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Webスケールネットワークオペレーター(WNO) :市場レビュー

Webscale Network Operators: 1Q19 Market Review - Webscale Spending Continue to Soar as Large Network Operators Invest in Cloud and AI, and Explore New Market Avenues

発行 MTN Consulting, LLC 商品コード 753492
出版日 ページ情報 英文
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Webスケールネットワークオペレーター(WNO) :市場レビュー Webscale Network Operators: 1Q19 Market Review - Webscale Spending Continue to Soar as Large Network Operators Invest in Cloud and AI, and Explore New Market Avenues
出版日: 2019年07月26日 ページ情報: 英文
概要

当レポートでは、:Webスケールネットワークオペレーター (WNO) に注目し、収益、Capex、R&D支出、セグメント別の収益、広告収入、およびサプライヤー契約数など、市場における主要統計を提供しています。

第1章 要約

第2章 分析

  • イントロダクション:Webスケールネットワークオペレーター (WNO)
  • 2018年第3四半期の結果に関するコメント
  • 主要WNO

第3章 WNO市場:主要統計

第4章 WNOの上位8社

第5章 全WNO:企業ドリルダウン

第6章 全体:企業別

第7章 補足

目次
Product Code: GNI-26072019-1

Description

MTN Consulting's 1Q19 WNO Market Review analyzes the network infrastructure spending and financial position of webscale network operators (WNOs).

WNOs are web-centric companies whose operations and services rely heavily on hyperscale data centers and supporting connectivity. They typically have tens or hundreds of millions of customers/users, and rely heavily on scale and network effects in quest for profitable growth. Most WNOs build and operate data centers, but some rely largely on rented/leased resources. Netflix, Snap and Twitter are notable examples. Each of these spends heavily on cloud resources from other providers and is a candidate to build organically in the future. Or, purchase existing assets during a market adjustment.

WNOs tracked in this report include the "Top 8" companies (Alibaba, Alphabet, Amazon, Apple, Baidu, Facebook, Microsoft, and Tencent) and over 20 others: Altaba, Booking Holdings (formerly Priceline), ChinaCache, Cognizant, eBay, Fujitsu, HPE, IBM, JD.COM, LinkedIn, Netflix, Oracle, Qihoo 360, Salesforce.com, SAP, Sina, Snap, Sohu, Twitter, Weibo, Xunlei, Yandex, and YY.

Coverage:

  • Global coverage with company-level drilldowns of 31 companies
  • Company-level annualized and quarterly trends across 29 financial data series
  • Network-related spending estimates at market- and company-level, across quarters

More details are available in the "sample file," above

Abstract

"After spending big in 2018, global technology companies continued to expand their "webscale" networks in 1Q19, investing over $110B in capex over the last 12 months.

Webscale networks are mostly centered around immense, "hyperscale" data centers and undersea cable systems that support network traffic from the tech companies' online retail, video, and social media platforms, along with cloud services. Not just that, some tech-bigwigs including Amazon, Facebook, Alphabet, and Microsoft are now looking to conquer another frontier - outer space - for providing connectivity to the underserved and unserved markets.

After surpassing $100B in capex for the first time in a single year in 2018, the companies in this webscale network operator (WNO) sector invested $110.6B in the twelve-month ending 1Q19, up by a robust 22.7% YoY. This surge impacted the sector's cash & short-term investments which fell by 3.0% YoY during the same period. Free cash flow margins, however, saw no impact as they witnessed a mild uptick in 1Q19 compared to previous quarter, on an annualized basis. The capex hike was primarily led by the "Top 8" webscale companies composed of eight leading technology firms - Alibaba, Alphabet, Amazon, Apple, Baidu, Facebook, Microsoft, and Tencent.

Webscale operators continue to branch into new markets, including hardware, both through R&D and acquisitions. M&A activity in the sector remained vigorous in 2018, with Alphabet, Amazon, Microsoft, Oracle, and Salesforce each recording sizable related costs. The M&A climate remains strong for the sector given its high cash reserves. Total debt for the sector is manageable overall, at $446.1B in March 2019, or $186.1B less than cash & stocks. Some individual companies could face debt issues in an economic downturn, however, or due to regulatory pressure."

Table of Contents

  • 1.Abstract
  • 2.Analysis
  • 3.WNO Market: Key Stats thru 1Q19
  • 4.Top 8 WNOs
  • 5.All WNOs: Company Drilldowns
  • 6.Totals by Company
  • 7.About

List of Figures & Charts

  • 1.Key Metrics: Annualized growth rates 1Q19/1Q18 vs. 2011-18
  • 2.WNO Revenues: Single-quarter (US$M)
  • 3.Top 8 WNOs: YoY revenue growth in 1Q19
  • 4.Annualized profitability: WNOs
  • 5.Free cash flow per employee, 1Q19 annualized (US$)
  • 6.FCF Margins vs. Net Margins, 1Q19 annualized
  • 7.Advertising revenues as % total (FY2018)
  • 8.Annualized capex and R&D spending: WNOs (% revenues)
  • 9.WNO capex by type, Annualized: 1Q15-1Q19 (US$M)
  • 10.Network & IT capex as share of revenues, 1Q19 annualized
  • 11.R&D expenses as % revenues, Top 8 WNOs (1Q19 annualized)
  • 12.Net PP&E per employee (US$M) - 1Q19
  • 13.Ranking the Cloud's Webscale Network Operators: 1Q19 revenues (US$B)
  • 14.Ranking the Cloud's Webscale Network Operators: 1Q19 R&D expenses (US$B)
  • 15.Ranking the Cloud's Webscale Network Operators: 1Q19 total capex (US$B)
  • 16.Network, IT & software capex (US$B) by WNO, 1Q19
  • 17.1Q profitability trends, WNO Market
  • 18.WNOs: R&D spending, and network/IT capex, 1Q annualized
  • 19.Network & IT capex as % of revenues
  • 20.WNO Network, IT and software capex: YoY growth
  • 21.Total employees: Webscale network operators
  • 22.Webscale market: Revenues & FCF per employee (US$K)
  • 23.Revenues & Spending (US$M)
  • 24.Webscale Business Mix by Revenues (FY2017) - MTN Consulting estimates
  • 25.Top 10 recent acquisitions & investments
  • 26.Revenues & YoY revenue growth: by company
  • 27.Annualized profitability: by company
  • 28.Annualized capex and capital intensity: by company
  • 29.Annualized capex and R&D spending as % of revenues: by company
  • 30.Share of WNO network & IT capex, Annualized: by company
  • 31.Total employees: by company
  • 32.Annualized per-employee metrics (US$000s): by company
  • 33.Net debt (debt minus cash & stock) (US$M): by company
  • 34.Profitability and cash flow, 2011-18 (% revenues): Webscale operators
  • 35.Free cash flow and cash on hand, 2011-18: WNOs (US$M)
  • 36.Revenues & capital intensity, 2011-18: WNOs
  • 37.Capex and R&D spending, 2011-18: WNO segment (US$M)
  • 38.Cash on hand, capex and acquisition costs, 2011-18: Webscale operators
  • 39.Capex and R&D as a % of revenues, 2011-18: WNOs
  • 40.Capex and leasing expenses as a percent of revenues, 2011-18: WNOs
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