In a market where data is emerging as the key growth driver, trends in the wireless broadband (3G and EVDO; the latter is the 3G-equivalent CDMA offering) subs metrics appear to be in favor of the incumbents. We note CDMA operators have been offering EVDO dongles for a long time and hence have an established base of subs in that segment. This meant the wireless broadband (BB) subs share of the top-three combined was a lowly 51% at the end of December 2013 (when TRAI started publishing this data).
In eight months through August 2014, wireless Broadband subscribers share of the top-three rose to 63.8% as they captured 91% of the incremental subs. We expect the trend to continue given that data sweepstakes will be driven by the ability to invest and good judgment on right timing of investments, in our view.
