"The exciting news for marketers is that mobile advertising penetration is both broad – hitting one in three mobile phone users, and deep – with high recall statistics, especially among text messaging users and the ever-elusive ‘Millennials’ demographic," said Rob Lawson, President and co-founder of Limbo.

"There is a clear disparity between the high reach of mobile media and the low percentage of marketing budget currently spent on the medium, which creates an obvious opportunity for savvy media buyers."

Short message service (SMS) is the primary media for mobile advertising; one in six mobile users recalled seeing SMS advertising. Men are 20 percent more likely to recall advertising than women, and people under 20 are twice as likely to remember ads as those over 50.

African Americans had the highest percentage of recall, reaching 56 percent, followed by Hispanics, 36 percent, and whites, 27 percent. The 18- to 24- year- old demographic had the highest percentage of recall, reaching 54 percent, followed by 25- to 34- year- olds, 36 percent, and 35- to 49- year- olds, 32 percent.

Among the brands that had the highest recall were Verizon, Motorola, MTV, Coke, McDonalds and Chevrolet.