The technology, media and telecoms sector experienced a "significant increase" in growth, according to StrategyEye.
The visual market intelligence group found that volume and value in the first quarter of 2008 saw core transactions rise to 48.98 billion ($97 billion) from 25.25 billion ($50 billion) in the final quarter of 2007.
According to StrategyEye, this may be the prelude to a long period of consolidation for this year, particularly across the telecoms and broadcasting sectors.
Senior TMT analyst Giacomo Bareato attributed this "significant increase" to not only established markets in the US but also the EMEA regions.
"Globally there has been a lot of consolidation in the telecoms industry. In the EMEA region there have been quite a few deals. That's why these figures seem so huge," Bareato said.
"Take for example satellite operator Intelsat bought out by private equity firm BC Partners for 8.34 billion ($16.5 billion). Then there was the deal between Google and Double Click that was worth $3.1 billion (1.57 billion). It is big deals like this that are going to increment the figures from the previous quarter," said Bareato.
The survey found that venture capital continues to flow strongly towards later-stage, mega and, or multiple party deals. It also found that the resurgence in investment in the web applications and services sector is manifesting itself in a larger number of smaller deals.
StrategyEye found that venture capital investments for the first quarter were particularly strong in social network and web application deals, with transactions in these spaces estimated to be over 2.42 billion ($4.8 billion) compared to 1.92 ($3.8 billion) for the previous quarter.
Despite the global economic turmoil, StrategyEye is optimistic about the continuing consolidation of mergers and acquisition activity and the flattening out of venture capital investments, predicting that a fall in overall investors' activity for 2008 is unlikely.
Although, Bareato stressed that this was just an estimate.
"We say that we're cautiously optimistic about continuing consolidation of mergers and acquisitions activity, because although the capital is there we need to see investment banks and private equity firms willing to spend," he said.
"In mid-June we'll be publishing another quarterly report. Only then will we see if this is true."
