Summary
Top 5 telecom vendors saw 4.4% revenue growth in FY-2023, led by Cisco and Huawei. Ericsson and Nokia saw declines. 5G deployments in developed markets and challenging macroeconomic scenarios impacted overall growth. Cisco's revenue increased by 7.7% YoY, while Ericsson's revenue fell by 3% YoY and Nokia's revenue declined 10.6% YoY. Huawei's revenue surged 9.6% YoY, and ZTE's revenue grew 1.1% YoY. Overall carrier network business revenue increased by 2.6%, and overall enterprise sales grew from 18.2% to 19.2% of total revenue. All vendors (except Cisco) increased R&D spending. India boosted revenues for Cisco, Ericsson, and Nokia, but Indian telcos plan to regulate CAPEX spending in 2024. Cisco, Ericsson, and Nokia announced workforce reductions. Cloud-native solutions, 5G, Open RAN, network monetisation, and optical networks are key themes shaping telecom engagements in FY-2023. The market is expected to stabilise as operators focus on 5G Standalone, Open RAN architecture, and monetising 5G services to meet growing capacity needs and new use cases.
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