What will 2025 hold for telecoms?

Make or break for Open RAN

2025 will be make or break for Open RAN following some small-scale trials but I’ve still to see the proof that it can be deployed at scale, on a cost-effective basis. I’m expecting an acceleration in testing for Low Earth Orbit Satellites for mobile with commercial testing not too far behind.

Closer to home, our merger with Vodafone, once completed, will unlock £11bn of private investment that will transform UK mobile services through both our own investment and spurring our rivals to match the improvements that we are making.

Iain Milligan, Chief Network Officer, Three UK

The telecom revolution

Here’s the bottom line: 2025 isn’t just another year—it’s a turning point. Telecoms are no longer playing catch-up; they’re leading the charge into a future filled with AI, 5G, satellites, and more.

And if you think this all sounds too good to be true, just wait. The telecom revolution isn’t coming—it’s already here. So grab some popcorn, sit back, and enjoy the ride. Because in 2025, telecoms aren’t just connecting the world—they’re transforming it.

Prianca Ravichander, Chief Marketing Officer, Tecnotree

AI momentum

AI has already made significant strides over the past few years, and in 2025, this momentum will continue with tremendous speed and have more impact on how we live, especially in telecommunications. AI is well suited to the distributed nature of telco networks, enabling automation of lifecycle management, providing insights across every segment of technology, every device and service.

AI is poised to accelerate the offering of innovative new experiences, while improving business and resource efficiency.  While some companies may achieve substantial annual gains enabled by AI, leaders should identify a realistic goal for increasing productivity and operational efficiency through AI and implement it across their business accordingly.

Service providers have the opportunity to control their destiny. If they are truly willing to disrupt themselves, break away in their market, and embrace AI, they will survive this transition. Now is the time to focus on disruption and speed. 

Ian Hood, chief technology officer, Telecommunications, Red Hat  

Challenges for altnets

The altnet sector will face unique challenges in 2025. Whether it’s ensuring compliance, responding to public scrutiny, or accelerating infrastructure deployment, success will depend on technology-driven efficiency, agility, and integration. By focusing on sector-specific solutions, organisations can achieve long-term operational resilience and adapt to the evolving demands of their industry.

Rob Gilbert, MD of Commercial and Infrastructure, Totalmobile

Operators address concerns over digital overload

In 2024, digital wellbeing became an important focus for industry, spurring discussions in areas such as managing screen time, excessive use of mobile phones and digital detox. Next year, operators will start to offer features to address this as part of a renewed focus on family plans. These could include the option of a feature phone for children and additional safety measures such as the ability to control access to the Internet and social media. Operators’ efforts will be supported by marketing campaigns about digital responsibility to avert scrutiny and intervention by regulators.

Kester Mann, Director, Consumer and Connectivity, CCS Insight

Telcos will be gearing up to cope with AI-generated traffic 

Telcos will have to change the way they approach network design, both in terms of how the mobile interaction happens and how the customer sees the result. A lot of knowledge now resides in the mobile, which gives telcos the opportunity for hyper-personalisation. LLMs can scan a lot of data to find unique patterns about the user. Telcos have been behind the curve in terms of adopting recommendation engines as a concept – most mobile apps are pretty static, whereas home screens on Amazon, Spotify, YouTube etc are personalised to reflect individual user preferences.

Telcos need to see their networks as an AI entity. They have all the network elements, the customer data, the churn data – they need to learn to train an AI model on top of all that information to understand how the whole network is performing and what can be recommended for better customer experience. A lot of AI Agents to Agents traffic will start flowing in the network and Telcos need infrastructure including security to manage this.

Harsha Angeri, VP, corporate strategy and Head of AI business, Subex

Private networks will be the flag bearers for Open RAN

 In 2025, our industry will come to recognise the benefits of a more disaggregated, vendor-neutral approach to building radio access networks, more than ever before However, the complexity of integrating multiple Open RAN vendors into existing infrastructure will prove to be a significant hurdle for many. The Open RAN journey may well be longer than expected, but I believe there is more immediate opportunity for Open RAN in private networks.

 As enterprises across industries seek more customised and reliable connectivity solutions, Open RAN will become the preferred technology foundation for private networks. Additionally, neutral hosts will play a critical role in providing the scalable and flexible private network solutions that cater to enterprise needs. They can leverage their expertise in network deployment and management to become trusted partners for enterprises looking to deploy private networks powered by Open RAN.

 This focus on private networks will help Open RAN vendors establish credibility and gain valuable deployment experience, paving the way for broader adoption. By the end of 2025, the open RAN ecosystem will have matured, with trusted vendors collaborating seamlessly to deliver innovative solutions that meet the evolving needs of both enterprises and telecom operators.

Brendan O’Reilly, CEO of UK & Ireland, Boldyn Networks

AI and automation in networks

The expansion of IoT devices at the consumer and business level is putting a strain on current networks. Faster speeds, along with AI and automation, are required at the network level to cope with this growing demand.  Over the next year, there’ll be standards development for integrating AI and automation into telecom networks, focusing on improving network management, customer service, and operational efficiency.

Issam Toufik, CTO, ETSI

A critical year for 6G

Next year will be a critical year for 6G. Several academia and industry leaders around the world have been conducting research on what 6G could be for many years. ITU has published its vision of 6G usage scenarios in IMT 2030 document last year. All these efforts will culminate into a 6G workshop planned by 3GPP in March 2025. The workshop will kick off the process for selecting which technologies and features will be undertaken for study by 3GPP working groups. We expect 3GPP will finalise 6G use cases and determine 6G study topics before the end of next year. We also expect deployment of 5G Advanced to continue around the world which will become the foundation for 6G.

Integrating AI in all layers of Telco Networks will continue to dominate the discussions, however, we believe that the adoption will begin with 5G networks starting at apps and services layer and some specific use cases in operations and network management.

Interest and investment in Integrated Sensing and Communications (ISAC), the use of radio signals to “sense” or detect and identify various objects and surfaces within a surrounding environment, is expected to ramp up in 2025. The discussions on standardising this technology in 6G and potential it offers in new economically viable services will get more focus. And much like the invention of Uber following the launch of 4G, we expect high potential for this technology.

Milind Kulkarni, Vice President and Head of Wireless Labs, InterDigital

Network convergence will become a key focal point 
 
The merger between Three and Vodafone paves the way for the UK to have three converged operators for the first time. The merged entity, following in the footsteps of previous tie-ups between BT and EE in 2016 and Virgin Media and O2 in 2021, will aim to fully integrate its fixed and combined mobile networks to deliver a differentiated experience that is better than the sum of its individual parts.  
 
This trend is expected to drive operators to move beyond basic cross-selling of mobile and fixed services, instead positioning converged solutions as premium tariff bundles that deliver seamless, best-in-class experiences across fixed, mobile and Wi-Fi—on any device, anywhere. BT’s ‘EE One’ converged solution, unveiled alongside its 5G SA and Wi-Fi 7 launches earlier this year, offers a preview of the kinds of solutions likely to emerge from all converged operators in 2025.  
 
Operator investments in bringing their fixed and mobile networks closer together will play a key role in ensuring subscribers enjoy an improved experience across all access paths. VMO2, for example, recently announced the activation of its ‘Converged Interconnected Network’ architecture, which it touted as improving the operator’s ability to manage traffic flows across its fixed and mobile services by aggregating data closer to the end user before routing it back to the core network.

Luke Kehoe, Industry Analyst - Europe, Ookla 

The rise of quantum computing

One area we think we will see an increased focus on in 2025 is the rise of quantum computing.  With its potential to process complex datasets more efficiently and optimise network configurations, quantum computing promises many significant benefits. However, it is no secret that it also could pose a significant risk to the cryptographic systems that have protected secure communications for decades, potentially allowing threat actors to execute attacks unmatched by today's standard computers. In the wrong hands, quantum computing can be used to steal our data – even data we think is secure and encrypted.

This dilemma makes 'Quantum Safe Networks' a 'hot topic' as new systems are needed to protect and secure our networks. As the threat landscape grows, the networks we all rely on require modernised and upgraded security protocols and multi-layered, defence-in-depth, quantum-safe architectures. While the world moves to the new era of the 'Quantum Economy' and continues adapting to changing business needs, we should discuss Quantum-Safe Networks as a present-day necessity.

Matthieu Bourguignon, Senior Vice-President and head of Europe for Network Infrastructure business, Nokia

6G development and new use cases

In 2025, 6G development will accelerate, offering clearer definitions and early use cases. We will see 6G emphasise AI-driven optimisation, energy efficiency, and edge computing— enabling real-time processing and smarter networks— and how these capabilities will redefine industries by delivering unprecedented speed, precision, and connectivity.

We’ll also begin to witness how 6G differs from 5G, including enabling more immersive technologies like extended reality (XR), global coverage, and enhanced sustainability. However, challenges like infrastructure readiness, spectrum allocation, and cybersecurity will remain critical for the industry to address in order to effectively set the stage for innovations that go beyond what 5G offers today.

Liz Parry, CEO, Lifecycle Software

The AI-capability gap

In 2025, there will be two types of telcos: those transformed by AI, and those with low NPS, stagnant revenue, and aging systems. For decades operators have been shackled by legacy systems that stifle innovation and saddle them with high costs due to customizations and complicated upgrades. These inefficiencies are not only expensive and inconvenient—they are existential threats in the age of AI. Operators are being crushed by the complexity of these outdated systems. They risk being outpaced by competitors who understand how to wield AI-first strategies to reimagine their operations from the ground up to unlock unprecedented efficiency and innovation.

By taking an AI-first approach (along with use of the public cloud), telcos can create and deploy a new AI-generated layer of interfaces and workflows that abstract away the daily fight their employees have with legacy systems to accomplish their tasks

In 2025, success won't come from traditional RFP cycles with legacy vendors, but from those that take a bold, experimental approach to AI. Flexibility will be critical. No longer can you take years to select and implement a system; AI systems can be built in days. Forward-thinking telcos will prioritize experimentation with AI technologies — like using LLMs to generate code and embracing new tools from AI-first companies — to align with their operational goals and customer needs. These advanced tools enable telcos to personalize service delivery and make real-time decisions, moving beyond static systems to dynamic, responsive operations.

The AI-capability gap will define the new telecom landscape. The choice is yours: embrace AI transformation now and thrive, or cling to legacy systems and watch your competitors race ahead. The technology is ready. The benefits are proven. The only question is: which type of telco will you be in 2025?

Danielle Rios, Acting CEO, Totogi

Technological advancements and evolving customer expectations

We think the telecom industry landscape in 2025 will be defined by a dynamic interplay of technological advancements and evolving customer expectations. We see a future where hybrid cloud models, AI-driven automation, and robust security solutions are essential for success. 

Automation and AI will continue to be foundational as CSPs work toward fully autonomous networks. AI-driven automation will become increasingly critical for optimizing network performance, automating routine tasks, and enabling proactive problem resolution. 

We’re also likely to see that CSPs, motivated by massive investments in 5G, will be increasingly focused on using network APIs to monetize their network assets and core capabilities by exposing their network functions in a standardized way to developers so they can build and sell new consumer, enterprise, and industrial applications.

And as the threat landscape evolves with the rise of GenAI and quantum computing, robust security solutions will be paramount for safeguarding sensitive data and maintaining customer trust. 

These trends will require a commitment to innovation and collaboration, fostering partnerships that enable the seamless integration of these technologies and the development of new solutions that address emerging challenges. By embracing this dynamic future CSPs can achieve sustainable growth and deliver exceptional customer experiences.

Erez Sverdlov, Vice President, Cloud and Network Services, Europe, Nokia

Altnet consolidation

In 2025, the UK's connectivity landscape, and particularly the access network, will see two dominant themes playing out. A cautious investment climate, and other challenges such as limiting overbuild and rising debt costs, will drive more consolidation among altnets that have been building at pace (building not only network, but also rebuilding community trust in ISPs). Additionally, strategic partnerships between like-minded altnets and traditional ISPs to share infrastructure, enhance service offerings, and reduce costs, will become more commonplace.

Open access networks will also gain traction, enabling smaller operators to monetise their infrastructure in densely covered areas while promoting fair competition. This collaborative approach will not only foster innovation but also ensure that the UK's connectivity goals are met efficiently, and could very well see support through regulatory levers.

In 2025, the altnet sector's adaptability and strategic collaborations will be key to sustaining the momentum of the UK's fibre rollout and achieving the government's ambitious coverage targets.

Lee Myall, CEO, Neos Networks

Private network acceleration

Private network adoption will significantly accelerate in 2025, with the market projected to reach $6.4 billion by 2026. Standalone private 5G networks are expected to capture 40% ($2.8bn) of investments, while the Shared Rural Network extends 4G coverage to 95% of UK landmass.  

As a result, we will see businesses increasingly adopt private 5G networks for secure, high-performance communication, specifically in industries like manufacturing, healthcare, education, and smart cities, which will leverage private 5G networks for secure automation and real-time operations.   

When it comes to private networks, we will also see the emergence of network slicing as the next evolution of private networks, enabled by 5G standalone architecture. This technology will allow for the creation of multiple virtual networks on a shared physical infrastructure, each tailored to specific business needs. This will provide high-quality connectivity and also empowers organisations to continue delivering exceptional service, while ensuring their connectivity solutions are both scalable and cost-efficient. 
Sandeep Raithatha, Head of Strategy, Innovation & 5G IoT Products  Virgin Media O2 Business

Cybersecurity becomes a boardroom priority

Cybersecurity will become even more integrated into broader organisational strategies in 2025, especially as cybersecurity becomes a boardroom priority. With cyber threats growing more sophisticated – fuelled by the rise of accessible AI-powered techniques – the risks now extend beyond data breaches to include advanced forms of fraud. Our research revealed that 61% of enterprises still face significant losses from mobile fraud, with smishing (SMS phishing) and vishing (voice phishing) among the most damaging. These threats are only set to escalate in the year ahead. 

For the telecom sector, the stakes are particularly high. Safeguarding critical national infrastructure and subscriber data amid rising geopolitical tensions and tightening regulations demands proactive strategies. Compliance mandates, such as those addressing CLI spoofing, will shape priorities, while growing fraud and customer trust concerns will call for innovative solutions. 

Security budgets are expected to increase as businesses recognise the financial and reputational costs of underinvesting in cybersecurity. In telecoms, this funding will go beyond addressing immediate threats to enhance network security, ensure regulatory compliance, and protect customer confidence – an essential factor in retention. 

Across industries, the focus is shifting from reactive defences to building proactive resilience. This means ensuring continuity, mitigating fraud, and strengthening trust in an era of escalating risks. Cybersecurity is no longer just an operational issue; it’s now a core pillar of business success.

John Hughes, SVP and Head of Network Security Business Group, Enea

Rising global connectivity demands

With over £500 million in digital infrastructure funding unlocked by the UK government in the recent Autumn Budget, the telecoms and connectivity space has a unique growth opportunity in 2025 and beyond. However, the industry must address current gaps to meet rising global connectivity demands to make this a reality.

Building true resilience requires an international perspective—leveraging innovation not just to connect major markets but also to develop historically underserved regions within the country. This comes amid challenges such as cybersecurity threats, cable shortages, and risks from geopolitical instability and natural disasters, all of which could lead to significant digital bottlenecks.

To seize this moment, the sector must prioritise diversifying network strategies to maintain performance during disruptions. The UK has the chance to lead by example, but success hinges on collaboration between policymakers, telecom providers, and technology leaders. By aligning efforts, this financial commitment can drive long-term growth, positioning Britain as a global connectivity leader.

Tony O’Sullivan, CEO, RETN

David vs Goliath

Europe’s telecom sector is quietly undergoing a revolution. Initiatives like “Fibre in Italy” incentivise ISPs to deploy FTTH networks, while Belgium regulators implement new regulations that promote competition in the broadband market. But as the race for high-speed universal Internet access accelerates, the demand for scalable and affordable solutions has never been greater.

Unburdened by legacy infrastructure and proprietary solutions, smaller ISPs are uniquely positioned to invest in new modular architectures that offer a leg up on the competition. The biggest benefit? With TCO reductions of up to 52% over five years, operators can pass savings onto consumers while reinvesting in future services – something that many larger operators haven’t figured out yet. The success of operators like WOBCOM in Germany demonstrates the transformative power of disaggregated platforms and is one of many examples to emerge this year.

In 2025, the big telco players will have to pay attention, as this isn’t just about connectivity, it’s about competition. Regional ISPs will prove they can deliver more reliable, sustainable, and cost-effective broadband services, shaking up an industry long ruled by their legacy telco siblings. This is a true David vs. Goliath battle, and it seems that smaller innovators are already on their way towards redefining Europe’s broadband landscape.

 Hannes Gredler, CTO, RtBrick 

A more prosperous and digitally-empowered UK

2025 will be a pivotal year for the UK’s telecoms sector and the broader public sector.  

This year, the Government outlined a clear and ambitious vision for the future of the UK’s telecoms sector in the Budget. With substantial investments in digital infrastructure, a commitment to support for SMEs, and a focus on innovation and security, this plan lays a strong foundation for long-term economic growth and technological leadership.  

The telecoms sector is poised to play a central role in this transformation, driving connectivity, fostering innovation, and contributing to a more prosperous and digitally-empowered UK. 

Ruth Kennedy, CEO, TalkTalk Business 

GenAI and Agentic AI

Telcos are making significant strides with AI adoption, with 57% operators worldwide already using GenAI within their customer services. While strong take-up paves the way for more compelling customer experiences, they should take measures to ensure that their omnichannel strategies remain robust. Half of consumers still prefer the call centre when reaching out for support, with chatbots favoured by less than one in five.

To bridge this gap in 2025, telcos should provide a more seamless blend of human assistance and digital channels, ensuring that they mutually reinforce each other. Agentic AI has an important role to play here, paving the way for human-like autonomous agents to pre-empt and resolve customers’ needs.

Looking ahead, we can expect to see operators leverage AI at scale in other parts of their business, notably network maintenance operation. The reliability of the connection is a focal point for customers and AI can help unlock higher levels of network quality in the long-term.

Cédric Foray, Global Telecommunications Leader, EY

A digital revolution in Asia

Asia is on the cusp of a digital revolution, and connectivity will be the key to unlocking its full economic potential. But it is not just about closing the digital divide and helping underserved populations to get online. Businesses today and tomorrow are being pushed to innovate and deliver new value for their customers. This requires agile, resilient, secure, and scalable connectivity solutions that can adapt to the rapid pace of technological change.

Eric Wong, President of Asia Pacific, Expereo

A shifting focus from 5G

As we head into 2025, the telecom landscape is rapidly evolving, shifting focus from 5G rollout to more advanced network solutions. A growing number of global deployments are driving faster speeds and lower latency, but also presenting new challenges. For underserved areas, Fixed Wireless Access (FWA) utilizing 5G infrastructure offers an attractive alternative to traditional fiber and broadband installations, enabling quick and cost-effective deployments for consumers and Communication Service Providers.

However, as FWA traffic surges, network operators will need to rely heavily on advanced tools like policy management and network slicing to balance the increased load. This ensures that retail traffic remains unaffected by rising FWA demand. To maintain optimal performance, operators will focus on refining their existing networks with incremental advancements, such as 5.1 and 5.5, which will take precedence over immediate preparations for 6G.

Joe Hogan, CTO, Amdocs Networks

Critical mass for eSIMs

I’m convinced eSIMs will start approaching critical mass in the consumer market next year. The butterfly effect of international roaming fees and soaring adoption of eSIM-enabled devices will take their toll on traditional roaming revenues and customer loyalty, spurring consumers towards travel eSIM packages. We’ve already seen multiple security vendors, travel companies, and retailers such as Carrefour offer these.

These make it so easy for customers to use their phones abroad compared to manually swapping SIMs. They grant full control over data usage without the bill shock. It’s a phenomenon Telcos will have to come to terms with, and many will be looking for ways to offer competitively priced Travel eSIM packages in response.

Gabriel Salvate, Gabriel Salvate, Head of Customer Solutions & Presales, BICS

Digital coworkers

In 2025, the next evolution for chatbots will be agentic 'digital coworkers.' These advanced AI agents will completely change how we work, helping us achieve specific outcomes with minimal input. These 'zero effort, zero touch' AI agents will become more mainstream.

An example is planning a business trip by simply stating your destination. Instead of searching through countless options, sophisticated AI agents will provide a tailored booking and agenda via a voice command. This level of automation is already happening as companies pioneer workflows that automate intricate processes, setting the stage for adoption.

In telecoms, service providers will use AI agents to improve customer experiences, offering empathic and context-aware service. To mitigate errors and hallucinations in AI outputs, businesses will use controlling agents for validation, adding a crucial layer of machine-to-machine verification. While not flawless at first, this represents a step toward greater trust in AI systems.”

Jurgen Hatheier, International CTO, Ciena

Managed Optical Fiber Networks

2025 will be the year that ‘Managed Optical Fiber Networks, or MOFN’ will emerge as a cornerstone for next-generation connectivity. As AI workloads and edge computing demand unprecedented bandwidth, reliability, and scale, we will see more collaboration between industry leaders. The concept of MOFN will allow all larger scale operators to dynamically optimize traffic, deliver at scale and pace and enhance redundancy and network availability, making this very important feature for hyperscale networks, data centres and beyond. 

Ciaran Delaney, COO, EXA Infrastructure

Subsea investments in APAC

Next year will continue to see investment into submarine network capacity and infrastructure across key connectivity hubs including the Philippines and the broader Indo-Pacific region. The Philippines' growth as a strategic connectivity hub has been driven by its evolving regulatory landscape, particularly new regulations like the Public Service Act, which allows 100% foreign ownership and creates a highly favourable operating environment for overseas businesses.

In Australia, data centres are projected to consume up to 8% of national energy grids by 2030, raising concerns about potential electricity price increases. To address these challenges, tech companies and data centre operators will likely seek markets where they can trade latency for sustainable energy access. This approach could bring Australia closer to Asian markets, potentially emerging as a pivotal Indo-Pacific connectivity hub, though significant investments will be required to successfully navigate this transition.

Roary Stasko, CEO, Telstra International

Circular services

In 2025, Original Equipment Manufacturers (OEMs) will face growing pressure to offer more circular services. Almost every major telecom operator across Europe and the US has committed to specific sustainability targets, such as reducing carbon emissions and adopting circular practices for their network hardware. Companies like Orange and BT, for example, have ambitious targets around the circular economy, focusing on reusing, refurbishing, and recycling network equipment to meet their ESG commitments.

While many operators have made good progress with recycling or reselling old equipment, the widespread adoption of refurbished equipment is still in its early stages. This shift is a critical step toward achieving a truly circular ecosystem, but it puts OEMs in an increasingly awkward position.

Their traditional business model, centred around producing and selling new equipment, is at odds with the demands of the circular economy. In 2025, OEMs will face mounting pressure to transform their approach. The most forward-thinking companies will find innovative ways to extend the life of their products, likely through collaboration with third-party providers, the adoption of advanced reverse logistics, and investment in refurbishment capabilities to address these challenges head-on.”

David Evans, Head of Asset Recovery & Services, TXO

EU, broadcasters, and telco enterprise units

Make or break year for the new EU commission as it looks to rewrite the telco regulatory environment. A significant step is made to create the right framework for investment, encourage innovation to ensure the EU regains its mojo to compete on the global scale.

European free-to-air broadcasters start to falter and consolidate. This follows in the footsteps of the US media giants seeking to spin off their cable and linear TV operations. This includes and starts with the long-awaited takeover of ITV setting off a chain reaction across Europe as all are struggling to transition towards streaming. Private equity firms are on the prey. However, the online giants remain an outside bet given the importance of the studios’ operations to their own aspirations in content creation and production.

Crunch year for telcos enterprises’ segments. With limited revenue opportunities, margins being squeezed further and big tech’s dominance, telcos reevaluate their own positions and look to exit certain parts. This could involve a private equity takeover, spin offs or moves to merge among some of the telcos.

Paolo Pescatore, Founder, PP Foresight

AI infused automations

In 2025, AI infused automations will seamlessly integrate into business workflows and automations. This year we’ve seen trigger-based automation instantly handle tasks like email responses and meeting admin. But its development in 2025 will have a real impact on freeing up time for workers.

The applications of AI infused automations will also broaden in 2025, introducing new creative capabilities in video and image editing. This exemplifies how automation is being customised for specific industries. Sectors such as manufacturing, healthcare, and finance will particularly benefit from advancements in automation, gaining enhanced AI-driven predictions, fraud detection, and faster diagnostics.

Chris Huntingford, Director of AI, ANS

Strategic M&A

Looking ahead to 2025, we see the digital infrastructure deal environment remaining active given the continued positive trends (fibre deployments, AI, network densification) driving the sector. We anticipate M&A and investment activity in the broadband sector, investments in AI infrastructure and steady M&A in wireless infrastructure. 

Over the past year, we saw the emergence of strategic M&A, with major telecom players announcing transactions in the broadband space, as scale becomes more important.   We expect that regional broadband providers will continue to seek capital to build into new territories while also evaluating consolidation as a way to increase scale, optimize costs and maximize exit opportunities.  We also expect investments in AI infrastructure, including AI specific land and power development opportunities, to be a theme in 2025.  For wireless infrastructure, we see the tower M&A market remaining healthy with multiple well capitalized companies chasing limited opportunities domestically.

Jason Hill, global head of digital infrastructure and co-head of US technology, Houlihan Lokey

That’s all folks for another year – a merry Christmas and a happy New Year from the Telecoms.com team.