The modern world is presently experiencing its fifth major technology cycle of the past half a century, according to the latest "State of the Internet" report from Mary Meeker, Morgan Stanley's managing director and global technology research head.
In what shouldn't come as a shock to readers of this blog, the two key trends driving this latest shift are mobile and social networking.
Within the next five years "more users will connect to the Internet over mobile devices than desktop PCs," according to Meeker.
Also -- based on adoption rates of iPhone/iPod touch compared to that of AOL and Netscape in the early 1990s -- Meeker says that mobile Internet usage is increasing substantially faster than desktop Internet usage did. Indeed, adoption of the Apple devices is taking place more than 11 times faster that of AOL, and several times as fast as that of Netscape.
Supporting this trend is 3G technology, which Morgan Stanley says recently hit an "inflection point" by being available to more than 20% of the world's cellular users.
Read the whole story at GigaOm.