The report predicts that users of mobile video will more than double to two billion users by the end of 2022, equal to 36% penetration among the global mobile users.

"The strongest growth in mobile video revenue will come from advertising-funded content as advertisers look to catch up with the increasing quantity of video consumption. Advertising spending on mobile video will grow at a 28% CAGR in the next five years,” said Wei Shi, analyst, Wireless Media Strategies.

Social platforms with audience scale, like Facebook, Twitter, WeChat and others are increasingly looking to video to increase user engagement rates while reducing churn, but will offer potential for monetisation in future, the report found.

Nitesh Patel, director, Strategy Analytics, added: "Despite growing video consumption on mobile devices, advertiser expenditure on mobile video has yet to catch-up with this growth. Furthermore, new modes of mobile video services such as live streaming platforms like Periscope and Facebook Live are focused on building audience before revenue. Currently, social networks have launched live video streaming as a tool to increase user engagement and to extend the time spent by users while inside of social networks, but we expect direct monetisation to follow."