A survey by Juniper is predicting that the mobile entertainment market will be worth $54 billion in revenues by 2015 with mobile gambling being the fastest growing sector.

Smart phones are becoming part of everyday life and the number of applications available for them is being attributed for the surge in revenues. The report issued earlier this month values the mobile entertainment market at $33 billion for 2010 it observes that the combination of app stores and smart phones has created an unprecedented level of awareness and usage of services such as social media, games, video and streamed music.

Dr Windsor Holden, the report author commented: "We've witnessed a quite dramatic evolution of the mobile entertainment market over the past few years, in terms of type of content, scale of content and how that content is monetised.

"The challenge for the players across the redefined mobile ecosystem is to recognise how best to leverage their strengths to ensure that their respective revenue streams are optimised."

The report highlights:

• The fastest growing product sector will be mobile gambling, followed by social media

• Despite the erosion of the ringtone market, mobile music will remain the largest single contributor to mobile entertainment content revenues over the next five years

• On a regional basis, Far East & China will continue to account for the largest share of revenues, followed by Western Europe.