Summary

Mobile Radio Access Network (RAN)

RAN is not a growth market (+1% CAGR between 2000 and 2025). However, underneath that flattish topline over time, RAN revenues fluctuate significantly as new spectrum/technologies become available. After a massive RAN surge between 2017 and 2021, RAN revenues declined sharply in 2023/2024, and the fundamental question now is fairly straightforward – how will the current state of 5G coverage and slowdown in mobile data traffic impact the RAN market over the next five years?

Dell’Oro Group’s Mobile Radio Access Network (RAN) research program tracks the global market across technologies, architectures, and deployment models, including both legacy and next-generation infrastructure.

The research combines quarterly market tracking with long-term forecasting to quantify RAN revenue, shipment trends, and vendor positioning across technologies, architectures, and regions. Analysis is structured across multiple dimensions: technology (e.g., LTE, 5G NR, Massive MIMO), deployment model (macro, small cell, Cloud RAN), and spectrum bands (Sub-7 GHz and mmWave): to assess how operator investment priorities are shifting.

RAN growth is expected to remain muted, but innovation will remain elevated. As 5G coverage improves and mobile data traffic growth moderates, the focus is shifting towards network performance/differentiation, TCO optimization, and long-term positioning for new opportunities in the AI/6G era.

• For Vendors: RAN is not a growth market. Suppliers who can help operators manage costs and risks across known and emerging use cases will likely stand out.
• For Operators: The investment focus varies depending on the state of the network and the ability to monetize beyond basic MBB, requiring a balance between near-term capex discipline and long-term network evolution.
• For Investors: A low-growth market places emphasis on technology transitions, vendor positioning, and timing of recovery cycles rather than overall market expansion.

To address ongoing changes both from a supply and demand perspective, component manufacturers, equipment vendors, service providers, and financial institutions need to answer critical business questions including:

• What is the current state of 5G and the broader RAN market?
• How are vendor dynamics evolving across the key regions?
• How will RAN investments change over the short-term and long-term?
• Should we expect that new use cases/opportunities will comprise a significant share of RAN going forward?

To answer these and other important questions, Dell’Oro Group delivers both quarterly reports and 5-year forecasts on the Mobile Radio Access Network market.