A new report from the respected Morgan Stanley financial house suggests a boom is coming in the mobile Internet, far larger and faster than the boom of desktop Internet was.

Within five years more users may be connecting to the Internet via mobile devices than by their PCs. The study notes the worldwide nature of growth (other Web developments were focused on the developing world) and the confluence of factors enhancing the experience.

The 3G arrival, social networking, online video, VOIP services and new devices are propelling the growth. Apple and Facebook applications are raising the bar. And emerging markets still have great mobile potential, the report says.

This is what Morgan Stanley calls the fifth technological cycle in 50 years and it is progressing at a very rapid rate.