Growth of the global mobile phone market will slow to 1.4 per cent for 2012, the lowest annual growth rate in three years, research firm IDC said Tuesday. IDC said in a release it projects a record number of smartphone shipments, as a segment of mobile phones, during the 2012 holiday season. Vendors will ship more than 1.7 billion mobile phones in 2012 compared to 2.2 billion in 2016, IDC forecast. The firm said smartphone market growth is being driven partly by carriers' “steep device subsidies,” particularly in economic markets where mobile providers resell smartphones, as well as a larger selections of smartphones in emerging markets selling for less than $250 US each. "Sluggish economic conditions worldwide have cast a pall over the mobile phone market this year," Kevin Restivo, senior research analyst with IDC, said in a statement. "However, the fourth quarter will be relatively bright due in part to sales of high-profile smartphones, such as the iPhone 5 and Samsung’s Galaxy S3, in addition to lower-cost Android-powered smartphones shipped to China and other high-growth emerging markets." In other 2012 data, BMO Capital Markets forecast in a report released Monday that Canada’s media and telecom industry will generate $62 billion in annual revenue this year. Of that $62 billion, BMO said, three quarters will come from BCE Inc., Rogers, Communications Inc., Telus Communications Inc. and Shaw Communications Inc. “We believe the combined sector will grow by 3 per cent year-over-year, driven by growth in wireless, video, broadband data services and specialty TV, partly offset by declines in legacy data, voice and print media,” the report said.