According to BIA's Kelsey Group, mobile search ad revenue in Western Europe will increase from €39 million (£32.7m) in 2008, to €2.3 billion (£2bn) by 2013 - a 125.4 per cent compound annual growth rate.
Mobile display ad revenues will grow from €14m (£12m) in 2008 to €1.1 billion (£95m) in 2013, according to the research.
The US lags behind Europe, with mobile search ad revenues expected to increase from $39m (£23.7m) last year to $2.3bn (£1.3bn) by 2013.
According to Kelsey, the discrepancy is due to Western Europe being home to 499m mobile handsets, compared to only 266m in the US.
Kelsey's findings follow GfK Technology and Brightkite's report showing iPhone users are more likely to recall mobile display ads than owners of other handsets.
The findings likely point to an upturn in the amount of money brands spend on mobile advertising which was worth just £28.6 million in the UK last year, according to the IAB.
According to the study consumers in the UK are increasingly aware of mobile advertising and are more likely to recall the ads they see than six months ago.
To help brands plan and execute mobile ad campaigns, industry body the GSMA will give advertisers access to detailed audience-measurement data in the second half of this year.
The data will reveal daily usage patterns and demographic information across 167,648 mobile internet sites.
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