Size of China's mobile Internet market reached 44.49 billion yuan ($7.2 billion) during the second quarter of 2014, an increase of 104.1 percent year-on-year, according to a report released on Wednesday by iResearch, an Internet market research firm.

The firm attributed the huge growth in the second quarter to e-commerce companies' anniversary events and sales campaigns, promotion of mobile shopping and recovery of mobile Internet market. The subsequent new profit model and acceleration of commercialization will lead to a more bright future for mobile internet market.

In the second quarter of 2014, mobile shopping segment made up 50.8 percent of the mobile Internet market as a whole. iResearch predicted mobile shopping would keep its growth momentum in the near few years.

The report also said mobile Internet is continuing booming and has become one of the most competitive sectors of the information industry. Competition among Internet giants will be more intensive, which leaves less market space for small companies.