Global - Telecommunication Services

MarketLine Industry Profile
Global Telecommunication Services

June 2020
Reference Code: 0199-2145
Publication Date: June 2020
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1. Executive Summary
1.1. Market value

The global telecommunication services market grew by 0.1% in 2019 to reach a value of $1,204.2 billion.
1.2. Market value forecast

In 2024, the global telecommunication services market is forecast to have a value of $1,356 billion, an increase of
12.6% since 2019.
1.3. Market volume

The global telecommunication services market grew by 3.6% in 2019 to reach a volume of 7,740.9 million users.
1.4. Market volume forecast

In 2024, the global telecommunication services market is forecast to have a volume of 9,318.8 million users, an
increase of 20.4% since 2019.
1.5. Category segmentation

Wireless is the largest segment of the global telecommunication services market, accounting for 63.5% of the market's
total value.
1.6. Geography segmentation

Asia-pacific accounts for 41.6% of the global telecommunication services market value.
1.7. Market rivalry

The low level of service differentiation escalates rivalry as players compete intensely through quality measures, brand
awareness, functionality, and value pricing. Rivalry is increased in most fixed line telecoms markets, as end-user
switching costs are not prohibitive and telecom services are not strongly differentiated, which will intensify market
competition. In the coming years, mobile devices with internet access will continue to lead the market, and rivalry in
the telecommunication services market will likely depend on the development of wireless technology and variation in
demand.

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1.8. Competitive Landscape

The global telecommunication services market stalled in the historic period. The market is expected to grow slightly
due to the expansion of the 4G and 5G networks. Rivalry in the Chinese market has been induced by government
policies that instructed the reduction of tariffs to increase the penetration of 4G mobile internet services, as well as
the removal of roaming charges for long-distance calls. Price competition has been a prevalent characteristic of the US
market, mainly induced by T-Mobile, with unlimited plans becoming prevalent.

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TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................. 2
1.2. Market value forecast ...................................................................................................................2
1.3. Market volume .............................................................................................................................. 2
1.4. Market volume forecast ................................................................................................................2
1.5. Category segmentation ................................................................................................................2
1.6. Geography segmentation .............................................................................................................2
1.7. Market rivalry ................................................................................................................................ 2
1.8. Competitive Landscape ................................................................................................................3
2. Market Overview 8
2.1. Market definition ........................................................................................................................... 8
2.2. Market analysis ............................................................................................................................ 8
3. Market Data 10
3.1. Market value ............................................................................................................................... 10
3.2. Market volume ............................................................................................................................ 11
4. Market Segmentation 12
4.1. Category segmentation ..............................................................................................................12
4.2. Geography segmentation ...........................................................................................................13
5. Market Outlook 14
5.1. Market value forecast .................................................................................................................14
5.2. Market volume forecast ..............................................................................................................15
6. Five Forces Analysis 16
6.1. Summary .................................................................................................................................... 16
6.2. Buyer power ............................................................................................................................... 18
6.3. Supplier power ........................................................................................................................... 20
6.4. New entrants .............................................................................................................................. 22

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6.5. Threat of substitutes ...................................................................................................................24
6.6. Degree of rivalry ......................................................................................................................... 25
7. Competitive Landscape 27
7.1. Who are the leading players?.....................................................................................................27
7.2. What strategies do the leading players follow? ..........................................................................27
7.3. Have there been any significant mergers/acquisitions? .............................................................28
7.4. How has the regulatory environment affected the global market? .............................................29
7.5. How will the COVID-19 pandemic affect the market going forward? .........................................29
8. Company Profiles 30
8.1. China Mobile Communications Group Co., Ltd ..........................................................................30
8.2. Vodafone Group Plc ...................................................................................................................32
8.3. CNCB (Hong Kong) Investment Co., Ltd....................................................................................36
8.4. AT&T Inc .................................................................................................................................... 39
8.5. Reliance Jio Infocomm Ltd .........................................................................................................43
8.6. Bharti Airtel Limited ....................................................................................................................45
9. Macroeconomic Indicators 52
9.1. Country data ............................................................................................................................... 52
Appendix 53
Methodology............................................................................................................................................ 53
9.2. Industry associations ..................................................................................................................54
9.3. Related MarketLine research .....................................................................................................54
About MarketLine .................................................................................................................................... 55

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LIST OF TABLES
Table 1: Global telecommunication services market value: $ billion, 2015–19 10
Table 2: Global telecommunication services market volume: million users, 2015–19 11
Table 3: Global telecommunication services market category segmentation: $ billion, 2019 12
Table 4: Global telecommunication services market geography segmentation: $ billion, 2019 13
Table 5: Global telecommunication services market value forecast: $ billion, 2019–24 14
Table 6: Global telecommunication services market volume forecast: million users, 2019–24 15
Table 7: China Mobile Communications Group Co., Ltd: key facts 30
Table 8: China Mobile Communications Group Co., Ltd: Key Employees 31
Table 9: Vodafone Group Plc: key facts 32
Table 10: Vodafone Group Plc: Annual Financial Ratios 34
Table 11: Vodafone Group Plc: Key Employees 35
Table 12: CNCB (Hong Kong) Investment Co., Ltd.: key facts 36
Table 13: CNCB (Hong Kong) Investment Co., Ltd.: Annual Financial Ratios 37
Table 14: CNCB (Hong Kong) Investment Co., Ltd.: Key Employees 38
Table 15: AT&T Inc: key facts 39
Table 16: AT&T Inc: Annual Financial Ratios 40
Table 17: AT&T Inc: Key Employees 41
Table 18: AT&T Inc: Key Employees Continued 42
Table 19: Reliance Jio Infocomm Ltd: key facts 43
Table 20: Reliance Jio Infocomm Ltd: Key Employees 44
Table 21: Bharti Airtel Limited: key facts 45
Table 22: Bharti Airtel Limited: Annual Financial Ratios 47
Table 23: Bharti Airtel Limited: Key Employees 48
Table 24: Bharti Airtel Limited: Key Employees Continued 49
Table 27: Global exchange rate, 2015–19 52

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LIST OF FIGURES
Figure 1: Global telecommunication services market value: $ billion, 2015–19 10
Figure 2: Global telecommunication services market volume: million users, 2015–19 11
Figure 3: Global telecommunication services market category segmentation: % share, by value, 2019 12
Figure 4: Global telecommunication services market geography segmentation: % share, by value, 201913
Figure 5: Global telecommunication services market value forecast: $ billion, 2019–24 14
Figure 6: Global telecommunication services market volume forecast: million users, 2019–24 15
Figure 7: Forces driving competition in the global telecommunication services market, 2019 16
Figure 8: Drivers of buyer power in the global telecommunication services market, 2019 18
Figure 9: Drivers of supplier power in the global telecommunication services market, 2019 20
Figure 10: Factors influencing the likelihood of new entrants in the global telecommunication services
market, 2019 22
Figure 11: Factors influencing the threat of substitutes in the global telecommunication services market,
2019 24
Figure 12: Drivers of degree of rivalry in the global telecommunication services market, 2019 25

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2. Market Overview
2.1. Market definition

The Telecommunication Services market is defined as the total volume and value of both the Fixed Line
Telecommunications market and the Wireless Telecommunications market. The market volume here is defined as the
total number of fixed-line telephones and mobile subscribers.
The Fixed-Line Telecommunications market is valued as the revenues obtained by operators for voice telephony and
other non-voice information transmission using fixed lines (wirelines), rather than wireless systems. Only revenues
from end-users are included, with revenues from other operators, as in wholesale transactions, excluded. Market
values represent revenues from both internet services and value-added services, and are segmented into 'voice' and
'internet' communications. Market volumes represent the number of fixed-line telephones.
The wireless telecommunications services market is defined here as including cellular (mobile) phones, pagers, and
any other wireless or cellular telecommunication service. Revenues are based on payments to operators of all of these
services for subscriptions and usage.
All currency conversions were carried out at constant 2019 average annual exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

The global telecommunications market experienced negligible growth during the historic period. However, it is
expected to accelerate over the forecast period to a moderate rate.
Even in markets where the penetration of mobile services is low and where mobile internet and 4G services are still
expanding, operators have also engaged in price competition to stimulate adoption, thus reducing their revenues.
Overall, according to Ericsson’s Mobility report, in Q4 2018, the total number of mobile subscriptions was around 7.9
billion, with a net addition of 43 million subscriptions during the quarter.
The global telecommunication services market had total revenues of $1,204.2bn in 2019, representing a compound
annual growth rate (CAGR) of 0.3% between 2015 and 2019. In comparison, the Asia-Pacific market increased with a
CAGR of 3.1%, and the US market declined with a compound annual rate of change (CARC) of -0.8%, over the same
period, to reach respective values of $443.2bn and $310.1bn in 2019.
Asia-Pacific currently accounts for 41.6% of the global market, remaining one of the biggest contributors to global
subscriber growth in recent years and still has room for more growth. However, growth has reached its peak and has
started to taper out. With some markets at the forefront of global innovation, and others with millions of people still
to take their first foray online, there is a growing need across the world to look beyond mobile adoption and towards

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migration to faster networks and increased usage of the mobile internet. The large-scale societal adoption and use of
digital technologies is a key driver of measurable economic, social and cultural value.
Market consumption volume increased with a CAGR of 3% between 2015 and 2019, to reach a total of 7,740.9 million
users in 2019. The market's volume is expected to rise to 9,318.8 million users by the end of 2024, representing a
CAGR of 3.8% for the 2019-2024 period.
Even though most countries have exceeded 100 mobile phone subscriptions per 100 people, consumption continues
to grow in many. In Germany, consumption volume increased because the number of subscriptions each person takes
out has experienced a similar trend to other European nations. The number owned by each person is set to rise in
large part due to the low costs caused by the price wars between the leading companies.
The wireless segment was the market's most lucrative in 2019, with total revenues of $764.8bn, equivalent to 58.4%
of the market's overall value. The fixed-line segment contributed revenues of $543.8bn in 2019, equating to 41.6% of
the market's aggregate value.
The popularity of wireless varies significantly. In countries such as Japan, despite the highly sophisticated wireless
devices many Japanese own and the developed infrastructure which is widely regarded as being cutting-edge, the
wireless segment only maintains a relatively small share of the market compared to developing economies, but
roughly the same as many western countries. Given the age demographic in Japan, the market share of wireless is not
expected to experience the dominance achieved in other countries because older generations traditionally stick with
known technology such as fixed-line telephones. In other markets, such as Nigeria and Peru, the wireless segment has
a much larger share of the market. The wireless segment in Peru is helped by the low costs associated with such
services which have encouraged the government to agree deals with major suppliers to provide mobile phone
coverage in isolated areas. Other South American nations are engaging in similar policies, accounting for the high
percentage of share wireless has.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 2.1% for the five-year period
2019 - 2024, which is expected to drive the market to a value of $1,450.9bn by the end of 2024. Comparatively, the
Asia-Pacific and US markets will grow with CAGRs of 2.2% and 1.7% respectively, over the same period, to reach
respective values of $676.4bn and $337.9bn in 2024.
According to GSMA, 4G connections in the Asia-Pacific region will account for more than 48% of total connections in
2020. In contrast, the commercial launch of the 5G network in the largest markets of the region in Japan and China,
and South Korea – has and will support revenue growth, as that new generation technology supports faster data
transmission and comes at a higher price. However, at the time of writing it is extremely difficult to predict how the
market will perform in the coming years due to the widespread outbreak of COVID-19. This novel coronavirus was
declared a pandemic by the WHO in March 2020. While the true impact of COVID-19 is difficult to assess due to the
nature in which the situation is rapidly changing, it will undoubtedly have some impact on this market’s performance.

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3. Market Data
3.1. Market value

The global telecommunication services market grew by 0.1% in 2019 to reach a value of $1,204.2 billion.
The compound annual growth rate of the market in the period 2015–19 was 0.3%.
Table 1: Global telecommunication services market value: $ billion, 2015–19
Year $ billion € billion % Growth

2015 1,192.1 1,335.1
2016 1,188.6 1,331.2 (0.3%)
2017 1,202.6 1,346.8 1.2%
2018 1,203.3 1,347.6 0.1%
2019 1,204.2 1,348.7 0.1%
CAGR: 2015–19 0.3%
SOURCE: MARKETLINE MARKETLINE
Figure 1: Global telecommunication services market value: $ billion, 2015–19

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3.2. Market volume

The global telecommunication services market grew by 3.6% in 2019 to reach a volume of 7,740.9 million users.
The compound annual growth rate of the market in the period 2015–19 was 3%.
Table 2: Global telecommunication services market volume: million users, 2015–19
Year million users % Growth

2015 6,883.4
2016 7,121.1 3.5%
2017 7,324.3 2.9%
2018 7,471.9 2.0%
2019 7,740.9 3.6%
CAGR: 2015–19 3.0%
Figure 2: Global telecommunication services market volume: million users, 2015–19

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4. Market Segmentation
4.1. Category segmentation

Wireless is the largest segment of the global telecommunication services market, accounting for 63.5% of the market's
total value.
The Fixed-line segment accounts for the remaining 36.5% of the market.
Table 3: Global telecommunication services market category segmentation: $ billion, 2019
Category 2019 %
Wireless 764.8 63.5%
Fixed-line 439.4 36.5%
Total 1,204.2 100%
Figure 3: Global telecommunication services market category segmentation: % share, by value, 2019

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4.2. Geography segmentation

Asia-pacific accounts for 41.6% of the global telecommunication services market value.
United States accounts for a further 25.8% of the global market.
Table 4: Global telecommunication services market geography segmentation: $ billion, 2019
Geography 2019 %
Asia-pacific 501.4 41.6
United States 310.1 25.8
Europe 250.3 20.8
Middle East 28.6 2.4
Rest Of The World 113.8 9.5
Total 1,204.2 100.1%
Figure 4: Global telecommunication services market geography segmentation: % share, by value, 2019

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5. Market Outlook
5.1. Market value forecast

In 2024, the global telecommunication services market is forecast to have a value of $1,356 billion, an increase of
12.6% since 2019.
The compound annual growth rate of the market in the period 2019–24 is predicted to be 2.4%.
Table 5: Global telecommunication services market value forecast: $ billion, 2019–24
Year $ billion € billion % Growth

2019 1,204.2 1,348.7 0.1%
2020 1,223.7 1,370.5 1.6%
2021 1,252.1 1,402.3 2.3%
2022 1,283.1 1,437.0 2.5%
2023 1,317.7 1,475.8 2.7%
2024 1,356.0 1,518.6 2.9%
CAGR: 2019–24 2.4%
Figure 5: Global telecommunication services market value forecast: $ billion, 2019–24

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5.2. Market volume forecast

In 2024, the global telecommunication services market is forecast to have a volume of 9,318.8 million users, an
increase of 20.4% since 2019.
The compound annual growth rate of the market in the period 2019–24 is predicted to be 3.8%.
Table 6: Global telecommunication services market volume forecast: million users, 2019–24
Year million users % Growth

2019 7,740.9 3.6%
2020 8,006.9 3.4%
2021 8,255.0 3.1%
2022 8,576.8 3.9%
2023 8,928.8 4.1%
2024 9,318.8 4.4%
CAGR: 2019–24 3.8%
Figure 6: Global telecommunication services market volume forecast: million users, 2019–24

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6. Five Forces Analysis

The telecommunication services market will be analyzed taking telecommunication services providers as players. The
key buyers will be taken as individual and corporate end-users, and telecoms equipment providers as the key
suppliers.
6.1. Summary
Figure 7: Forces driving competition in the global telecommunication services market, 2019
The low level of service differentiation escalates rivalry as players compete intensely through quality measures, brand
awareness, functionality, and value pricing. Rivalry is increased in most fixed line telecoms markets, as end-user
switching costs are not prohibitive and telecom services are not strongly differentiated, which will intensify market
competition. In the coming years, mobile devices with internet access will continue to lead the market, and rivalry in
the telecommunication services market will likely depend on the development of wireless technology and variation in
demand.
The market continues to exhibit signs of its past, with former state-owned entities dominating in many countries.
A telecoms company operating a fixed line service may own and operate its own physical network (exchanges or fiber
optic cables, for example). New entrants to the fixed line market may be put off by the declining penetration of fixed
line telephones and the increasing popularity of wireless technologies. The segment faces a strong threat from mobile
phones and internet applications (particularly Voice over Internet Protocol (VoIP)). Rivalry varies significantly from
country to country, depending on how free the market is.
The majority of wireless telecoms providers are 'facilities-based’, meaning that these companies own and operate the
infrastructure of networking equipment, masts, bases and stations. The number of suppliers is often low as few
companies have the necessary ability to supply complex, reliable and geographically extensive networks.
A major driver of wireless service growth is the consistent international demand for communication. This pressure
drives mobile communication companies to research and develop new ways of carrying more information on specific
frequencies. The market is highly regulated by governments, which limits potential new players’ options.

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While fixed-line services and wireless services are technically substitutes for each other, the main threat against the
telecommunication services market as a whole is internet based communication.

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6.2. Buyer power

Figure 8: Drivers of buyer power in the global telecommunication services market, 2019
The telecommunication services market displays signs of classic oligopolistic behavior, with a small number of large
incumbent players and a high number of buyers (both individual and commercial). This weakens buyer power as the
loss of a single customer will have a limited impact on market players.
The inelastic nature of demand and the move to multi-play services should insure the market as a whole against any
major downturn, weakening buyer power.
The low levels of product differentiation leave players competing on quality, reliability, brand awareness,
functionality, value pricing and customer service in an attempt to capture new and retain existing customers in the
telecommunication services market. However, as services are inherently standardized, buyer power is strengthened.
Customer loyalty is low and buyers are largely price-driven. As such, buyers are prone to switching between the
available suppliers if they offer a better price. This strengthens buyer power. Switching costs vary, and include the
difficulty of leaving a long-term service contract early and the cost of unlocking a phone so that it can accept a
different sim-card. 24-month contracts are largely replacing the standard 12-month.
According to press reports, market insiders are increasingly nervous about the willingness of consumers to resist price
rises by shopping around for the best deal, particularly in regards to broadband. Major companies such as BT are
reporting the first overtly negative reaction to price rises in a very long time, translating into slow performances of
broadband providers during early 2017. Embarrassing public errors such as the botched Vodafone upgrade of a billing
system have exacerbated the trend.
In some markets, such as Taiwan, buyer power has been in decline because 2G and 3G networks are being wound
down, reducing consumer choice for services and the subsequent prices. According to NCC spokesperson Wong Po-
tsung, there are around 1.46 million people still utilizing 2G-only handsets, of which around 940,000 are actually
accessing GSM-based services using a 3G-compatible SIM card, while a further 390,000 have a 4G-enabled SIM. A
reduction in the choice of supplier or product will reduce buyer power because leading companies will provide a
smaller range of products.
In terms of vertical integration, there is no possibility that players can forward integrate as the buyers are
independent, increasing buyer power. However, this is negated by the fact that it would be almost impossible for a
buyer to backwards integrate into providing telecommunication services because of the scale and equipment needed.
Overall, buyer power is assessed as moderate.

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6.3. Supplier power

Figure 9: Drivers of supplier power in the global telecommunication services market, 2019
Many governments consider telecoms a natural monopoly and, as such, created single state-owned enterprises to act
in the market. Though privatization initiatives have become more prevalent in many markets worldwide, it has not
necessarily translated to better competition as the former state champions retain much of their infrastructure. This
means that large companies often own and operate their own physical network. These market players are referred to
as asset-based carriers (ABC), and their suppliers are usually large companies, resulting in an extremely strong position
within the market. There are a limited number of such suppliers who provide reliable and extensive networks.
Alternatively, a virtual network operator (VNO) may offer telecoms services by purchasing access to an ABC's
infrastructure. The suppliers of such operators are network owners and are also usually large companies. Switching
costs with this market are often high, as exiting long-term supply contracts can be difficult. This is mitigated to some
degree by the fact that specialized suppliers are dependent on the income from the telecoms market.
In addition, suppliers have to sign long-term contracts in order to get lower prices for the raw materials they require,
as prices for raw materials are easily affected by the stock market due to most of the times being of commodity
nature. Raw materials of that kind originate from oil, steel and other commodities, which are very likely to experience
high levels of volatility. Thus, in order for suppliers to obtain them in lower prices they would sign long-term contracts.
National governments are also important in this market, as they act as the gatekeepers to the electromagnetic
spectrum and bandwidth supply. Licenses are allocated either through periodic auctions or 'beauty contests'
(competitions on the basis of service provision). This is not simply a regulatory issue – bandwidth is also allocated in
periodic auctions, and the amounts paid by successful bidders can be substantial.
In Germany, Federal courts ruled in January 2017 that longstanding contractual fees charged by Deutsche Telekom to
Vodafone constituted an abuse of dominance. Vodafone claimed $451.7m in damages after the former state-owned
monopoly overcharged it for using its cable network.
In other markets, supplier power has been protected by the defense of charges suppliers can impose. South Korean
President Moon Jae-in pledged to remove the $9.60 charge whilst on the campaign trail during the last election, but
the State Affairs Planning Advisory Committee is now said to be seeking alternative means to cut household telecom
expenses. The three leading telecoms companies, SK Telecom, KT and LG Uplus, are against the scrappage, even
gaining support from small players. With the likelihood of ending the fee receding, supplier power has been protected
and remains strong.
Supplier power is assessed as moderate overall.

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6.4. New entrants

Figure 10: Factors influencing the likelihood of new entrants in the global telecommunication services market, 2019
The threat of new entrants varies significantly around the world. In Canada, for instance, ways to improve competition
in the market have gained attention. Jean-Pierre Blais, the former chairman of the Canadian Radio-Television and
Telecommunication Services Commission, said at an event in Alberta that his successor, Ian Scott, must intervene in
the wireless market to improve competition. He also criticized the federal government for poor governance which has
made the task of competing for smaller players much tougher, as well as deterring companies from attempting to
enter the market. A lack of competition reduces the threat of new entrants in the Canadian market.
The most likely source of new entrants comes from foreign players buying an existing company. Entel, based in Chile,
purchased Nextel in mid-2014 for $400m and invested over $1.2bn over five years into infrastructure to improve
coverage. Liberalization of the market has, therefore, led to increased possibility of new entrants succeeding.
However, given the hefty investment required, any new entrant is most likely to come from another South American
nation.
Some markets such as China are closed off to new entrants. Though foreign ownership of telecom companies is now
possible, the prospect of foreign companies being able to compete as new entrants is unlikely.
The threat of new entrants is to some extent lower in markets where the value has significantly fallen. In Nigeria, for
instance, economic and political unrest have resulted in higher unemployment, causing leading companies to compete
more to gain customers, forcing prices downwards. With doubts concerning the ability of President Buhari to govern,
the economic environment is unappetizing for prospective new entrants.
The costs to switch between providers are low and the services provided by fixed-line telecom companies in lesser
developed markets are less likely to be differentiated, meaning competition from substitute providers is a probability.
However, in mature markets, established companies hold dominance, meaning that new entrants may perform poorly
in terms of total revenue.
Entering the telecommunication services market as a facilities-based provider requires significant capital outlay in
order to build infrastructure that covers most of the geographical area of the country of interest. Companies
presenting such business models benefit from large scale operations, economies of scale, and diversification, and are
therefore difficult to compete with, as they can usually offer lower prices.
Competition among big brand names in the market tends to be fierce, reducing threats of new entrants. Big brand
names such as AT&T and Verizon tend to compete constantly with each other, trying to provide consumers with the
cheapest and best service possible. Companies of that scale are easily recognizable through their brand name,

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influencing buyers’ decision making process. However, buyers, owing to being end-users, are highly influenced by the
prices those telecom companies are offering, leaving aside their brand recognition, considering only prices and
customer service.
Fixed costs in the telecommunication market are high. Telecom is a capital-intensive industry. It requires an extensive
network infrastructure to provide fixed line and wireless services. According to USTelecom, since 1996, telecom
companies in the US invested $1.1 trillion in the industry. High investment requirements restrict new entrants in the
industry. High fixed costs result in high operating leverage. Acquiring new customers significantly increases a telecom
company’s profitability. Losing customers results in a steeper decline in profits. High operating leverage makes the
telecom industry focus on customer acquisition and retention. Operating leverage and retaining existing customers
impacts a telecom company’s profitability. The cycle of upgrading networks is shorter for wireless companies, while
the cycle is shorter due to reasons ranging from technological innovations to managing increased network traffic. So,
they have to recoup their network investments, in shorter intervals of time, to redeploy them for the next upgrading
cycle of networks. Due to high fixed costs, telecom companies in mature markets, like the US, have to manage their
profitability and cash flows by controlling their variable costs, like workforce and marketing costs. Wireless players
have more recurring capital investments, compared to established wireline telecom companies. Wireline telecom
companies already invested significantly, particularly in their extensive legacy networks.
Potentially, a lower cost mode of entry is to operate as a MVNO (mobile virtual network operator). MVNOs rely on
wholesale access to the network infrastructure of facilities-based mobile network operators. Examples of MVNOs
include Virgin Mobile and Tesco Mobile, both of which operate within the UK. However, a more cost-effective option
may be an acquisition of a company that already has a network in place, especially in countries that have large
geographical areas and underdeveloped network infrastructure.
Infrastructure related to mobile phone communications standards is crucial for the expansion of wireless
telecommunication services. For instance, 5G broadband internet from Verizon and C Spire is currently available at a
handful of locations, and Verizon and AT&T both have mobile 5G services available for select customers in a handful
of cities. More areas will get at-home and mobile 5G in 2019, from those companies and others like T-Mobile and U.S.
Cellular. However, we could see an accelerated (or even slower) release of 5G networks in the United States since the
US government proposes nationalizing 5G. Accordingly, it is no surprise that these countries are expected to pioneer
the expansion of 5G, launching 5G networks by 2020. China will be the third market in the Asia-Pacific region to
launch a 5G network by 2020. The US is also preparing to progress to a 5G network in major cities by the end of 2019.
The US is one of the most highly 4G-penetrated markets worldwide, as more than 87% of mobile users in the country
have access to a 4G network. Furthermore, the transition to 5G is set to be realized in many of the developed markets
of the European region, including the UK, Germany, and France and in Russia by 2020.
The development of 5G is crucial for the global market as this network will be important in developing the Internet of
things (IoT), which is going to lead wireless internet traffic on an exponential growth curve through the
interconnection of smart devices in the future.
New entrants must also get the necessary infrastructure installed and set up billing and operational support systems,
which represent another group of costs.
Governments significantly influence certain barriers by setting rules and regulations concerning access to distribution
channels, infrastructure and networks, thereby prohibiting seller concentration. The telecommunication services
market is subject to domestic regulations which may discourage or even legally forbid certain parties willing to enter
the sector.
Overall, the threat of new entrants is assessed as weak.

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6.5. Threat of substitutes

Figure 11: Factors influencing the threat of substitutes in the global telecommunication services market, 2019
The fixed-line and wireless segments technically act as substitutes for each other, although many with a fixed line are
also likely to own a mobile device. In 2018, there was a great difference between wirelesses to fixed-line split in the
value of the market, suggesting that many globally have now fully substituted their fixed-line telephone with a
wireless device. Belgium, Denmark, Portugal, and Greece have slightly larger fixed-line segments than wireless;
however, this is expected to change in the near future.
The main substitute to the telecommunication services market as a whole is internet-based communication. Email,
messaging services, social and business networking sites, and internet calling programs (such as Skype or VoIP Buster)
provide cheaper alternatives to traditional telephone communication. Many of these options are free, requiring only
an internet connection and the appropriate computer software.
However, the quality of internet voice calling can be unreliable and often depends on the user’s internet connection
speed and computer specifications. Moreover, in many cases these services are only available from fixed line or
wireless operators, which increase user dependency on telecommunication companies.
Many players in this market will offer a range of packaged services including a fixed-line internet connection and
television subscription. The use of the internet from mobile phones is increasingly common. As such, players also tend
to offer the substitute products, which lessen threat to some extent.
Overall, the threat from substitutes is assessed as moderate.

Industry Profiles
6.6. Degree of rivalry

Figure 12: Drivers of degree of rivalry in the global telecommunication services market, 2019
Rivalry within the telecommunication services market is intensified by the presence of large, international players
benefiting from economies of scale and diversification. The low level of service differentiation escalates rivalry as
players must compete via quality measures, brand awareness, functionality, and value pricing.
Rivalry is likely to increase due to the introduction of 5G technology in China, which will require leading companies to
invest large sums of money to maintain a market share. According to the Ministry of Industry and Information
Technology (MIIT), the three leading Chinese mobile network operators – China Mobile, China Unicom and China
Telecom – are expected to invest approximately $411bn in 5G technologies between 2020 and 2030. Companies that
fail to adapt to the new technology will be left behind. However, the leading companies in China are largely state-
owned, meaning the funding required to stay ahead of rivals will likely be forthcoming, increasing rivalry.
Elsewhere, companies have been able to expand market shares rapidly despite intense rivalry in the market. In
Poland, Play only occupied 5% of the market during 2008; that figure has risen to 27% with a customer base of over 14
million people. The growth of the company has been driven by the ability to compete on cost grounds which has
intensified the ‘race to the bottom’ mentality of the telecoms market, reducing margins and increasing rivalry. Now an
initial public offering has been announced, other players in the market are faced with an opportunity to gain market
share – whether this will be acted on remains to be seen.
Data services have become a key component of both fixed and wireless service providers' products and the
emergence of 3G and 4G wireless services have meant that the size and price of data packages offered by wireless
telcos has become a key means of service differentiation.
Competition will increase with the entry of new firms should an additional radio spectrum be made available for
commercial wireless services. Competition is expected to increase further as a result of other technologies and
services that are being developed and will be introduced in the future, such as the currently unlicensed spectra and
5G.
In addition to players' attempts at differentiating this highly commoditized service, contracts have become longer with
18 and 24 month contracts gradually replacing the standard 12 month contract, thus increasing the cost of switching.
However, with the option of pre-pay services and shorter terms for standalone mobile broadband service contracts
negating this, rivalry remains intense.
Existing market players tend to be big in size and competing with each other for the market leader position. The fact
that there is more than one clear leader in the market increases rivalry, making the market players to compete for the

Industry Profiles
first position. Rivalry in the industry is highly influenced by the brand name of each of the market players carries.
Brand names such as AT&T and Verizon are easier recognizable by consumers who tend to prefer more those two
brands than the rest of the market players due to the feeling of safety and wellness those two companies create,
regarding their customer services; however, consumers tend to be more price-driven in this market.
The convergence between telecommunication services, technology, media and the consumer electronics market is
causing lateral competition, which provides the opportunity for growth as well as competitive threats in the wider
converged market.
Rivalry within the global telecommunication services market is strong overall.

Industry Profiles
7. Competitive Landscape
The global telecommunication services market stalled in the historic period. The market is expected to grow slightly
due to the expansion of the 4G and 5G networks. Rivalry in the Chinese market has been induced by government
policies that instructed the reduction of tariffs to increase the penetration of 4G mobile internet services, as well as
the removal of roaming charges for long-distance calls. Price competition has been a prevalent characteristic of the US
market, mainly induced by T-Mobile, with unlimited plans becoming prevalent.
7.1. Who are the leading players?

China Mobile is the largest player globally, accounting for 13.2% of the market's total volume in 2019; the company is
also the leading player in China, accounting for 55.5% of the market's total volume in 2019. The company is leading
the way in both the prepaid and postpaid segments; the operator is particularly driving postpaid opportunities
through its smartphone bundle plans and through enterprise opportunities. China Mobile is expected to retain its
leading position due its widespread LTE network coverage, including rural areas, which are a growing market.
AT&T is a provider of fixed-line telecommunication services in the North American region, representing 8.6% of
subscriptions. The company is the largest wireless telecommunication services provider, accounting for 24.3% of
wireless subscriptions in North America in 2019. AT&T is competing with Verizon in terms of being an early provider of
5G technologies; however, it has few compatible handsets.
Verizon is a leading player in the US market with extensive network coverage. The company accounted 23.9% of the
wireless market and 7.9% of the fixed-line market in North America. Verizon has begun to roll out 5G technology in
the country, one strategy was to tie it to the Samsung Galaxy S10 5G launch, helping to strengthen its market leading
position.
Vodafone is a major telecommunication services company in Europe. The firm is to invest approximately EUR2bn of
incremental capital expenditure by the end of 2021 in Gigabit ultrafast fiber broadband services. As a result, Vodafone
intends to offer download speeds of 1Gbps and upload speeds of 50Mbps, facilitating a move to become the leading
converged communications operator in Europe. In the UK, the company has focused on increasing its mobile network
capacity and expanding connectivity, acquiring 50MHz of spectrum in the 3400MHz band for £378.2m in Ofcom’s
auction.
7.2. What strategies do the leading players follow?

The leading players within the telecommunication services market use a variety of strategies to attract customers and
drive growth. For instance, AT&T, one of the largest telecommunication services providers in Mexico, offers an
enhanced customer service with mobility and highly secure cloud solutions. In 2015, the company acquired DIRECTV
and with this acquisition was able to change dramatically, offering on-demand-content entertainment. With the
launch of DIRECT NOW in 2016, subscribers could stream their preferred shows on any compatible device via the
internet. As of 2018, it had 55 million linear Pay TV connections, including Sky Mexico, by holding a 45% stake in the
company and 2.5 million DIRECTNOW subscribers. AT&T, by owning Sky Mexico, was able to enter the Mexican
telecommunication services market and open a doorway to the rest of Latin America. Having more than one stream of
revenues will be a great help for the company and will boost revenues in the long-run; however, expansions always
come with a risk.
Another strategy which multiple leading players in the market are undertaking to drive future subscriber growth is
investing heavily in 5G technologies, so that they are able to launch new products when the technology is rolled out.
In March 2019, US market leader Verizon opened the world’s first 5G Responder Lab, an innovation incubator to
provide global technology firms the access to 5G technology. In the same month, Verizon collaborated with NFL to
develop new products and services that utilize 5G and other future technologies to enhance NFL games and

Industry Profiles
announced to launch 5G Ultra-Wideband Network in Chicago and Minneapolis. The company also aims to offer 5G
services with Motorola’s new 5G-enabled smartphone.
In February 2019, it collaborated with Cisco to allow enterprises to accelerate their digital transformation to support
5G capabilities. Under the terms of the deal, Verizon’s Virtual Network Services will support 5G devices on Cisco’s
software-defined wide area network (SD-WAN) platform, which will manage network traffic and application
performance across a wide area network for public and private networks. In the same month, the company
collaborated with Samsung and launched Samsung's new 5G smartphone the Galaxy S10 in the first half of FY2019.
Verizon’s network isn’t as big as AT&T’s or T-Mobile’s, but promised rollout plans are huge. Verizon has promised 5G
coverage to over a dozen extra cities and to outperform its competitors in terms of the speed of the network. In April
2018, China Mobile introduced the nation’s first 5G networks in Xiongan. China Mobile, as of April 2020, provides 5G
coverage in 50 cities with a view to having a total of 300,000 5G sites by end of 2020. By continuing to invest in
improving service offerings and new technology, the company will maintain its leading position in the market.
In January 2019, Vodafone launched beamforming technology in 50 rural areas to enhance the 4G network capacity
by five times. The operator aims to expand its 4G coverage to 98% of the population by the end of 2019 and is
focusing on developing various industrial applications of the next generation 5G technology. Vodafone has also
implemented a niche market without brand-discriminating, by offering discounted bundles for consumers aged 18 to
28, targeting price sensitive consumers. The company has driven subscriber growth by introducing bundled plans with
unlimited calling. For instance, Vodafone’s Red 4GB postpaid plan, priced at €24.99, offers unlimited calling to all
German networks.
7.3. Have there been any significant mergers/acquisitions?

In 2018, Vodafone agreed to acquire Liberty Global’s operations in Germany, the Czech Republic, Hungary and
Romania for an enterprise value of EUR18.4bn ($21.64bn). As Liberty Global is the largest broadband internet service
provider outside of the US, there is currently concern from the EU based upon the notion that the transaction would
eliminate competition between the merging companies, reduce the number of players and limit the merged entity's
incentives to compete effectively with the remaining operators. However, the deal is expected to be approved in mid-
2019. For Vodafone, the acquisition has been attempted for a number of reasons. Firstly, it accelerates Vodafone’s
converged communications strategy through an in-market consolidation in its largest market. Secondly, it transforms
Vodafone’s fixed-line and convergence strategy in key CEE markets, complementing Vodafone’s existing mobile
operations in the Czech Republic, Hungary and Romania. Finally, Vodafone and Liberty Global operate non-
overlapping coaxial cable networks (networks that cover different areas and regions), which allows Vodafone to gain a
greater market share. Vodafone is also active in areas where Liberty Global offers cable services via wholesale access
to Deutsche Telekom's xDSL network, which will help to reduce the competition in these key areas.
In April 2018, T-Mobile entered into an agreement with Sprint Corporation, a provider of wireless services and
internet services based in the US. The combined entity would be named T-Mobile, which would launch 5G network
across the US and unite the firms’ current 5G capabilities. The combination is aligned with the T-Mobile’s Un-carrier
strategy of accelerating its growth in the 5G network by leveraging the combined spectrum holdings, network scale
and the expected run rate cost synergies of more than $6bn, which represents a net present value (NPV) of more than
$43bn. The new T-Mobile also plans to invest approximately $40bn in its business and 5G networks. The company’s
network is expected to deliver 15x faster speeds across the US by the end of 2024. The combined company would also
have lower costs and greater resources and economies of scale, which in turn could enable the company to provide
US consumers and businesses with lower prices and better quality. Additionally, Sprint has struggled in recent years;
the company reported revenue of $31,170m in FY2017, which declined 1.9% Y-o-Y. The decline in revenue was
primarily due to a decrease in retail service revenue by 6%, which was affected by the decline in revenue from per
postpaid subscriber. Therefore, the merger would benefit this player in particular. Although currently still operating
separately, the ruling in April 2020 approved the merger, which means that operations will be brought together later
this year.

Industry Profiles
7.4. How has the regulatory environment affected the global

market?
Regulatory changes can have a major impact on the wireless telecommunication services market. In India, the national
telecom regulator is the Telecom Regulatory Authority of India (TRAI). Spectrum auctions in India have been costly for
providers due to fierce competition, which has led to higher bids, as well as the fact that these auctions have been
held every year in recent years.
Auctions are the prevalent method for allocating spectrum worldwide. In fact, the only way for a prospective player to
enter the market is the allocation of additional spectrum by the regulator in a new auction or the purchase of
spectrum from an incumbent, which could usually be part of a takeover. One of the latest spectrum auctions held in
Germany was in June 2015, for 4G and future 5G frequencies. The combined cost for auction-winners O2, Vodafone
and T-Mobile was EUR5.1bn. Following this, Germany planned to auction 5G spectrum in March 2019. In November
2018, regulator FNA published the terms and conditions of the auction, including the coverage obligations for the
operators, and set a deadline of January 25, 2019, for receiving applications from the parties willing to participate.
Final coverage obligations require the winners of 2,100MHz and 3.6GHz licenses to supply minimum speeds of
100Mbps to at least 98% of households in each state and all federal highways, main roads, and railways by the end of
2022. Each licensed operator must install 1,000 5G base stations and an additional 500 base stations in the ‘white
spot’ areas. However, major MNOs Deutsche Telekom and Vodafone filed lawsuits against the spectrum auction
conditions, stating that the coverage obligations and other requirements imposed by the FNA are unrealistic. On the
same grounds, Telefonica Deutscheland (O2 Germany) filed an emergency motion seeking to temporarily suspend the
5G auction. However, the auction went ahead in June 2019, raising over EUR6bn.
7.5. How will the COVID-19 pandemic affect the market going
forward?
The coronavirus pandemic originated in the Chinese city of Wuhan, the capital of Hubei, and by January 29, the virus
had spread to all provinces of mainland China. By January 29, all Hubei cities were quarantined and lockdown
measures became common across China. The number of new cases in China has begun to fall as containment
measures have worked and quarantine measures have eased. However, the virus has now spread globally and has
caused quarantine measures across the world with the number of global cases totalling over 3 million. The disruption
may impact further 4G expansion and 5G plans, as they cannot go ahead with current timeframes, which may impact
the short-term future of the market. Furthermore, a consequence of the pandemic will be a severe global economic
recession. This may reduce disposable income and demand for expensive products, which could be a blow with higher
priced 5G products being introduced. With many people tied to long-term contracts, the market will not suffer that
badly, particularly in comparison to other markets and industries. But if the economic effects are still felt in the
coming years, there may be a tendency for people to look for cheaper options once their current plan runs out.

Industry Profiles
8. Company Profiles
8.1. China Mobile Communications Group Co., Ltd
8.1.1. Company Overview
China Mobile Communications Group Co., Ltd (CMC) is a telecommunication service provider. The company provides
mobile voice communication services through its subsidiary China Mobile Limited. It offers data, internet protocol
telephone and multimedia services. CMC provides services such as local call, domestic long-distance call, domestic
roaming, international long-distance call, international roaming, e-mail communication, caller identity, reminder, call
forwarding, mobile newspaper, call conceal, CRBT, conference call, mobile Internet, voice mailbox, call barring, GSM
and GPRS roaming, mobile short messages, multimedia message, mobile data application and wireless music club
services. The company also provides support center services such as service hall, on-line service center, hotline and
text message service center. CMC is headquartered in Central, Hong Kong.
8.1.2. Key Facts
Table 7: China Mobile Communications Group Co., Ltd: key facts
60 Floor The Center, 99 Queen’s Road Central, Central, Hong Kong Special
Head office:
Administrative Region of China
Website: www.chinamobileltd.com
Financial year-end: April
SOURCE: COMPANY WEBSITE MARKETLINE

Industry Profiles
Table 8: China Mobile Communications Group Co., Ltd: Key Employees
Name Job Title Board

Dong Xin Chief Financial Officer Executive Board
Dong Xin Director Executive Board
Dong Xin Vice President Executive Board
Grace Wong Secretary Senior Management
Moses Cheng Mo Chi Director Executive Board
Paul Chow Man Yiu Director Non Executive Board
Stephen Yiu Kin Wah Director Non Executive Board
Yang Jie Chairman Executive Board
Yang Qiang Director Non Executive Board
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
8.2. Vodafone Group Plc
Vodafone Group Plc (Vodafone or ‘the company’) is a telecommunications company providing a range of services,
including mobile, voice, messaging,IP-VPN, converged solutions, messaging, data, fixed broadband, internet of things
(IoTs), cloud and security, and carrier service. The company markets its products under Vodafone brand. It caters its
services to wide range of industries including utilities, health, manufacturing, retail, automotive, consumer
electronics,banking and financial services,transport and logistics, public services and smart cities, and among others.
Through subsidiaries, Vodafone operates across Europe, Africa, the Middle East, and Asia Pacific. The company is
headquartered in Newbury,Berkshire, the UK.
The company reported revenues of (Euro) EUR43,666 million for the fiscal year ended March 2019 (FY2019), a
decrease of 6.2% over FY2018. The operating loss of the company was EUR951 million in FY2019, compared to an
operating profit of EUR4,299 million in FY2018. The net loss of the company was EUR8,020 million in FY2019,
compared to a net profit of EUR2,439 million in FY2018.
8.2.2. Key Facts
Table 9: Vodafone Group Plc: key facts
Head office: Vodafone House The Connection, NEWBURY, Berkshire, United Kingdom
Number of Employees: 98996
Website: www.vodafone.com
Financial year-end: March
Ticker: VOD
Stock exchange: London Stock Exchange (LON)
8.2.3. Business Description
Vodafone Group Plc (Vodafone or the company) is a telecommunication service provider. The company operates in 25
countries. It partners with the local operators in 41 countries, offers IP-VPN service in 74 countries, and 4G roaming
coverage in 168 countries. At the end of March 2019, Vodafone Group served 535.8 million mobile customers, 19.7
million fixed broadband customers, 14 million TV customers, and 121.7 million 4G customers in 23 countries.The
company’s products and services are divided into four categories: European Consumer, Vodafone Business, Emerging
Consumer, and Other. Under European Consumer, Vodafone offers mobile, fixed broadband, TV, and voice, and other
value added services. Through Vodafone Business, the company provides fixed, mobile communication services for
business customer. Besides that, it offers Internet of Things (‘IoT’), Cloud & Security, and Carrier services. The
company offers managed IoT connectivity, insurance services, automotive solutions, smart metering and, health
solutions under IoT; under cloud & security, it offers cloud based application and public and private cloud service;
under carrier services, the company offers IP transit, international voice, and messaging. Its Emerging Consumer offers
mobile, and M-peas services. M-pesa isits online payment platform.Under Other category, Vodafone rents its capacity
to mobile virtual network operators (MVNOs) to enable them to provide mobile services through partner market
agreements.In FY2019, the company’s European Consumer accounted for 49% of its total revenue, followed by
Vodafone Business with 30%,Emerging Consumer with 16%, and Others with 5%.
The company classifies its business operations into three reportable segments: Europe, Rest of the World, and
Common Function. Under Europe, it offers fixed broadband, mobile, cloud and hosting, Internet of Things (IoT), carrier
services to Italy, Germany, the UK, Spain, and other European countries. In FY2019, the Europe segment reported
revenue of EUR33,239 million, which accounted for 73.8% of the company’s total revenue. Its Rest of the World

Industry Profiles
segment provides fixed broadband, mobile, cloud and hosting, Internet of Things (IoT), carrier services across Africa,
Middle East and Asia Pacific regions. In FY2019, the segment reported revenue of EUR10,503 million, which accounted
for 23.3% of the company’s total revenue. The company’s Common Functions segment generated revenue from
services, which offered outside of its operating areas. The segment also offers IP-VPN services in Singapore. In FY2019,
the segment reported revenue of EUR1,324 million, which accounted for 2.9% of the company’s total revenue.

Industry Profiles
Table 10: Vodafone Group Plc: Annual Financial Ratios
Key Ratios 2015 2016 2017 2018 2019

Growth Ratios
Sales Growth % 2.95 -4.37 -2.23 -6.24
Operating Income Growth % -36.32 182.20 15.41 -122.12
EBITDA Growth % -36.32 182.20 15.41 -122.12
Net Income Growth % -174.25 -428.82
EPS Growth % -161.61 -141.32
Working Capital Growth % -17.77 63.61 -11.60 -195.98
Equity Ratios
EPS (Earnings per Share) EUR 0.29 -0.20 -0.08 0.16 -0.16
Dividend per Share EUR 0.15 0.14 0.15 0.15 0.09
Dividend Cover Absolute 1.84 -1.40 -0.53 1.05 -1.76
Book Value per Share EUR 3.45 3.14 2.71 2.54 2.28
Profitability Ratios
Gross Margin % 27.51 26.29 27.41 29.63 30.93
Operating Margin % 4.28 2.65 7.82 9.23 -2.18
Net Profit Margin % 15.04 -10.85 -13.22 5.24 -18.37
Profit Markup % 37.96 35.67 37.76 42.11 44.78
PBT Margin (Profit Before Tax) % 3.58 -0.38 5.86 8.33 -5.98
Return on Equity % 7.95 -6.49 -8.72 3.61 -12.89
Return on Capital Employed % 1.60 1.04 3.32 4.03 -0.81
Return on Assets % 8.58 -3.19 -3.89 1.62 -5.56
Return on Working Capital % -6.65
Operating Costs (% of Sales) % 95.72 97.35 92.18 90.77 102.18
Administration Costs (% of Sales) % 22.77 22.05 21.90 20.73 22.62
Liquidity Ratios
Current Ratio Absolute 0.69 0.76 0.60 0.62 1.56
Quick Ratio Absolute 0.67 0.74 0.59 0.60 1.53
Cash Ratio Absolute 0.37 0.43 0.35 0.35 1.04
Leverage Ratios
Debt to Equity Ratio Absolute 0.53 0.57 0.59 0.60 0.84
Net Debt to Equity Absolute 0.43 0.57 0.52 0.57 0.67
Debt to Capital Ratio Absolute 0.35 0.36 0.37 0.37 0.46
Efficiency Ratios
Asset Turnover Absolute 0.57 0.29 0.29 0.31 0.30
Fixed Asset Turnover Absolute 2.63 1.38 1.45 1.59 1.57
Inventory Turnover Absolute 105.17 53.09 53.52 56.65 46.58
Current Asset Turnover Absolute 3.52 1.68 1.66 1.88 1.37
Capital Employed Turnover Absolute 0.37 0.39 0.42 0.44 0.37
Working Capital Turnover Absolute 3.05

Industry Profiles
Table 11: Vodafone Group Plc: Key Employees

Ahmed Essam Chief Commercial Operations Officer Senior Management
Ahmed Essam Chief Strategy Officer Senior Management
Aldo Bisio Chief Executive Officer, Vodafone Italy Senior Management
Antonio Coimbra Chief Executive Officer, Vodafone Spain Senior Management
Crispin Davis Director Non Executive Board
Dame Clara Furse Director Non Executive Board
David Nish Director Non Executive Board
David Thodey Director Non Executive Board
Gerard Kleisterlee Chairman Executive Board
Hannes Ametsreiter Chief Executive Officer, Vodafone Germany Senior Management
Joakim Reiter Director Group External Affairs Senior Management
Johan Wibergh Group Technology Officer Senior Management
Leanne Wood Chief Human Resources Officer Senior Management
Margherita Della Valle Chief Financial Officer Senior Management
Margherita Della Valle Director Executive Board
Maria Amparo Moraleda Martinez Director Non Executive Board
Michel Demare Director Non Executive Board
Nicholas Jonathan Read Chief Executive Officer Executive Board
Nicholas Jonathan Read Director Executive Board
Nick Jeffery Chief Executive Officer, Vodafone UK Senior Management
Renee James Director Non Executive Board
Rosemary Martin General Counsel Senior Management
Rosemary Martin Secretary Senior Management
Sanjiv Ahuja Director Non Executive Board
Serpil Timuray Chief Executive Officer Europe Cluster Senior Management
Shameel Joosub Chief Executive Officer Vodacom Group Ltd Senior Management
Valerie Gooding Director Non Executive Board
Vinod Kumar Chief Executive Officer Vodafone Business Senior Management
Vivek Badrinath Chief Executive Officer TowerCo Senior Management

Industry Profiles
8.3. CNCB (Hong Kong) Investment Co., Ltd.
CNCB (Hong Kong) Investment Co Ltd (CNCB) is an investment holding company. The company through its subsidiaries
is involved in trading of securities and rendering of consultancy services. CNCB also provides securities trading and
advisory services for corporate finance, securities, and asset management. The company operates in Hong Kong and
the UK. CNCB is headquartered in Central, Hong Kong.
The company reported revenues of (Hong Kong Dollars) HKD0.1 million for the fiscal year ended March 2019 (FY2019),
a decrease of 89.5% over FY2018. The operating loss of the company was HKD86.8 million in FY2019, compared to an
operating loss of HKD1,126.1 million in FY2018. The net loss of the company was HKD86.2 million in FY2019,
compared to a net loss of HKD1,041.7 million in FY2018.
8.3.2. Key Facts
Table 12: CNCB (Hong Kong) Investment Co., Ltd.: key facts
Room 1104 70 Queen's Road Central, Crawford House, , Hong Kong Special
Head office:
Administrative Region of China
Website: www.chnif.com
Ticker: 1226
Stock exchange: Hong Kong Stock Exchange

Industry Profiles
Table 13: CNCB (Hong Kong) Investment Co., Ltd.: Annual Financial Ratios
Key Ratios 2015 2016 2017 2018 2019

Growth Ratios
Sales Growth % 46.50 -75.42 -78.87 43.29 -89.53
Operating Income Growth % 1375.42 959.27 -356.32
EBITDA Growth % 1375.42 959.27 -356.32
Net Income Growth % 18488.54 896.82 -392.81
EPS Growth % 3605.10 397.25 -353.96
Working Capital Growth % 160.46 130.34 58.49 -77.87 -19.84
Equity Ratios
EPS (Earnings per Share) HKD 0.06 0.17 -0.46 -0.04
Book Value per Share HKD 2.33 0.52 0.64 0.18 0.14
Operating Margin % 23.07 1384.31 69403.16 -124152.15 -91333.68
Net Profit Margin % 1.58 1191.26 56202.84 -114852.04 -90691.58
PBT Margin (Profit Before Tax) % 22.52 1375.90 68947.87 -124389.64 -91843.16
Return on Equity % 0.04 3.66 24.71 -254.61 -27.88
Return on Capital Employed % 0.54 4.21 28.75 -275.23 -28.08
Return on Assets % 0.04 4.70 27.43 -103.05 -23.38
Return on Working Capital % 0.74 4.72 31.55 -365.45 -35.13
Operating Costs (% of Sales) % 76.93 -1284.31 -69303.16 124252.15 91433.68
Liquidity Ratios
Leverage Ratios
Net Debt to Equity Absolute -0.22 0.03 0.01 -0.03
Efficiency Ratios
Asset Turnover Absolute 0.02
Fixed Asset Turnover Absolute 0.53 0.76 8.45
Current Asset Turnover Absolute 0.05
Capital Employed Turnover Absolute 0.02

Industry Profiles
Table 14: CNCB (Hong Kong) Investment Co., Ltd.: Key Employees

Chen Lihua Director Non Executive Board
Fang Heying Chief Financial Officer Senior Management
Fang Heying Vice President Senior Management
Guo Danghuai Vice President Senior Management
He Cao Director Non Executive Board
Huang Fang Director Non Executive Board
Li Qingping Director Executive Board
Mo Yue Secretary Senior Management
Qian Jun Director Non Executive Board
Sun Deshun Director Executive Board
Sun Deshun President Executive Board
Wan Liming Director Non Executive Board
Wong Luen Cheung Andrew Director Non Executive Board
Wu Xiaoqing Director Non Executive Board
Yao Ming Chief Risk Officer Senior Management
Zhu Gaoming Director Non Executive Board

Industry Profiles
8.4. AT&T Inc
AT&T Inc (AT&T) is a provider of telecommunications, media and technology services. The company offers wireless
communications, data/broadband and internet services, digital video services, local and long-distance telephone
services, telecommunications equipment, managed networking, and wholesale services. AT&T also develops,
produces and distributes feature films, television, gaming and content over various physical and digital formats. It also
provides advertisement, entertainment services for various household customers. The company serves individual
customers and business enterprises. The company markets services under various brands including AT&T, Cricket,
DIRECTV, SKY, and Unefon. It has business presence in the US, Mexico, and Latin America. AT&T is headquartered in
Dallas, Texas, the US.
The company reported revenues of (US Dollars) US$181,193 million for the fiscal year ended December 2019
(FY2019), an increase of 6.1% over FY2018. In FY2019, the company’s operating margin was 15.4%, compared to an
operating margin of 15.8% in FY2018. In FY2019, the company recorded a net margin of 7.7%, compared to a net
margin of 11.3% in FY2018.The company reported revenues of US$42,779 million for the first quarter ended March
2020, a decrease of 8.6% over the previous quarter.
8.4.2. Key Facts
Table 15: AT&T Inc: key facts
Head office: 208 S Akard Street , Dallas, Texas, United States

Website: www.att.com
Financial year-end: December
Ticker: T
Stock exchange: New York Stock Exchange
AT&T Inc (AT&T) provides telecommunications, digital media and technology services. The company offers wireless
communication services, broadband and internet services, video services, local exchange services,
telecommunications equipment, managed networking, and wholesale services. The company generated revenue from
two sources: service and equipment. In FY2019, services accounted for 90.2% of the company's revenue, and
equipment (9.8%).
AT&T operates through five business segments: Communications, WarnerMedia, Latin America, Xandr and Corporate
and Other.
The company has business presence in the US, Mexico, Brazil, and other regions.

Industry Profiles
Table 16: AT&T Inc: Annual Financial Ratios
Key Ratios 2015 2016 2017 2018 2019

Growth Ratios
Sales Growth % 10.84 11.57 -1.98 6.36 6.11
Operating Income Growth % 102.96 -1.77 -17.98 34.81 3.84
EBITDA Growth % 53.52 7.25 -11.63 24.79 1.48
Net Income Growth % 107.16 -2.77 126.96 -34.23 -28.22
EPS Growth % 58.34 -5.18 -12.32 46.41 -22.87
Working Capital Growth % 221.65 3.24 -81.63 479.27 8.90
Equity Ratios
EPS (Earnings per Share) USD 2.37 2.10 1.49 2.74 1.89
Dividend per Share USD 1.88 1.92 1.96 2.00 2.04
Dividend Cover Absolute 1.26 1.09 0.76 1.37 0.93
Book Value per Share USD 19.96 20.06 22.94 25.28 25.39
Gross Margin % 54.33 53.06 51.53 53.49 53.56
Operating Margin % 16.88 14.87 12.44 15.77 15.43
Net Profit Margin % 9.09 7.92 18.34 11.34 7.67
Profit Markup % 118.96 113.03 106.33 115.01 115.34
PBT Margin (Profit Before Tax) % 14.10 12.10 9.43 14.57 10.19
Return on Equity % 10.88 10.54 20.91 10.52 7.55
Return on Capital Employed % 6.98 6.89 5.51 5.76 5.79
Return on Assets % 3.82 3.22 6.95 3.97 2.57
Return on Working Capital % -332.21 -209.62 -199.45 -890.33 -207.20
Liquidity Ratios
Leverage Ratios
Efficiency Ratios

Industry Profiles
Table 17: AT&T Inc: Key Employees

Senior Executive Vice President Human
Angela R. Santone Senior Management
Resources
Anne Chow Chief Executive Officer Business Division Senior Management
Beth E. Mooney Director Non Executive Board
Charlene Lake Chairman ATandT Foundation Executive Board
Charlene Lake Chief Sustainability Officer Executive Board
Senior Vice President Corporate Social
Charlene Lake Executive Board
Responsibility
Chris Penrose President Internet of Things Solutions Senior Management
Cynthia B. Taylor Director Non Executive Board
David R. McAtee II General Counsel Senior Management
Senior Executive Vice President and General
David R. McAtee II Senior Management
Counsel
David S. Huntley Chief Compliance Officer Senior Management
David S. Huntley Senior Executive Vice President Senior Management
Debra L. Lee Director Non Executive Board
Senior Executive Vice President External and
Ed Gillespie Senior Management
Legislative Affairs
Geoffrey Y. Yang Director Non Executive Board
Glenn H. Hutchins Director Non Executive Board
Jason Kilar Chief Executive Officer WarnerMedia LLC Senior Management
Chief Executive Officer ATandT
Jeffery S. McElfresh Senior Management
Communications LLC
Interim Senior Executive Vice President -
Jim Cicconi Senior Management
External and Legislative Affairs
John J. Stephens Chief Financial Officer Senior Management
John J. Stephens Senior Executive Vice President Senior Management
John T Stankey Chief Operating Officer Executive Board
John T Stankey Director Executive Board
John T Stankey President Executive Board
Lori M. Lee Chief Executive Officer ATandT Latin America Senior Management
Lori M. Lee Global Marketing Officer Senior Management
Matthew K. Rose Director Non Executive Board
Michael B. McCallister Director Non Executive Board
Richard W. Fisher Director Non Executive Board
Samuel A. Di Piazza, Jr. Director Non Executive Board

Industry Profiles
Table 18: AT&T Inc: Key Employees Continued

Scott T. Ford Director Non Executive Board
Stephen Luczo Director Non Executive Board
Thaddeus Arroyo Chief Executive Officer Consumer Business Senior Management
William E. Kennard Director Non Executive Board

Industry Profiles
8.5. Reliance Jio Infocomm Ltd
Reliance Jio Infocomm Ltd (RJIO), a subsidiary of Reliance Industries Limited, is a telecommunication service provider
and mobile network operator. The company offers products such as sim cards, mobile devices and internet dongles. It
also provides services that include online bill payments, plans, voice, internet data, applications and subscription
services in prepaid and postpaid format. RJIO also offers value added services such as caller tunes, downloads,
entertainment, news and updates, sports, astrology, finance and messaging among others. It serves individuals and
business customers across India and international markets.The company has operational services offered in the UK,
the US and Singapore. RJIO is headquartered in Mumbai, Maharashtra, India.
8.5.2. Key Facts
Table 19: Reliance Jio Infocomm Ltd: key facts
Head office: 9th Floor Maker Chambers IV, 222, Nariman Point, Mumbai, Maharashtra, India
Website: www.jio.com

Industry Profiles
Table 20: Reliance Jio Infocomm Ltd: Key Employees

Adil Zainulbhai Director Non Executive Board
Akash M. Ambani Director Non Executive Board
Dipak C. Jain Director Non Executive Board
Isha M. Ambani Director Non Executive Board
Jyoti Jain Secretary Senior Management
Kiran M. Thomas Director Non Executive Board
Mahendra Nahat Director Non Executive Board
Manoj H. Modi Director Non Executive Board
Mathew Oommen Director Non Executive Board
Mohanbir S. Sawhney Director Non Executive Board
Mukesh D. Ambani Chairman Executive Board
Pankaj M. Pawar Director Non Executive Board
Rajneesh Jain Chief Financial Officer Senior Management
Ranjit V. Pandit Director Non Executive Board
Sanjay Mashruwala Managing Director Senior Management
Shumeet Banerji Director Non Executive Board

Industry Profiles
8.6. Bharti Airtel Limited
Bharti Airtel Limited (Bharti Airtel or ‘the company’) is a India-based global telecommunications company. The
company offers second generation (2G,) third generation (3G) and fourth generation (4G) wireless services, mobile
commerce, fixed line services, high speed digital subscriber line (DSL) broadband, enterprise services, direct-to-home
(DTH) and internet protocol television (IPTV). Bharti Airtel offers its services to healthcare, government, media,
entertainment, education, and hospitality industries. It also provides video, voice, data, network integration, data
center, and managed services, as well as mobile applications and digital media solutions. The company is
headquartered in New Delhi, India.
The company reported revenues of (Rupee) INR807,802 million for the fiscal year ended March 2019 (FY2019), a
decrease of 2.2% over FY2018. In FY2019, the company’s operating margin was 9.2%, compared to an operating
margin of 12.2% in FY2018. In FY2019, the company recorded a net margin of 0.5%, compared to a net margin of 1.3%
in FY2018. The company reported revenues of INR207,379 million for the first quarter ended June 2019, an increase of
5% over the previous quarter.
8.6.2. Key Facts
Table 21: Bharti Airtel Limited: key facts
Bharti Crescent 1, Nelson Mandela Road, Vasant Kunj Phase II , New Delhi, Delhi,
Head office:
India
Website: www.airtel.in
Ticker: BHARTIARTL
Stock exchange: National Stock Exchange of India
Bharti Airtel Limited (Bharti Airtel or ‘the company’) is a provider of telecommunications services with presence in 18
countries in Asia and Africa. The company offers mobile, voice and data solutions using 2G, 3G and 4G technologies;
an integrated suite of telecom solutions; and long-distance connectivity in India, Africa and rest of the world. The
company also offers digital TV and IPTV services in India. All of the services are offered under the Airtel brand. In
FY2019, the company had a customer base of 403.6 million, 181,079 network towers and 417,613 mobile broadband
base stations.
The company operates through eight business segments: Mobile Services India, Mobile Services Africa, Mobile
Services-South Asia, Airtel Business, Tower Infrastructure Services, Homes Services, Digital TV Services, and Others.
Mobile Services India segment includes data and voice telecom services provided through wireless technology,
including 2G, 3G, and 4G in India. This includes the captive national long-distance networks which primarily provide
connectivity to the mobile services business in India. In addition, the company offers mobile commerce services and
intracity fiber networks. The company had 282.6 million GSM customers and 115.1 million data subscribers of which
86.8 million were mobile 4G customers. In FY2019, the Mobile Services India segment reported revenues of
INR415,540 million, which accounted for 46.6% of the company's revenue.
Under Mobile Services Africa segment, the company provides voice and data services in the African Continent. The
company has businesses in 14 countries in Africa and provides 4G services in 11 countries. In FY2019, the Mobile

Industry Profiles
Services Africa segment reported revenues of INR215,028 million, which accounted for 24.1% of the company's
revenue.
The company's Mobile Services South Asia segment provides data and voice services provided through wireless
(2G/3G/4G) in Bangladesh and Sri Lanka. In FY2019, the Mobile Services South Asia segment reported revenues of
INR4,436 million, which accounted for 0.5% of the company's revenue.
Airtel Business segment provides information and communications technology (ICT) solutions in India. These solutions
comprise of network integration, data center services, managed services, voice, data, video, digital media and
enterprise mobility applications. In FY2019, the segment had network coverage across 50 countries and 5 continents
and deployed 65 Global PoPs (Point of presence). In FY2019, the Airtel Business segment reported revenues of
INR124,537 million, which accounted for 14% of the company's revenue.
Through the Tower Infrastructure Services segment, the company offers operating, maintaining and setting up
wireless towers. These services are provided through its subsidiary Bharti Infratel, which deploys, owns and manages
telecom towers and communications structures. In FY2019, the segment operated more than 92,277 telecom towers,
of which 40,388 were company-owned and remaining were owned by Indus Towers. It also operates tower services in
22 telecom circles in India. In FY2019, the Tower Infrastrcuture Services segment reported revenues of INR68,185
million, which accounted for 7.6% of the company's revenue.
The company’s Homes Services segment provides national, international long-distance voice connectivity, other VAS,
and local services. It provides retail customers with DSL and fixed-line telephone services. In FY2019, it provides
network coverage in 93 cities in India. In FY2019, the Homes Services segment reported revenues of INR22,391
million, which accounted for 2.5% of the company's revenue.
Under Digital TV services segment, the company encompasses digital broadcasting services. It offers its services to
more than 100 million digital TV households in India. The company covered 639 districts. The company served a
customer base of 15.4 million on its DTH platform. Bharti Airtel offers a total of 635 channels and services, including
80 high-definition (HD) channels, five international channels, and three interactive services. In FY2019, the Digital TV
Services segment reported revenues of INR41,001 million, which accounted for 4.6% of the company's total revenue.
Bharti Airtel's Others segment comprises of support and administrative services. Through, Airtel Payments Bank, the
company serves corporate customers and other small business enterprises. In FY2019, the Others segment reported
revenues of INR1,163 million, which accounted for 0.1% of the company's revenue. Bharti Airtel’s research activities
emphasize on developing products, infrastructure, and capabilities.
Geographically, the company classifies its operations into three segments, namely India, Africa, and Others. In FY2018,
India segment accounted for 71% of the company's revenues, followed by Africa with 26% and Others with 3%.

Industry Profiles
Table 22: Bharti Airtel Limited: Annual Financial Ratios
Key Ratios 2014 2015 2016 2017 2018

Growth Ratios
Sales Growth % 4.77 -1.10 -13.44 -2.25
Operating Income Growth % 26.09 -23.10 -30.20 -26.31
EBITDA Growth % 19.07 -5.53 -14.27 -1.84
Net Income Growth % 17.23 -37.47 -71.08 -62.74
EPS Growth % -12.78 -9.54 -63.33 -191.72
Working Capital Growth % -6.36 26.39 -1.14 34.44
Equity Ratios
EPS (Earnings per Share) INR 11.90 13.96 8.73 2.52 0.94
Dividend per Share INR 3.53 1.25 0.92 4.90 4.30
Dividend Cover Absolute 3.37 11.18 9.51 0.51 0.22
Book Value per Share INR 144.84 153.37 155.00 159.79 178.74
Gross Margin % 65.22 62.47 61.93 59.00 55.28
Operating Margin % 16.10 19.38 15.07 12.15 9.16
Net Profit Margin % 5.63 6.30 3.98 1.33 0.51
Profit Markup % 187.55 166.44 162.64 143.88 123.59
PBT Margin (Profit Before Tax) % 11.63 13.31 8.09 3.95 -2.14
Return on Equity % 8.22 9.10 5.63 1.58 0.57
Return on Capital Employed % 11.17 11.20 8.47 5.83 4.06
Return on Assets % 5.27 2.88 1.66 0.45 0.16
Return on Working Capital % -35.39 -38.80 -52.25 -31.79 -22.45
Liquidity Ratios
Leverage Ratios
Efficiency Ratios

Industry Profiles
Table 23: Bharti Airtel Limited: Key Employees

Prasanta Das Sarma Managing Director Airtel Kenya Senior Management
A Ganesh Chief Operating Officer Airtel Payments Bank Senior Management
Abhishek Maheshwari Controller DTH Senior Management
Adarsh Nair Chief Product Officer Senior Management
Ajai Chitkara Director Global Voice and Data Business Senior Management
Ajai Puri Chief Operating Officer India and South Asia Senior Management
Ajay Chitkara Chief Executive Officer Airtel Business Senior Management
Ajay Chitkara Director Airtel Business Senior Management
Head Business Development, Merger and
Amit Anchal Senior Management
Acquisition
Chief Information Officer Postpaid Homes and
Anjani Rathor Senior Management
DTH
Archana Aggarwal Head Media Planning and Buying Senior Management
Aruna Pidikiti Chief Technology Officer South and East Senior Management
Chief Executive Officer Key Accounts Airtel
Ashish Arora Senior Management
Business
Ashish Goenka Financial Controller - NSG Senior Management
Atul Sachdeva Executive Vice President Network Services Senior Management
Badal Bagri Chief Financial Officer Global Senior Management
Chua Sock Koong Director Non Executive Board
Craig Edward Ehrlich Director Non Executive Board
Chief Executive Officer Market Operations MP
Dharmender Khajuria Senior Management
and CG
Dinesh Kumar Mittal Director Non Executive Board
Dushyant Kumar Head Fiber Factory Operations Senior Management
Gautam Anand Chief People Officer Senior Management
George Mathen Chief Executive Officer Homes Senior Management
Gopal Vittal Chief Executive Officer India and South Asia Executive Board
Gopal Vittal Director Executive Board
Gopal Vittal Managing Director India and South Asia Executive Board
Harjeet Kohli Treasurer Senior Management
Harmeen Mehta Chief Information Officer Global Senior Management
Kamal Dua Head Commercial Senior Management
Kimsuka Narasimhan Director Non Executive Board

Industry Profiles
Table 24: Bharti Airtel Limited: Key Employees Continued

Manish Kejriwal Director Non Executive Board
Chief Executive Officer Kerala and Tamilnadu,
Manoj Murali Senior Management
Bharti Airtel
Chief Executive Officer Market Operations
Manu Sood Senior Management
Punjab
Nakul Sehgal Chief Financial Officer Corporate Senior Management
Pankaj Miglani Chief Executive Officer Global Business Senior Management
Pankaj Sarna Lead - India Taxation Senior Management
Papiya Banerjee Head Talent Senior Management
Raghunath Mandava Chief Executive Officer Africa Senior Management
Raghunath Mandava Managing Director Africa Senior Management
Rahul Vatts Chief Regulatory Officer Senior Management
Rajan Bansal Financial Controller - Product Senior Management
Chief Executive Officer Data Centre and
Rajesh Tapadia Senior Management
Cloud
Rakesh Bharti Mittal Director Non Executive Board
Ram Kuppuswamy Chief Global Sourcing Officer Senior Management
Randeep Sekhon Chief Technology Officer Senior Management
Randeep Sekhon Director Network Senior Management
Ranjan Sharma Head Network Sourcing SCM Senior Management
Rashim Kapoor Head Core Operations Senior Management
Chief Executive Officer Maharashtra and Goa,
Rohit Marwha Senior Management
Bharti Airtel
Rohit Relan Head Market Ops Senior Management
Sameer Chugh General Counsel Senior Management
Sandeep Gupta Head Wireless SAENetwork Senior Management
Chief Executive Officer Bihar and Jharkhand,
Sanjiv Mishra Senior Management
Bharti Airtel
Santanu Bhattacharya Chief Data Scientist Senior Management
Shailendra Singh Chief Executive Officer Market Operations UP Senior Management
Shashwat Sharma Chief Marketing Officer Senior Management
Shefali Malhotra Senior Vice President Finance Senior Management
Shishir Priyadarshi Director Non Executive Board
Subarno Krishna Ghosh Head FAM and TSS Project Senior Management
Sunil Bharti Mittal Chairman Executive Board

Industry Profiles

Tan Yong Choo Director Non Executive Board
V.K. Viswanathan Director Non Executive Board
Chief Marketing Officer Bharti Airtel, Delhi
Vani Venkatesh Senior Management
NCR
Venkatesh Vijay Raghavan Chief Executive Officer Market Operations, AP Senior Management
Vidyut Gulati Director Legal Senior Management
Vir Inder Nath Chief Executive Officer Retail Senior Management
Vir Indernath Head Broadband Vertical Senior Management
Vivek Manglik Head Global Voice VAS and Roaming Senior Management

Industry Profiles

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 27: Global exchange rate, 2015–19
Year Exchange rate (€/$)

2015 1.1095
2016 1.1068
2017 1.1320
2018 1.1810
2019 0.8929

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of
each definition are carefully reviewed at the start of the research process to ensure they match the requirements of
both the market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data
to be combined with related macroeconomic and demographic drivers to create market models and forecasts, which
can then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.2. Industry associations
9.2.1. International Telecommunication Union (ITU)
Place des Nations, 1211 Geneva 20, CHE

Tel.: 41 22 730 5111
Fax: 41 22 733 7256
www.itu.int
9.2.2. International Telecommunications Society
329 Wallston Road, Tenants Harbor, ME 04860, USA

Tel.: 1 207 372 6241
www.itsworld.org
9.3. Related MarketLine research
9.3.1. Industry Profile

Global Fixed Line Telecommunication Services
Global Wireless Telecommunication Services

Industry Profiles
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MarketLine Industry Profile

Global Telecommunication Services

Reference Code: 0199-2145

Publication Date: June 2020

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

1.1. Market value

1.2. Market value forecast

1.3. Market volume

1.4. Market volume forecast

1.5. Category segmentation

1.6. Geography segmentation

1.7. Market rivalry

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

1.8. Competitive Landscape

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

1.1. Market value ................................................................................................................................. 2

1.2. Market value forecast ...................................................................................................................2

1.3. Market volume .............................................................................................................................. 2

1.4. Market volume forecast ................................................................................................................2

1.5. Category segmentation ................................................................................................................2

1.6. Geography segmentation .............................................................................................................2

1.7. Market rivalry ................................................................................................................................ 2

1.8. Competitive Landscape ................................................................................................................3

2.1. Market definition ........................................................................................................................... 8

2.2. Market analysis ............................................................................................................................ 8

3.1. Market value ............................................................................................................................... 10

3.2. Market volume ............................................................................................................................ 11

4.1. Category segmentation ..............................................................................................................12

4.2. Geography segmentation ...........................................................................................................13

5.1. Market value forecast .................................................................................................................14

5.2. Market volume forecast ..............................................................................................................15

6. Five Forces Analysis 16

6.1. Summary .................................................................................................................................... 16

6.2. Buyer power ............................................................................................................................... 18

6.3. Supplier power ........................................................................................................................... 20

6.4. New entrants .............................................................................................................................. 22

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

6.5. Threat of substitutes ...................................................................................................................24

6.6. Degree of rivalry ......................................................................................................................... 25

7.1. Who are the leading players?.....................................................................................................27

7.2. What strategies do the leading players follow? ..........................................................................27

7.3. Have there been any significant mergers/acquisitions? .............................................................28

8.1. China Mobile Communications Group Co., Ltd ..........................................................................30

8.2. Vodafone Group Plc ...................................................................................................................32

8.3. CNCB (Hong Kong) Investment Co., Ltd....................................................................................36

8.4. AT&T Inc .................................................................................................................................... 39

8.5. Reliance Jio Infocomm Ltd .........................................................................................................43

8.6. Bharti Airtel Limited ....................................................................................................................45

9.1. Country data ............................................................................................................................... 52

9.2. Industry associations ..................................................................................................................54

9.3. Related MarketLine research .....................................................................................................54

About MarketLine .................................................................................................................................... 55

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 5

Table 2: Global telecommunication services market volume: million users, 2015–19 11

Table 3: Global telecommunication services market category segmentation: $ billion, 2019 12

Table 4: Global telecommunication services market geography segmentation: $ billion, 2019 13

Table 5: Global telecommunication services market value forecast: $ billion, 2019–24 14

Table 7: China Mobile Communications Group Co., Ltd: key facts 30

Table 8: China Mobile Communications Group Co., Ltd: Key Employees 31

Table 9: Vodafone Group Plc: key facts 32

Table 10: Vodafone Group Plc: Annual Financial Ratios 34

Table 11: Vodafone Group Plc: Key Employees 35

Table 15: AT&T Inc: key facts 39

Table 16: AT&T Inc: Annual Financial Ratios 40