The Mobile World Congress (MWC), the largest annual exhibition in the world of mobile phone technology kicked off in the city of Barcelona Monday.

The four-day event, which is the industry's main trade show, brings together 1,400 companies, including industry giants Google, AT&T, Microsoft, IBM, LG, Motorola, Samsung, Telefonica, Vodafone, Ericsson, Fujitsu and Nokia.

The congress will allow companies to show off their latest gadgets and applications.

Last year's MWC saw the introduction of 3D technology, while this year could see the latest advances in 4G.

One of this year's innovations is "Redefining Mobile", while the App Planet provides space for space for new technologies in sectors such as commerce, automobiles and healthcare.

Near Field Communications (NFC), which allows users to make mobile payments and exchange information by placing their device next to another compatible phone or a reader, looks to be on this year's agenda.

NFC has already been adopted in the United States through Google Wallet and could revolutionize in-store transactions through the rest of the World in the coming years, especially as there are rumors NFC technology will be included in the iPhone 5, to be launched this summer.

Meanwhile, credit card company Visa plans to use NFC technology during the 2012 London Olympic Games.

Other innovations are likely to be larger displays, quad-core processors allowing for more feature laded applications in top of the range phones and tablets. However, the relative ease of using Android software on phones means MWC will also see an increased offer of cheap handsets with companies such as Chinese duo, ZTE and Huawei at the fore.

Microsoft will use the Congress to present a consumer version of its latest operation system, Windows 8, although the official launch will not be until the end of the year.

There is also interest in the impact that Windows Mobile will make, given that it has struggled against competition from Android and Apple's operating systems.

However, the MWC is about more than the launch of new hardware, especially given that the imminent arrival of 4G means many 3G phones will soon become obsolete. MWC is also the opportunity for the industry professionals to meet and exchange ideas and opinions and indeed to look for new clients.

Event organizer GSMA expected it would be attended by 60,000 professionals from around 200 different countries. These opportunities for networking will take place in Barcelona's restaurants, bars and hotels as much as they will in the exhibition center itself.

The MWC will also see 28 high-level conferences with the presence of industry heavyweights such as Ford president William Clay Ford Jr., Ericsson president and CEO Hans Vestberg, Google president Eric Schmidt and Facebook CTO Bret Taylor.

That means that MWC provides a timely annual boost to the economy of the Catalan city with hotels and restaurants fully booked.

The event also includes conferences with keynote speeches and panel discussions held by industry expects, all of which turns Barcelona into the center of the mobile industry for four busy and consecutive days.