Facebook has come a long way with its advertising game over the past few years, even most recently introducing more elaborate ads that make proper use of the mobile space. And it intends to increase its share of advertising budgets even further, in the hopes of making even bigger revenue.

A report from Mediapost indicates that the social site is set to make approximately $12.14 billion in U.S. digital ad revenue by the year 2017, according to numbers provided by eMarketer. While Google will still continue to be at the forefront of mobile, Facebook will show an increasing rate that will narrow the gap in just a couple years time.

The report shows that Facebook will increase its market share from 13.2 percent for this year up to 16.1 percent by 2017.

As it continues to leverage its unique targeting capabilities, we expect Facebook to increase its share of ad budgets from brands, direct response advertisers and small businesses, said eMarketer analyst Martin Utreras regarding the report.

In comparison, Google will still have a hearty share of the market, but it will lose a little bit of ground, dropping from 40.1 percent for this year down to 35.4 percent in 2017.

As far as Facebook s outreach with ads, mobile will continue to be at the forefront, with 77 percent of its digital ad revenue coming from mobile for this year. By 2017, that will grow to 85 percent.

Part of that revenue strength will come from Facebook s partner site Instagram. In the coming quarters, we expect Instagram and video ads monetization to keep increasing Facebook s share of the display ad market, said Utreras.

Instagram is a monetary giant in itself, set to make $570 million in advertising for this year, more than ten percent of Facebook s overall mobile ad revenues. By 2017, it will get even larger, growing to $2.39 billion approximately 28 percent of the company s overall mobile ad revenues.

Facebook as a whole will generate $7.66 billion in display ad revenue for this year a 44.9 percent increase over last year s numbers. Meanwhile, Google will rake in $4.11 billion in display ads which is a smaller increase by 19 percent. However, keep in mind that display ads only play a minor part of Google s advertising picture, accounting for only 17.6 percent of total ad revenues.

It ll be interesting to see how this growth continues in the years beyond especially with effective ads.