Longtime Morgan Stanley analyst and Kleiner Perkins investor Mary Meeker has released her annual Internet Trends report, a widely read data-filled compendium of where the technology and media industries are headed. Meeker, who currently leads growth-stage investments for venture capital firm Kleiner Perkins, presented the report at the Code technology conference in California on Wednesday. You can access the full presentation here.

Here a some of the key takeaways:

1. Smartphone growth is slowing: The number of smartphones sold only increased by 3% in 2016, compared to the year prior, when smartphone shipments rose 10%. The growth in the number of people who have bought and used a smartphone is also slowing Smartphone installations are up 12% in 2016 compared to a 25% gain in 2015.

2. Online advertising is growing thanks to mobile. Revenue from online ads is up 22% in 2016 compared to a 20% increase in 2015. However, most of this additional spending is now coming from mobile devices, as mobile ad revenue is now greater than from desktop ads. Additionally, global Internet advertising is finally expected to pass TV spending in the next six months, said Meeker. Unsurprisingly, ads from Google and Facebook’s ad networks account 85% of U.S. Internet ad growth, showing the dominance of the two technology giants in the online advertising world.

3. Voice is on the rise. People are increasingly using voice assistants, such as Amazon’s Alexa, Apple’s Siri, and Google Assistant, said Meeker. According to the report, 20% of mobile searches were made using a voice query in 2016.

4. The bar…