Telecom’s biggest vendors – 4Q23 edition
Telco NI market plunges in 2H23, and near-term outlook is gloomy; Huawei turns corner as opposition weakens
By Arun Menon

The goal of this report series is to equip telecom industry decision-makers with a comprehensive view of spending trends and vendor market power in their industry. To do this we assess technology vendors’ revenues in the telecom vertical, across a wide range of company types and technology segments. We call this market “telco network infrastructure”, or “Telco NI.” This study tracks 134 Telco NI vendors, providing revenue and market share estimates for the 1Q13-4Q23 period. Of these 134 vendors, 110 are actively selling to telcos; most others have been acquired by other companies in the database. For instance, ADVA is now part of Adtran, but both companies remain in the database because of historic sales.

Below are the key highlights of the report:

Revenues: Telco NI vendor revenues were $54.8B in 4Q23 and $211.8B for the annualized 4Q23 period overall, down 9.6% and 9.2% on a YoY basis, respectively. Excluding Huawei, the total market declined by 13.5% in the latest single quarter and by 9.4% in annualized 4Q23 on a YoY baisis. After many disappointing quarters, Huawei appears to have turned a corner.

Top vendors: The top three Telco NI vendors continue to be the usual trio: Huawei, Ericsson, and Nokia. They account for 37.7% of the total market in annualized 4Q23, or 40.8% in 4Q23 alone. ZTE and China Comservice have been jostling for the 4th and 5th positions since early 2019.

Key vendors by YoY revenue growth: Four out of the top five vendors are common, in terms of YoY revenue growth, for both single quarter and annualized 4Q23: Alphabet, Broadcom, Microsoft, and Tejas Networks. Broadcom’s jump is due largely to the acquisition of VMWare, which closed in Nov 2023.

Spending outlook: Per our latest official forecast, we expect telco capex – the main driver of the Telco NI market – to dip from $315B in 2023 to $309B in 2024; unofficially, the 2024 forecast is unlikely to be reached as 1H24 spending remains tightly constrained. Capex will start to rise again in a couple of years, reaching $331B in 2028. Global telco capital intensity will average out to 17.1% in 2028, from 17.7% in 2023.

Table of Contents

  1. Report Highlights
  2. SUMMARY – Results commentary
  3. Telco NI Market – Latest Results
  4. TOP 25 VENDORS – Printable tearsheets
  5. CHARTS – Single vendor snapshot
  6. CHARTS – 5 vendor comparisons
  7. R&D spending by vendors
  8. RAW DATA – revenue estimates by company
  9. Methodology & Assumptions
  10. ABOUT – MTN Consulting


Partial list:

  • Annualized Telco NI vendor revenues ($B) vs. YoY growth in annualized sales
  • YoY growth in annualized Telco NI market, with and without Huawei figures
  • All vendors, YoY growth in single quarter sales
  • Telco NI vendor revenues by company type, TTM basis (US$B)
  • Telco NI revenues by company type: YoY % change
  • Telco NI revenue split: Services vs. HW/SW
  • Telco NI sales of top 10 vendors vs. all others, 4Q23 TTM (annualized)
  • Top 25 vendors based on annualized Telco NI revenues through 4Q23 ($B)
  • Top 25 vendors based on Telco NI revenues in 4Q23 ($B)
  • Key vendors’ annualized share of Telco NI market
  • Telco NI market share changes, 4Q23 TTM vs. 4Q22 TTM
  • Telco NI annualized revenue changes, 4Q23 vs. 4Q22
  • YoY growth in Telco NI revenues (4Q23)
  • Top 25 vendors in Telco NI Hardware/Software: Annualized 4Q23 Revenues (US$B)
  • Top 25 vendors in Telco NI Services: Annualized 4Q23 Revenues (US$B)
  • R&D spending as a percent of revenues for key telco-focused vendors (4Q21-4Q23)


Company Segment
A10 Networks NEP
Accenture plc  ITSP
Accton Technology NEP
ADVA Optical Networking NEP
Affirmed Networks NSP
Airspan NEP
Akamai NSP
Alcatel-Lucent NEP
Allied Telesis NEP
Allot Communications NEP
Alphabet NSP
Altran Technologies ITSP
Amazon NSP
Amdocs ITSP
Amphenol CCV
Anritsu T&M
Arista Networks NEP
ARRIS International CCV
AsiaInfo Technologies NSP
Atos Origin ITSP
Audiocodes NSP
Avaya ITSP
Aviat Networks NEP
Beijing Xinwei NEP
Broadcom Limited  NEP
BroadSoft, Inc.  NSP
Brocade Communications Systems, Inc.  NEP
CA Technologies NSP
Calix NEP
Capgemini ITSP
Casa Systems NEP
Ceragon Networks NEP
Check Point Software NSP
China Comservice ES
Ciena Corporation  NEP
Cisco Systems NEP
Citrix Systems ITSP
Clearfield CCV
Comarch ITSP
Comba Telecom NEP
CommScope Holding CCV
Commvault Systems ITSP
Comptel NSP
Coriant NEP
Corning CCV
Cyan NSP
Datang Telecom Technology NEP
Dell Technologies NEP
DragonWave Inc.  NEP
DXC Technology (aka CSC) ITSP
DyCom Industries ES
Dynatrace NSP
ECI Telecom NEP
Ericsson NEP
Extreme Networks NEP
F5 Networks ITSP
Fiberhome NEP
Fortinet ITSP
Fujikura CCV
Fujitsu Limited  NEP
Furukawa Electric CCV
General Cable CCV
Harmonic Inc.  NEP
HCL Technologies ITSP
Hengtong Optic-electric CCV
Hitachi NEP
Huawei NEP
Huber+suhner AG CCV
Infinera NEP
Infosys ITSP
Inseego NEP
Intel NEP
Italtel NEP
ITOCHU Techno-Solutions Corporation  ES
Juniper Networks NEP
Kathrein CCV
Kudelski NEP
Kyndryl Holdings ITSP
Lenovo NEP
MasTec ES
Mavenir NSP
Metaswitch NSP
Microsoft NSP
Mitsubishi Electric NEP
NEC Corporation  NEP
Net Insight NEP
Netcomm NEP
NetScout Systems NSP
Nexans CCV
Nokia NEP
Nutanix NSP
Openet NSP
Oracle NSP
Pace plc NEP
Palo Alto Networks NEP
Prysmian CCV
Radcom NSP
Radisys NSP
Radware NEP
Rakuten Group NSP
Red Hat NSP
Ribbon Communications NEP
Ruckus Wireless NEP
Samsung Electronics NEP
SeaChange International, Inc.  NSP
Sopra Steria ITSP
Spirent Communications T&M
Sterlite Technologies CCV
Subex NSP
Sumitomo Electric NEP
Tata Consultancy Services ITSP
TE Connectivity CCV
Tech Mahindra ITSP
Technicolor NEP
Tejas Networks NEP
Transmode NEP
Trigiant Group CCV
Ubiquiti NEP
Vubiquity ITSP
Westell CCV
Wipro ITSP
Wiwynn NEP