Mobile internet revenue will hit $700 billion annually in less than three years, according to a new report by research firm Digi-Capital.

The key drivers?

iphone5-ios7, Mobile commerce, mobile advertising, in-app purchases, an emerging app-as-a-service model with mainly subscription revenue, and of course, maniacal attention on the part of app makers to their key metrics.

The absolute top driver? Mobile commerce.

“mCommerce will be the dominant business model, with $516 billion in sales driving more than 70 percent of all mobile internet revenue by 2017,” Digi-Capital’s Tim Merel told VentureBeat via email.

That’s Amazon.com, sure, but it’s also Wal-Mart. And buying your groceries at Publix. And using digital wallets to pre-order food on your way to the take-out restaurant, so it’s ready to go as you arrive, no questions asked and no cash required.

In other words, the driver is the ongoing colossal shift of commerce to digital, and within that, largely to mobile.

Link ~> http://venturebeat.com/2014/08/27/5-drivers-of-700-billion-in-mobile-internet-revenue/