While subscriber growth remains strong, especially in...

While subscriber growth remains strong, especially in developing regions, the revenue opportunity for the infrastructure vendors appears to be more muted as the market moves from coverage driven investments to more incremental capacity spending. We forecast that increases in WCDMA revenues will more than slightly offset declines in GSM-based infrastructure. The CDMA market has matured such that it is prone to the ups and downs of upgrade cycles, but should see modest growth through the scope of our forecast.