Global Radio Access Network revenue showed signs of stabilisation in the third quarter of 2025, according to new preliminary findings from Dell’Oro Group. After two years of steep declines, the analyst firm reports that overall RAN revenue was flat outside China and even recorded growth when North America is excluded.
Vice President of RAN market research Stefan Pongratz said the results for the first three quarters of 2025 support the flat-growth outlook the firm has outlined for some time. While operators remain cautious amid subdued near-term demand, Pongratz noted that several leading RAN vendors still expect long-term investment to increase as networks evolve from basic connectivity systems into more intelligent, adaptable infrastructure.
Dell’Oro’s early data indicates that revenue growth in EMEA was nearly sufficient to offset declines in North America and the Asia-Pacific region. The firm also highlights that the global RAN market continues to consolidate, with the top five suppliers—Huawei, Ericsson, Nokia, ZTE and Samsung—representing 96 per cent of revenue in the first three quarters of 2025, up from 95 per cent the previous year.
Huawei and Ericsson both improved their worldwide RAN revenue share compared with 2024, while Huawei and Nokia gained share in markets outside North America. Despite these shifts, Dell’Oro maintains its short-term outlook: total RAN spending is expected to remain largely stable through 2026.
The findings reflect the current stage of the 5G investment cycle, with operators balancing capacity needs, monetisation pressures and the gradual shift toward more software-driven and AI-enhanced network architectures.
