CROSBY Research – Telecom Sector: Industrial Digitalization was the key growth driver for three telcos in 3Q23, CT remains the leader in Industrial Digitalization

13 Nov 2023

According to the latest data from MIIT, China’s telecom business revenue steadily grew 6.8% YoY to Rmb1,281.3bn in 9M23. New businesses (IPTV, IDC, big data, Cloud computing, and IoT) remained key growth momentum for telecom industry. In 9M23, new business revenue increased 19.8% YoY to Rmb270.2bn, accounted for 21.1% of total telecom business revenue. Cloud computing and big data are the key growth drivers with revenue surged 35.0% and 37.1% YoY respectively in 9M23, while IoT revenue grew by 24.1% YoY.