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Hello,
Thanks for your interest in our latest research. You can view a summary of our latest report below.
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This interactive spreadsheet model is a detailed financial and operational review of the carrier-neutral network operator (CNNO) market for the 2011-2021 period. This report tracks 45 CNNOs across the globe, including 10 focused primarily on bandwidth/fiber infrastructure, 15 data center specialists, and 20 tower CNNOs. The CNNOs in this study have all been publicly held entities and reported audited financials at some point in the 2011-21 timeframe; some are now private, or have been acquired by other CNNOs.
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CNNOs play an important role in the communications market. They sell independent, carrier-neutral access to network infrastructure, including mobile tower, data center, and bandwidth/fiber assets. In 2021, CNNOs accounted for $89.2 billion (B) in revenues (+13% YoY), $40.8B in M&A spending (+256%), $30.7B in capex (flat vs 2020), and $239.1B in net property, plant and equipment (net PP&E; +4% YoY). They owned and operated 1,062 data centers, 2.98 million cell towers, and nearly 800K route miles of fiber. CNNOs employed just over 102,000 people at year-end 2021, about the same as in 2020.
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The CNNO market has grown significantly over the last decade. Between 2011 and 2021, most key financial metrics have risen at a compound annual growth rate (CAGR) of between 15-20%: revenues, +16.4%; capex, 17.9%; total debt, 18.9%; and, net PP&E, 17.8%. There are two primary reasons for this rapid, sustained growth. First, telcos are moving to (more) asset light operating models and have spun off large portions of their passive infrastructure. This continues, and CNNOs are also expanding their networks organically. Second, webscale operators offering cloud services...
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Best regards,
Matt Walker
Chief Analyst
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