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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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The Telco NI market is fueled by spending in the telecom operator (telco) sector, so the financial health and spending patterns of the telco market are worth reviewing. In 3Q23, telco capex slipped further by 7.7% on a YoY basis to post $73.4B. Operators have turned cautious, emphasizing plans to minimize capex, grow free cash flow, and deliver more to shareholders. Another factor is the completion of accelerated 5G network build-outs in key markets such as the US, China, and parts of Europe. The sharp decline in the latest quarter also knocked down the annualized capex below $320B mark, falling by 3.5% YoY to post $318.7B in 3Q23. This decline impacted annualized capital intensity which came down from the high of 18.7% in 1Q23 to post 18.1% in 3Q23. Despite moderation, telco capital intensity is still hovering near record high levels due to increased fiber roll-out and upgrade activities to support fixed broadband, and to connect all the new radio infra (including small cells) needed for 5G. The rapid expansion of new 5G networks in major markets like India is also a key factor.
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Telco NI vendor revenues amounted to...
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Best regards,
Matt Walker
Chief Analyst
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