Latin America. The region enters 2026 at a decisive point for the evolution of telecommunications. According to the GSMA's The Mobile Economy 2025, Latin America will close the year with 440 million unique mobile subscribers, a penetration of 69%, more than 730 million connections and a 5G adoption of more than 8%, accelerating the transition to advanced networks and new operating models.
Data traffic grew more than 34% year-on-year, driven by IoT, video, and critical services, forcing mobile and virtual operators to rethink strategies, architectures, and regulatory compliance.
In this context, JSC Ingenium presents the trends that will set the sector's agenda in 2025–2026, in an environment where regulation, security and core modernization will be decisive to compete.
Market flexibility: new opportunities for MVNOs
Despite a demanding regulatory environment, new opportunities are emerging for specialized operators such as fintech, retail, mobility, insurance, and digital brands. Thanks to more flexible frameworks in Mexico, Brazil, Chile, and Colombia, vertical MVNOs can scale models focused on segments with specific needs. GSMA confirms that the region already has more than 220 active MVNOs, concentrated in markets with stable wholesale access policies.
In Central America, development is uneven. Costa Rica registers active initiatives, while Guatemala does not have any MVNOs, which implies that the market opportunity comes precisely from the absence of players. This opens up a relevant space for new operators in Panama, Honduras and Nicaragua, where the MVNO model has not yet been exploited and where regulatory maturity is beginning to favor the entry of B2B2C and vertical proposals.
Consolidation of new players: competitive reconfiguration in the region
The region is going through a process of consolidation among operators that redefines the competitive dynamics and opportunities for MVNOs, MVNOs and infrastructure players. A recent example is Colombia, where in November 2025 the Superintendence of Industry and Commerce (SIC) authorized the purchase of Movistar by Tigo, creating an operator with about 40% of the mobile market.
This move increases the pressure for more efficient architectures, greater network capacity, and operating models capable of absorbing massive increases in traffic.
For MVNOs, this reconfiguration represents a double reality: greater bargaining power for integrated operators and, at the same time, an opportunity to differentiate themselves through segmented proposals, flexible platforms and accelerated time-to-market.
Core Modernization: A Technical and Competitive Imperative
The accelerated deployment of 5G in the region imposes new demands. By 2025, GSMA estimates that at least 13 countries will have commercial 5G networks, forcing virtual operators and wholesalers to migrate to cloud-native architectures (SBA, containers, automation and orchestration).
The growth of mobile traffic—driven by industrial IoT, video, and critical services—is overwhelming legacy infrastructures, making advanced IMS, VoLTE, real-time charging, and core 5G SA the foundation for low-latency services and critical connectivity.
In Central America there are also relevant advances. Guatemala and El Salvador initiated 5G pilots, while Costa Rica has already completed the 5G spectrum allocation and is in the final phase of deployment, requiring MVNOs to prepare for hybrid 4G/5G environments and faster migrations.
"Core modernization is not an upgrade: it is the only way to operate with lower latencies, guaranteed quality, and services prepared for massive IoT. The region is already entering that phase... and those who do not migrate to 5G SA will be relegated," says Freddy.
Structural fragmentation: differences by country in spectrum, auctions and adoption
The MobileTime report (May 2025) confirms that although unit spectrum prices have decreased, the total costs for operators are increasing due to the need to allocate more MHz to support 4G and 5G. This, coupled with heterogeneous auction schemes, is deepening the competitive gap.
While Chile, Brazil and the Dominican Republic are moving forward with sustainable spectrum models and 5G deployment, other markets maintain high costs, uncertainty or delays. In Central America, the difference is marked: Costa Rica has already executed the first 5G spectrum assignment, Guatemala is making progress in spectrum management, and Honduras and Nicaragua maintain traditional schemes with less evolution towards 5G.
JSC Ingenium's commitment to accompany this transition
Based on its global experience and in particular in Europe and Latin America, JSC Ingenium has consolidated an accompaniment model for MVNOs and RMOs based on three pillars: local and multi-country regulatory knowledge, scalable IMS and Core cloud-native architectures, and proven implementation models that reduce risks and shorten time-to-market.
"Latin America will face the same challenges that we have been observing in Europe. The key for MVNOs will be to build adaptable and sustainable networks from the beginning, with partners who understand the regulatory, technical and market complexities of each country," says Lara.
