The growing number of applications on smartphones paired with the rising popularity of social networks should finally push mobile advertising to the next level, Reuters reports.

Various executives attending last week's Cannes Lions 2009 ad festival told Reuters that mobile advertising is expected to grow at an annual average of 45 percent and reach $28.8 billion within the next five years.

Scott Howe, corporate vice president of the advertiser and publisher solutions group at Microsoft, told Reuters that mobile phone advertising is on pace to account for 5 to 10 percent of global media ad spending within five years.