In this podcast, Research Partners Caroline Gabriel, Chris Baugh and Tom Rebbeck discuss the key topics that we will cover in our research in 2026. They explore spectrum, AI and why the telecoms industry may be ‘losing its religion’. Caroline, Chris and Tom also share the one thing that they will be watching most closely in 2026.

Learn more about our research and insights here

The space industry is entering a decisive phase as satellite connectivity, government investment and new commercial models move from experimentation to large-scale deployment.

At Analysys Mason, we celebrate every successful deal. In 2025, we supported over 210 deals across a range of technology-enabled services, from traditional telecoms and digital infrastructure to emerging sectors like space, IT services and software. It has been a year of growth, collaboration and transformation, as we have strengthened ties with the investment community and embraced new business models.

In this podcast episode, Alessandro Ravagnolo, Partner, is joined by Charles Murray, Partner, as they delve into the Analysys Mason technology, media and telecoms (TMT) merger and acquisition (M&A) predictions for 2026. They explore how TMT investors will navigate the evolving landscape of market consolidation, the impact of new technologies like AI and the strategic decisions that will shape the industry’s future. Join us as we look ahead to another year of bold ideas, strategic partnerships and transformative deals.

Explore all of our M&A predictions

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Telecoms operators will face critical strategic decisions in 2026 as AI investment reshapes the communications infrastructure landscape and intensifies pressure on traditional network economics.

In this episode, Alessandro Ravagnolo, Partner, is joined by Caroline Gabriel, Partner, and Charles Murray, Partner, to discuss how telecoms operators should respond as capital requirements for AI and digital infrastructure increase. They explore the investment decisions that operators must make, the implications for network ownership and infrastructure strategy, and whether market consolidation will be essential to achieving scale and sustainable returns.

France is likely to be the next major European market to go from four to three mobile operators in 2026

In this podcast, Gilles Monniaux, Principal at Analysys Mason, speaks with Ahmed Haddad, Technical Advisor at Arcep, about the French regulator’s approach to the evolution of wireless networks and digital sustainability. They begin by discussing a study conducted by Analysys Mason on behalf of Arcep on the evolution of the uses of wireless telecoms networks and on the dimensioning of those networks. They also explore digital sustainability and how Arcep incorporates it into its work. Topics include:

This episode offers practical insights for policy makers, operators and stakeholders on balancing network innovation with environmental responsibility.

Read the related report: https://en.arcep.fr/fileadmin/reprise/dossiers/frequences/etude-usages-et-reseaux_sept2025/study-executive-summary_evolution-uses-telecoms-networks_ENG_sept2025.pdf

Read more work on Arcep’s work on digital sustainability: https://en.arcep.fr/arcep/arcep-europe-international/digital-sustainability.html

Learn more about Analysys Mason's regulation and policy services: Regulation and policy for telecoms, media and technology (TMT)

Sovereign military satellite communication (satcom) networks are evolving from closed systems to hybrid architectures that integrate commercial satellite capacity to meet growing demand. In this episode, Christopher Baugh, Partner, speaks with Luke Wyles, Analyst, about how commercial satcom services are currently procured and integrated, as well as the associated security, governance and co-ordination challenges for governments.

They discuss why secure, zero-trust orchestration is becoming central to hybrid military satcom architectures, and how this aligns with alliance initiatives such as IRIS2 and the NATO Commercial Space Strategy.

In this episode, Tom Rebbeck, Partner and expert in telecoms services, and Jonathan Daniel, Analyst, discuss the latest trends across financial KPIs. They examine how revenue, EBITDA, capex and operating cashflow have evolved over the 12 months to 3Q 2025 and highlight the most notable shifts in operators’ financial performance.

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Government funding plays a crucial role in the space industry; it supports both emerging and established companies. In this episode, Christopher Baugh, Partner at Analysys Mason, speaks with Dallas Kasaboski, Principal Analyst at Analysys Mason, and Craig Brown, Director of Investment at the UK Space Agency (UKSA). They discuss why government support is essential for the health of the space sector and how it is deployed, including grants, subsidies, contracts and other mechanisms.

The conversation explores:

This episode also provides insight into how public-sector support influences space market growth, investment and long-term sustainability.

Adaora Okeleke, Principal Analyst at Analysys Mason, speaks with Matt Anderson, Head of Cloud IT Telecom Solutions at Google Cloud, and Tunc Yorulmaz, Senior Managing Director and Global Lead for Cloud First Networks at Accenture. They share insights from Analysys Mason’s perspective, GenAI in the network: CSP progress in adopting GenAI for network operations.

They discuss how telecoms operators are using generative AI (GenAI) for network operations. Topics include:

early learnings from GenAI deployments in telecoms networks

key challenges that operators face when applying AI to network operations and automation

how agentic AI could support the future evolution towards autonomous networks.

This episode offers clear, practical guidance for telecoms executives and network leaders that are looking to scale GenAI, cloud and automation in their networks and understand the emerging role of agentic AI in network transformation.

In this episode, Jenny Robertson, Managing Partner at Analysys Mason, spoke with Finnfund’s Kuutti Kilpeläinen, Head of Digital Infrastructure and Solutions Portfolio, and Niklas Simola, Investment Manager, Digital Infrastructure and Solutions, to discuss how investment in digital infrastructure can expand digital access and inclusion in emerging markets.

They explore the challenge of closing coverage gaps and highlight why affordability is key to expanding digital access. They discuss how impact funds can drive meaningful change, supported by Finnfund’s real-world examples and experiences from recent investments that have made a difference for communities in developing countries.

The conversation also looks to the future, and examines new investment opportunities and the transformative potential of satellite connectivity, AI and public–private partnerships to further accelerate digital inclusion.