5Gのための莫大な設備投資も収益を上げるには至らず：新データによると、通信事業者は1回限りの端末販売に大きく依存

2022年9月期3ヵ月間の通信事業者セクターの総収入は、2021年第3四半期から6.5％減少しました。この減少は、2022年第2四半期の6.1%減に続くものです。これらの減少は、サービス収入の低迷が主な原因です。

当レポートでは、世界の通信事業者について調査し、セグメント別収益動向、支出への影響、および市場に参入する企業の概要などを提供しています。

掲載企業

目次

サマリー

機器は通信事業の収益の11%以上を占める

新しいデータセットの概要

• セグメント別収益結果（2011年～2022年）
• タイプ別の企業レベルの収益
• 会社レベルでの機器のさまざまな貢献
• 支出への影響

付録

List of Figures

• Figure 1: Telco revenues by segment, 4Q11-3Q22 annualized (US$M)
• Figure 2: YoY growth in annualized revenues by type
• Figure 3: Equipment as a share of total revenues, annualized

This brief presents a new data series compiled by MTN Consulting. We already publish quarterly total revenues for the global telco market. This new series provides a breakdown of revenues into several categories: services, equipment (devices, handsets, CPE), wholesale/infrastructure, and all other. The purpose is to understand real underlying trends in service revenues.

For the 3 months ended September 2022, total revenues for the telecommunications network operator (telco) sector declined 6.5% from 3Q21. This decline followed a similar 6.1% dip in 2Q22. These declines are largely due to weak service revenues. In 3Q22, for instance, service revenues dropped 7% YoY, while equipment revenues grew 2%. Services account for nearly 90% of revenues, so they tend to drive the average, but volatility in equipment revenues can be significant and impact the sector's growth curve. With the rollout of 5G networks and availability of new devices, there has been a pickup in equipment revenues over the last 2 years. For the 3Q20 annualized period, equipment accounted for 9.4% of total revenues, but this has steadily grown since then, to 11.2% in 3Q22. Annualized equipment revenues for telcos were $204.6B in the 3Q22 annualized period, up 23% from 3Q20's $166.7B. In the same timeframe, annualized services revenues grew less than 1%.

In general, telcos do not prioritize profitability when it comes to selling equipment. Their main priority is signing up and retaining subscription customers, who drive their service revenues. As such, big jumps in equipment revenues don't necessarily help profits. They are nice, but don't guarantee growth in related service revenues. It's more important to focus on service revenues in assessing the health of the telco sector. That's particularly important now, as telcos have spent heavily on their networks to deploy 5G. Telco capital intensity, or capex/revenues, reached an all-time high in 3Q22 of 17.9% (annualized), up from 16.8% in 3Q21. Telcos, and their investors, expect new revenue streams to result from these buildout costs. So far, 5G has not delivered.

Companies Mentioned:

Table of Contents

Summary

Equipment accounts for >11% of telco revenues

Overview of the new dataset

• Segment revenue results for 2011-22
• Company level revenues by type
• Equipment's varying contribution at the company level
• Implications for spending

Appendix