We expect South Africa's telecom market revenue to grow at a CAGR of 2.7% through 2014, from $13.8bn in 2009 to $15.8bn (including pay-TV services). Voice services, both fixed and mobile, will continue to generate the most revenue, but IP-based services (such as IPTV and VoIP) as well as pay-TV and mobile data services are expected to be the fastest growing segments of the market. The high growth in IP-based services will be due to an expected increase in competition and a decrease in broadband wholesale and bandwidth costs. The multitude of planned undersea and land-based cable projects will provide much-needed extra capacity for operators to offer IP services at a lower price. We also expect lower prices as a result of increased competition in providing services, since former VANS operators can now build their own networks and provide their own services at lower transmission costs.