Internet growth, estimated at less than 10% this year, is gradually slowing, and the biggest increases in usage are now in more difficult to monetize developing markets, such as India, Indonesia, and Nigeria, according to Mary Meeker's Internet Trends 2014 report.

However, Meeker, a former Morgan Stanley analyst and current partner at Kleiner Perkins Caufield Byers (KPCB), still sees a strong upside in mobile: Her analysis finds that only 30% of all mobile phones worldwide are currently smartphones and the market grew 20% last year. Moreover, mobile data traffic was up 81% year over year, driven in large part by video viewing.

Meeker considers tablets a particular mobile bright spot, with unit sales up 51% in 2013. As she notes, that's a far faster rate of growth than ever registered for desktops and notebook PCs.

Below, additional key insights from the 2014 edition of the annual report.

Advertising

Meeker says Internet advertising growth remains strong, up 16% year over year in 2013.

Mobile advertising especially shows a lot of upside, with current spend still very small relative to how much people use their devices. Print, in contrast, is over-indexed (i.e., advertisers are spending too much relative to how much people are reading).

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