Merger and acquisition trends seem to be reflecting strong growth in the online and mobile industries, according to a new report. Published by independent mid-market investment bank Berkery Noyes, the report compares M&A data from 2015 against 2014 and 2013.

One finding of this report is that there has been 12 percent year-on-year growth in M&A transaction volumes, which increased from $131.16 billion in 2013 to $156.49 billion last year. Looking at the mobile application subsector specifically, Berkery Noyes reports a ten percent increase in the number of transactions over the same period. Meanwhile, the SaaS and cloud segment led the overall industry’s volume increase, with growth of 21 percent.

Berkery Noyes saw considerable growth in the e-commerce market, as well, which saw M&A volume rise by 16 percent in 2015. While much of that was led by online travel company acquisitions, the number suggests good reason for optimism about electronic transactions more generally; and with the mPayments market still in its nascent stage, there could be considerable room for growth going forward. Also encouraging is growth in the communications segment, which saw an 11 percent rise in M&A volumes.

Finally, looking to “other notable industry trends,” Berkery Noyes points out that “there were several deals completed by high profile acquirers in 2015 relating to the Internet of Things (IoT),” suggesting that excitement about the potential of the IoT continues to grow.