大摩电信软件报告

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1、EquityResearchNorthAmericaIndustryReportCommunicationsSoftwareMSDWTechnologyTeamTheNextWaveofCarrierSpendingMay24,2001DavidRaezer.(212)761.3461.david.raezer@morganstanley.comMORGANSTANLEYDEANWITTEREquityResearchNorthAmericaCommunicationsSoftwareIndust

2、ryReportDavidRaezer-CommunicationsSoftwareMSDWTechnologyTeamDavidRaezerjoinedMorganStanleyinApril2000asaVPinEquityResearchcoveringCommunicationsSoftwarecompanies,thatiscompaniesthattargetserviceprovidercustomerswithsoftware-basedsolutionsthatenablenet

3、workmanagement,value-addedservices,andtraditionalOSSfunctionality.DavidhasbeenfollowingtheCommunicationsSoftwareuniverseforapproximatelyfouryears,withpriortenureatMontgomerySecurities/BancofAmericaSecurities.PriortocoveringCommunicationsSoftware,David

4、followedthedatacommunicationsequipmentspace.DavidgraduatedfromHarvardUniversitywithaB.A.MORGANSTANLEYDEANWITTERDavidRaezer.(212)761.3461.david.raezer@morganstanley.comPleaserefertoimportantdisclosuresattheendofthisreport.2EquityResearchNorthAmericaCom

5、municationsSoftwareIndustryReportIndustryPerspectiveMSDWTechnologyTeam•Suppliersofsoftware-basedinfrastructuretonetworkoperatorsandserviceproviders•SpendingonCommunicationsSoftwareisbeingdrivenby:–Transportservicesarecommoditizing–Deregulationisincrea

6、singcompetition–Consolidationisgeneratinggreaternetworkcomplexity•Carrierspendingreflectsthistrend–35-40%ofcapexonbandwidth-enablinghardware–1-3%ofcapexonsoftware•Expectspendingonsoftware-basedsolutionstoincrease–Solutionsareespeciallyvaluablewithinac

7、apitalexpenditure-constrainedenvironment•CommunicationsSoftwarecompaniesare"enablers"–EnablersofNetwork&ServiceLevelManagement–EnablersofValue-AddedTelcoServices–EnablersoftraditionalOSS--CustomerCare&Billing,Activation,ProvisioningMORGANSTANLEYDEANWI

8、TTERDavidRaezer.(212)761.3461.david.raezer@morganstanley.comPleaserefertoimportantdisclosuresattheendofthisreport.3EquityResearchNorthAmericaCommunicationsSoftwareIndustryReportMarketTimingMSDWTechnologyTeamGiventhetoughmarketenvironment,webel