According to Internet market research powerhouse eMarketer, the mobile search advertising market size is currently $13.5 million and growing - by a projected a factor of 50 - within the next four years. The Google AdWords blog has posted about new tools and features of recently rolled out mobile ads campaign.
From Google AdWords blog post:
Google, AdWords, Mobile Ads, New Features, Tips and Tricks
AdWords Business Pages for mobile ads: Mobile ads can refer users to a business phone number, a mobile website, or both. Usually you need to be a web developer or contact your webmaster in order to create a mobile web page from scratch. However, AdWords Business Pages for mobile ads provides a friendly wizard that creates a page for you in minutes - which is available immediately after you create it. Google hosts the page for free.
Carrier Targeting: We've just expanded carrier targeting in more countries, which means you have more options to fine-tune who sees your mobile ads. Click "Advanced targeting and network options" to expand your options for carrier targeting from the "Create/Edit mobile ad" page. You can choose to show your ads to users on all mobile carriers, or check off the boxes next to the specific carriers you want to target.
If you don't already have a mobile ad running, learn how to create one