More people could be looking to recycle mobile phones over the next four years in a bid to secure upgraded handsets that are proficient in playing music.
According to a new study by Juniper Research, the mobile music industry is set to be worth $5.5 billion (£3.4 billion) every year by 2015.
This would mark a significant rise in revenue, as last year, $3.1 billion was accrued through mobile music sales.
Devices such as Apple's iPhone have become synonymous with streaming music thanks to its iTunes store, while many other new gadgets are also proving popular among music lovers.
Technological advances that make songs increasingly easy to download through smartphones could lead to an increase in the number of people looking to sell old mobile phones.
However, one major obstacle that the mobile music industry is finding difficult to overcome is the existence of piracy.
Juniper Research bosses believe that the emergence of file sharing websites, which allow users to trade tracks for free, has had an adverse effect on the music business.
Indeed, the company noted that sales have been "in freefall" since such sites became mainstream.
Spokesperson Daniel Ashdown believes that the convenience of smartphones could boost the industry's fortunes though, as mobile phones begin to replace MP3 players.
"The development of mobile devices has now reached the point where they match the technical specs of dedicated MP3 players," he remarked.
"Add in connectivity - just one click to buy and download - along with all the other smartphone features, and there is no competition between the two."
Results of the research will come as no surprise to executive editor of telecoms news website Mobile Entertainment Tim Green, who recently suggested that the mobile phone and music industry enjoyed a thriving relationship.
He also pointed out that it was important that producers attempted to change the attitudes of consumers by encouraging more people to download tunes directly from the internet on to mobile phones, rather than a PC.