Mobile searches are taking off, but unfortunately, the same thing can’t be said of the mobile search ad market. According to a report from RBC Capital (via Mediapost), mobile searches will quadruple in the next three years, but the mobile search ad market—the revenue making bit—will top only $2-3 billion during the same time.

The report estimates that in 2010 mobile searches represent 8 percent to 10 percent of overall search queries, but only 2 percent of paid search spend. The good news, however, is that RBC believes this disparity will shrink in the next few years as more smartphones end up in consumer hands, sponsored-listings in mobile search increases, and keyword pricing goes up.

Google (NSDQ: GOOG), of course, is expected to be “best positioned” to capture the $2-$3 billion in mobile search ad spend, but as the report notes, “even that success is not likely to ‘move the needle’ materially relative to its $25 billion core business.”