prediction have fallen short. Not anymore, if a new report from The Kelsey Group (which tracks these things) can be believed.

The analyst firm believes that mobile advertising revenue will grow at an astonishing 81.2 percent annually, turning the current $160 million market into a $3.1 billion industry. Local media search will skyrocket to $1.3 billion up from just $20 million this year.

The new cause for optimism stems from the proliferation of smart phones (hey, iPhone) into the U.S. market. With people willing and able to do more on their phones (email, surf the net, watch movies, listen to music), the opportunities for advertisers to spend their dollars will only grow. Good thing someone saw this coming.