MEF's Annual Business Confidence Index (BCI), compiled by KPMG and capturing a year's worth of quarterly industry sentiment, points to a cooling in optimism from Q3 2009.

Andrew Bud, the Global Chair of MEF stated: “Since its launch in January 2009, the BCI has underlined the industry's ability to weather the storm of the recession and leverage the new opportunities presented by the proliferation of smartphones and digital economy business models. With the global economic recovery underway, the first aggregate results of the Annual BCI point to a toughened industry which has readjusted growth predictions from 33 per cent growth in Q2, down to 24 per cent.

Mark Harding, Director of Digital Content at KPMG, who analysed the survey findings, said: “While the industry has had to adapt to the challenges of the global economic downturn, reducing annual growth projections, there is optimism in the rise of applications, which look set to drive the industry forward as it continues towards recovery.”

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