vOverview 3II. Summary 4III. Detailed Demand AnalysisIII.1 Historical Telephony Revenue Growth 6III.2 Historical Telecom Demand Evolution 9III.3 Prospects for Increasing Telecom Demand 14III.4 Demand Prospects From a Macroeconomic Perspective 15III.5 Achieving the Growth Potential: Requirements 21III.6 Impact of Structural Industry Trends 24III.7 Conclusions 27AppendicesAppendix A: Detailed Description of the Demand Model 29Appendix B: Telephony Elasticity Calculations
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