A new report from Dell’Oro shows global telecom capex is set to decline by around 2% in 2026, as operators take a more cautious approach after years of heavy 5G investment. The reasoning is straightforward: networks today are in a relatively strong position, with enough coverage and capacity to meet current demand. As a result, many operators are shifting focus from rapid expansion to efficiency, looking to improve returns and optimize existing infrastructure rather than committing to large new spending cycles.

At the same time, long-term drivers haven’t changed. AI, cloud, and future network evolution continue to support a positive outlook. But in the near term, the priority is discipline—spending smarter, not necessarily more.

And yet, this more cautious tone doesn’t mean deployments are stopping.

In Turkey, the country’s three main operators — Turkcell, Turk Telekom and Vodafone Turkey — have just launched 5G services simultaneously across the country. It’s one of the most coordinated nationwide rollouts in recent years, following a $2.95 billion spectrum auction just six months ago. The move highlights how competitive dynamics and national priorities can still accelerate deployment, even as global spending trends soften.

Operators in Turkey are already positioning around coverage, fiber infrastructure, and new use cases such as fixed wireless access and enterprise services. The race is clearly on — not just to deploy 5G, but to differentiate on performance and capabilities.

Taken together, these two developments point to a broader shift in telecom strategy. The industry is moving away from blanket investment cycles toward more targeted, high-impact deployments. Spending may be slowing at a global level, but execution remains fast where it matters most.

In other words: less capex, but more focus.