According to a report from TBI Research, mobile commerce is growing quickly, but growth is from a small base.
TBI Research quotes a Nielsen report that 90 percent of Americans may own a cell phone, but only seven percent have conducted a transaction from the device. Since, I assume, many of these phones are not smart phones, mobile commerce is still a relatively new phenomenon. Nonetheless, growth in mobile commerce is impressive.
☜ Chart courtesy of TBI Research
TBI Research attributes the gains to the growth in smart phone usage, retailer awareness and industry buzz, pointing to Apple's significant iPhone marketing. The company also states that they see smaller retailers entering the mobile commerce market.
I think this trend will obviously only increase and all phone become "smart" and as younger users begin to drive mobile sales.
An additional spur to mobile commerce may also come from location-based-advertising, something that will be become more common during the coming years.