The Asia Pacific and North America regions are projected to be the primary growth vehicles throughout the forecast period.

Since the last forecast, Open RAN projections have been revised upward in the North America region and downward in Middle East & Africa, Caribbean and Latin America, and parts of the Asia Pacific.

Even with the slower start, European Open RAN revenues are expected to top $1 B by 2027.

While the Open RAN movement is not confined to a specific technology, RF output power, spectrum band, or deployment configuration – Open RAN macros are expected to drive the lion's share of the O-RAN capex, accounting for around 90 percent of the revenues throughout the forecast period.

Risks remain broadly balanced. On the one hand, the Open RAN movement continues to trend in the right direction. At the same time, preliminary data suggest Open RAN is having a minimal impact on the overall RAN supplier dynamics.