2025-2026年电信行业风险因素调查报告

Contents Executive summary The 2025/26 Telecommunications Risk Factor Survey reveals adecisivepivot in the global telecoms and data centre sectors, marked bysharper operational, regulatory, and financial pressures. This alignswith BDO’s Global Risk Landscape 2025, which cautions that a reactive,compliance-led approach to risk is ill-suited to today’s “permacrisis”environment, where systemic shocks have become the norm. This year’s findings highlight a significant shift in risk priorities from 2023, whereregulatory and tax‑based risks dominated, to more immediate operational concerns.In 2025, Cybersecurity has surged to the top of the global rankings, with 85%of operators citing it as a critical risk. While supply‑side fragility, driven by dependence on key vendors, is another definingtheme, industry‑specific risks remain pronounced. These include competitivepressures, natural disasters, and the uncertainties of 5G rollout – a new risk in 2025,shaping strategic outlooks. This shift in focus signals a broader recalibration, as theindustry moves from simply managing policy exposure to actively addressingtangible threats that directly disrupt continuity and resilience. Additionally, though coming in 10th position this year,a notably larger proportion(70%) of telecommunications operators and data centres cite climate changeand other environmental concerns as a growing risk.This is likely to increaseas a going concern in the years ahead, and one that all operators will need to planand strategise around. This report forms part of BDO’s Telecommunications Risk Factor Survey.A companionExecutive Summary Reportdistils the key insights, visuals, andregion‑level highlights for senior decision‑makers who require a concise, high‑impact view of the findings. Readers are encouraged to access that version fora rapid strategic overview or to share with leadership teams seeking a snapshotof the global risk landscape. Spotlight: data centres Our latest report includesa new, dedicated assessment of risks in the global data centre segment, where financial andcyber vulnerabilities are even more acute. All of the data centre operators that were surveyed flagged supplier dependence,cost inflation, and interest rate exposure, underscoring the fragility of capital‑intensive business models. Climate risks andreputational exposure linked to energy and water use further amplify these vulnerabilities. Sector Overview and Strategic Context The telecommunications sector continues to experiencerapid transformation, shaped by evolving regulatoryframeworks, rising cybersecurity threats, and increasingpressure to deliver resilient, future-ready infrastructure.These challenges are compounded by the sector’sgrowing role in enabling digital inclusion, cloud services,and national security. This 2025/26 edition of the Telecommunications Risk Factor Surveybuilds on the foundation laid in previous reports, offeringa consolidated global view of the top risk factors facing telecomsoperators. In addition to sector‑wide analysis, the report featurescomparative insights across EMEA, the Americas and APAC, as wellas a new dedicated focus on risks facing data centres as a distinctand unique infrastructure category. Notable risk mitigationstrategies employed by operators globally have also been includedto provide a forward‑looking gauge on what to consider. Growth in 2025 Both the telecommunications as well as the digitalinfrastructure sectors continue to evolve in response to rapidtechnological and geopolitical shifts. In 2025, operatorsglobally are facing strong demand for secure, scalableconnectivity driven by 5G, AI integration, and cloud services. Spending across the sector is projected to reach US$1.9 trillion by 2027,led by 5G monetisation strategies and network upgrades.1Data centregrowth is also accelerating, with global capacity expected to grow by 15%year‑on‑year in part due to demand from hyperscalers, AI workloads, andlow‑latency cloud solutions,2with CAGR projected to reach nearly 7%leading up to 2030.3 At the same time, operators are being pushed to build resilience intotheir supply chains, capital structures, and ESG compliance strategiestomanage the risks identified in this year’s study. The shift from reactiverisk awareness to proactive risk mitigation is evident across most 2024disclosures and mirrors broader corporate sentiment captured in BDOs“CFO Outlook 2025” where 60% of surveyed CFOs indicated that theyplan to increase AI investment, and 44% noted that they will expandsustainability initiatives as a way to underscore how telco growthstrategies are aligned with cross sector business priorities.4 Adding to the above, shifts in U.S. tariff policy in 2025 have introducednew cost pressures for telecom operators reliant on imported equipmentwhich are yet to be fully felt, signalling that trade and supply‑chainexposure will be an increasingly important theme to monitor for therestof this year as well as in the year ahead.5