Mobile services are expected to have generated around £400 billion for the economy by the end of the year according to a new report released by the GSM Association.

The economic potential of mobile services far outweighs the contributions of wireless and terrestrial services, with these services only contributing £70 billion combined so far compared to £253 billion of mobile.

The report shows the level of consumer change according within Europe, as traditional TV viewing and internet use is replaced by the need for on-demand mobile connectivity, with the capacity to handle large levels of data.

Development of mobile infrastructure including the rollout of 4G is expected to result in the rapid growth and uptake of services over the short-term.

The GSM Association are predicting a 77 percent increase over the next 10 years.

Tom Phillips, Chief Government and Regulatory Affairs Officer, GSMA, said: "Spectrum is an essential resource and governments play a critical role in ensuring that those receiving licences deliver services that will enhance the lives of consumers, create new business opportunities and drive economic growth in Europe".

Mobile sales triple within a year reaching £7.5 billion in 2012