Thursday 25 June, 2026
European mobile markets are undergoing a structural shift that goes beyond cyclical pressures. The mobile sector has moved from the voice and SMS era (defined by higher average revenue per user (ARPU), lower data usage and a relatively static competitive environment) to a data-intensive era in which revenues per user are declining even with incremental network costs and demand for capacity. With mobile broadband adoption already at saturation point in most European markets, the addressable market offers limited room for growth. Additional traffic generates diminishing incremental revenue, compressing margins even as usage expands. At the same time, Europe needs to close a significant gap with global leaders to meet its connectivity goals and regain its leadership in mobile, a challenge that will require higher levels of investment – with scale being a determining factor in operators’ financing capacity. The central question this study addresses is which market structure best positions European markets to maximise investment and consumer welfare.
