<p>➀ Open RAN has progressed since 2018, nearing $10B cumulative revenue, but faces mixed adoption and rising market concentration in RAN; </p><p>➁ After rapid growth in Japan and the U.S., Open RAN revenues declined by ~40% over two years due to slowed 5G investments, but signs of stabilization emerged in 2Q25; </p><p>➂ Long-term growth prospects remain positive, with Virtualised RAN revenue expected to rise in 2025 and multi-vendor RAN projected to reach $2B-$3B by 2029, led by Samsung, Rakuten Symphony, and Fujitsu.</p>