The value of global payments via mobile devices will reach around $507 billion this year, a rise of nearly 40 percent year-over-year, according to a new report from Juniper Research.

The report, "Mobile Payment Strategies: Remote, Contactless & Money Transfer 2014-2018," found that purchases of physical goods via mobile devices will continue to drive this growth, according to a press release. Average transaction sizes over tablets are already exceeding those via desktop PCs in many markets. The report also found that that while spending via smartphones was increasing sharply, their primary function in retail was as search and discovery devices with the final purchase being made on the tablet.

Juniper's report found digital transactions were receiving a significant boost through the adoption of mobile ticketing applications, with metro and transit authorities in Europe and North America having already deployed services and experienced high levels of adoption.

The firm, however, did find contactless mobile payments have been slow as there have been few commercial launches.

"The prevalent business models for NFC have been unattractive to banks and left them dependent on multiple network operators, each of which may have its own approach to mobile wallet management," Dr. Windsor Holden, the report's author, said in a press release. "Host Card Emulation solutions have the potential to revitalize a market which has struggled to gain traction."