The global mobile phone sector is expected to reach revenues of $1089 billion by 2015 with emerging markets in China, India and Indonesia contributing to 38 per cent of the global growth.
The results come despite the industry being hit hard by the GFC, with Ovum analyst, Steven Hartley, saying high growth in the industry are no more.
"The days of high growth in the mobile market are ending," he said.
"Every region has shown a marked slowdown in revenue growth between 2008 and 2009 and the result is that we now expect $1089 billion revenues worldwide in 2015, compared with 2014 in our previous forecasts."
The results come from the recent global mobile market outlook: 2010-15 report from Ovum.
The news comes as recent reports suggest banks must expand their investment in mobile banking and increase investment in security.