Mobile Network Operators (MNOs) account for 85 percent of total global investment in mobile internet infrastructure—approximately USD 109 billion annually—playing a 'keystone' role in funding the networks that underpin modern digital economies worldwide, according to a new report released on March 3, 2025, by the GSMA and global management consulting firm Kearney.
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MNOs Lead Mobile Infrastructure Investment
"The total investment in mobile internet connectivity infrastructure, averaged over the past 5 years, is USD 244 billion annually, including spend on end-user devices (117 USD billion). Of this, mobile network operators (MNOs) are the largest single group of investors, investing USD 109 billion, which is 85 percent of total investment excluding end-user devices (45 percent of the total when end-user devices are included), followed by consumer spending of USD 95 billion on end-user devices," the global telecom body stated in its report, Mobile Infrastructure Investment Landscape, published just ahead of MWC 2025 in Barcelona.
Contributions by Other Digital Players
Of the USD 127.3 billion invested in mobile infrastructure excluding end-user devices, major internet service providers (ISPs) contribute just 7 percent, followed by tower companies (4 percent), large cloud application providers (CAPs), content delivery networks (CDNs), and cloud infrastructure providers (3 percent), and satellite providers (1 percent), according to GSMA.
The recipients of this USD 127.3 billion investment primarily include end-user device manufacturers (USD 112 billion), various equipment suppliers for transport, IP switching, mobile core and radio networks, installation service companies, and governments that provide licensed spectrum, the GSMA report said.
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The Mobile Industry body noted, "Mobile operators make these investments despite deriving less economic benefit than other 'digital ecosystem players' from this critical infrastructure." The report cited an example, stating that the amount contributed by MNOs far exceeds the connectivity investments made by other groups of investors, such as cloud service providers and content and application providers (CAPs).
"Mobile network operators are the keystone of the internet economy, funding the vast majority of the infrastructure that enables modern digital life. Whilst others invest in select parts of the world's connectivity infrastructure, their contributions are a fraction of what MNOs spend to build and maintain the networks that power everything from online banking to remote work and digital entertainment," said John Giusti, Chief Regulatory Officer of the GSMA.
"This study demonstrates clearly that if governments wish to unlock the full potential of their digital economies, they must prioritise policies that create a positive investment environment for MNOs," Giusti added.
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Investment by Cloud Providers
"Although MNOs are the largest group of investors in mobile internet connectivity infrastructure, large CAPs and cloud infrastructure providers have been increasing their direct investments into the backbone infrastructure to directly interconnect their data centres and build CDN infrastructure to deliver traffic directly to MNO core networks. However, this is only a fraction of what MNOs invest," the GSMA report said.
Investments by MNOs
The report highlights that despite limited investment by other players in the connectivity ecosystem—such as cloud and content providers—in backbone and content delivery networks (CDNs), these investments do not replace the need for substantial mobile infrastructure investment by mobile network operators. The core and access networks, which are fully funded by MNOs, remain fundamental to a functioning, capable internet which serves the needs of consumers and businesses worldwide, fuelling growth across the broader digital ecosystem.
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Role of Governments
The report further emphasised that "governments should prioritise pro-investment policies to accelerate network expansion and strengthen digital economies." To support continued network expansion and innovation, the GSMA urges governments to adopt forward-looking regulatory frameworks that encourage investment in mobile infrastructure, streamline spectrum policies, and create a fair and sustainable financial environment for operators, it said.
