The booming smartphone market is starting to show signs of fatigue. According to Strategy Analytics, shipment growth slowed to 32 percent in Q2, the lowest rate since 2009.

Economic volatility seems to be the main factor, but Apple’s slowdown is also part of the problem, as consumers are putting off their upgrade in anticipation of the iPhone 5.

Samsung is still leading the way with over 50 million units shipped. Apple managed 26 million, while Nokia shipped just 10 million, and its Lumia phones seem to have made up less than half of the shipments.

Compared to Q2 2011, Samsung managed to double its market share and volume. However, growth in Q2 2011 was 77.1 percent, a far cry from this year’s 32 percent.