Omdia's latest report pointed out that the global economic recession will bring challenges to the telecom market, but people's continued demand for telecom services will help cushion the industry from the blow. Global mobile service revenue growth is expected to slow to 2.54% in 2023 from 3.78% in 2021.

Omdia said the next wave of 5G services will come from low-income markets. Many of the upcoming 5G networks will be in low-income markets in Africa, Central & South Asia, and Latin America. By the end of 2023, India is expected to become the third largest 5G market in the world (by number of subscribers).

It is understood that the report said that the telecommunications market will usher in a further wave of consolidation. Further consolidation among operators is likely to occur. With revenue growth modest and network spending remaining high, many in the industry believe mergers and acquisitions are a must if operators are to succeed.

At the same time, operators will tighten their business focus. Many operators will sharpen their business focus, which may lead them to divest non-core assets and businesses. Some operators may consider selling recently established, newer digital services businesses, or bringing in strategic investors to further develop these businesses.