Morocco is a sound choice for telecommunication investments, according to a study by the Telecom Research firm Pyramid Research. Pyramid cited business trends as well as political developments in the North African country as positive signs. The report argues the political reforms instituted by King Mohammad VI are a sign of “initiatives to introduce change.” Since December 2010, political uprisings have taken place across North Africa, most notably in Egypt and Tunisia. According to the report, telecommunication revenues are projected to at a compound annual growth rate (CAGR) of 4.1 percent over the next five years, growing to $5.47 billion in 2015, from an estimated $4.47 billion in 2010. Voice and data mobile services currently comprise the vast majority of telecommunication revenues at 70 percent, but are also expected to grow on account of increased competition between the three mobile providers. Internet comprised 2.7 percent of revenues while fixed landlines made up slightly over 25 percent. Voice Over Internet Protocol (VOIP) services are expected to grow the most rapidly, at a CAGR of 33.3 percent. Morocco's three mobile providers are Maroc Telecom, Meditel, and Inwi. According to a December 2009 report by the National Agency of Telecommunication Regulation, Maroc Telecom held 60 percent of the market share, followed by Meditel with 37 percent. Inwi controlled less than two percent. BM
