The results of global trade association the Mobile Entertainment Forum's annual Business Confidence Index imply that there's a 'cooling in optimism' within the industry, the numbers predicting growth of 24 per cent for the forthcoming year.

That represents a readjustment from Q2 predictions of 33 perc ent growth, MEF stating that the industry has been hit by a slowdown in markets within the northern hemisphere.

The index surveys MEF members from across the mobile entertainment industry, from operators to content owners, billing aggregators, and service providers.

"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," MEF global chair Andrew Bud said in a statement.

"Just as industry was resistant to despair in the height of the recession in the first quarter of 2009, so it has successfully resisted exultant relief during economic recovery as reflected in a more conservative forecast for the size of the mobile media market since last year from $32 to $36 billion."

On a more positive note, the index also indicates that games and apps represent the highest new revenue opportunities, while revenues from direct consumer purchases are set to soar.

"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," said Mark Harding, director of digital content at KPMG, who analysed the survey findings.

"Considering applications stores only came about 18 months ago, this is a significant development, showing consumers' willingness to embrace and consume mobile content."

The MEF's quarterly findings can be read in full by MEF members at www.m-e-f.org.