➀ Open RAN has progressed since 2018, nearing $10B cumulative revenue, but faces mixed adoption and rising market concentration in RAN;

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;

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.

➀ Dell’Oro表示，由于连续两年大幅下滑，2024年无线接入网络（RAN）市场相比2021年的峰值下降了近90亿美元；

➁ 这段时间的市场下滑与区域覆盖不平衡和货币化挑战有关，但最大的不同之处在于新技术推广后期阶段RAN市场容量升级周期的不确定性；

➂ 2024年，基于全球收入的五大RAN供应商分别是华为、爱立信、诺基亚、中兴和三星。