According to Juniper's report — 'Mobile Coupons & NFC Smart Posters: Strategies, Applications & Forecasts 2009-2014' — by 2014, consumer usage of mobile coupons will generate a redemption value close to $6bn (£3.7bn) globally.
North America and Western Europe are expected to be the major regions for mobile coupon usage.
Juniper said that mobile coupon campaigns sent using location-based applications can be much more effectively targeted than the scattergun approach of traditional coupons.
Howard Wilcox, senior analyst at Juniper Research, said: "We found that with the growth of smart phones, a growing number of coupon-specific downloadable apps are being launched, often linked to location based searches.
"For example, when you are in the mall and you have your smartphone on you with your downloaded coupons app, then you should be able to find your way to a good offer nearby."
However, Juniper's mobile coupons report identified a number of market constraints. One issue raised was the fact that some users could be reluctant to share their mobile number to participate in coupon schemes due to the danger of spam and fake coupons.