The spending levels on mobile advertising is set to grow nearly 50% to exceed the 1 billion dollar mark in 2011 according to figures from researcher eMarketer.

This figure has sky rocketed recently due to the acquisition by Google of AdMob and Apples introduction of the iAd.

This shows that mobile advertising is actually growing faster than social media advertising. In August, eMarketer estimated that social media ad spend would grow over 20% this year to $1.68 billion in the U.S. That compares to the torrid 79% growth rate now projected for mobile, which brings the size of the market to $743 million by the end of 2010.

Albeit much smaller in total figures the growth is significantly more, saying this though the projections are that this will slow down pretty dramatically soon.