MOBILE MESSAGING SERVICES							MCP-1328
A GLOBAL STRATEGIC BUSINESS REPORT


                                            CONTENTS


  I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS


 II. EXECUTIVE SUMMARY

  1. Industry Overview                                                  II-1
      A Curtain Raiser                                                  II-1
       Market Share Statistics                                          II-2
        Table 1: Global Mobile Communication Market (2004-2006):
        Percentage Breakdown of Mobile Data Revenues ByCategory -
        Messaging, Premium Messaging, Downloads, Browsing, Internet,
        Java, Music, Video Streaming and Mobile Payments (includes
        corresponding Graph/Chart)                                      II-2

        Table 2: Worldwide Mobile Industry (2002): Number of Mobile
        Subscribers in Select Regions-North America, Europe, Latin
        America, Asia-Pacific and Middle East  (In Million)
        (includes corresponding Graph/Chart)                            II-3
      Number Speak                                                      II-3
      The Cell Phone: A Multifaceted Communication Gizmo                II-3
      The New Dawn of Mobile Messaging                                  II-4
       "Reality at Close Quarters"                                      II-4
       Evolution Fast Forwarded                                         II-5
      The Truth About Migration to MMS                                  II-6
       A Straight Talk About the Technology's Future                    II-6
       High-Flying Industry Predictions Grounded                        II-7
      Maximization of Revenues From MMS: "Talking Profits"              II-8
      Why SMS in North America Failed to Take Off?                      II-9
       Synopsized Review of Interoperability Fiasco  in North America   II-10
         Table 3: Cellular Penetration Rates in North America &
         Europe for the Years 2002, 2004 & 2006(E): A Comparison
         (includes corresponding Graph/Chart)                           II-11
        Halleluiah: SMS Enlightenment Dawns On the US                   II-11
      Future of Mobile Messaging  - "Shape of Things to Come"           II-11
       SMS: The Battle Scarred Warhorse                                 II-11
       Premium SMS: The New Money Spinner                               II-12
        Can Traditional SMS Face the MMS Gun & Not Fall?                II-12
       MMS Market Potential Extraordinaire!                             II-13
        A Peek Into What the Future Holds: Tales  from the Future       II-13
        Will It Rain Dollars for MMS?                                   II-14
         Table 4: Global MMS Market (2003): Percentage Breakdown of
         Leading Players-Ericsson, Nokia, Openwave, LogicaCMG,
         Comverse and Others  (includes corresponding Graph/Chart)      II-14
        MMS: Miles to Go Before Reaching the Mass Market                II-15
         Table 5: Worldwide Penetration Rate of MMS-Enabled Handsets
         for the Years 2004 Through 2007  (includes corresponding
         Graph/Chart)                                                   II-15
       MIM: Taking It To the Top                                        II-15
        Table 6: Worldwide Mobile Messaging Market (2003-2007):
        Penetration Rate of Instant Messaging Enabled Mobile
        Handsets (includes corresponding Graph/Chart)                   II-16
       MIM: Firing Up Young Blood                                       II-16
        Table 7: Young Subscribers Turbo Charge Instant Messaging -
        A Peek into Substantiating Numerics Taking  the US Market as
        a Demonstrative Example  (includes corresponding
        Graph/Chart)                                                    II-16

  2. Market Pulse                                                       II-17
      Clever Players Expand Their Footprint in the Industry             II-17
      Photo & Picture Messaging: The Style Catches On                   II-17
      SMS Gets Under the Skin                                           II-17
      Shine On Brightly                                                 II-18
      MMS: The Next Battlefield                                         II-18
      Swearing by the Digital Entertainment Norms,  MMS Casts a Long
       Shadow in ME                                                     II-19
      Value Added Messaging: The In Thing                               II-19
       Table 8: Global Mobile Messaging Market (2005-2008): Annual
       Revenues from Value-Added Mobile Messaging Services (In US$
       Billion) (includes corresponding Graph/Chart)                    II-20
       Mobile Commerce: The New Service In the Offing                   II-20
       LBS: A Truly Out-Of-The-Box Service                              II-20
        How Does It Work?                                               II-21
       Fixed Line to Mobile SMS: A Smart  Marketing Strategy            II-21
       Videomail- An Integral Full-Service of 3G Environment            II-21
      WIM: Playing At Center Court                                      II-22
       Table 9: Worldwide Mobile Messaging Services Market
       (2005-2009): Number of Wireless Instant Messages Sent
       Breakdown by Segment- Public IM and Enterprise IM  (In
       Billion) (includes corresponding Graph/Chart)                    II-22
      Creaking Infrastructure Cripples SMS Adoption  in North America   II-22
        Table 10: North American Mobile Messaging Market
        (2003-2007): Number of SMS Subscribers In Millions (includes
        corresponding Graph/Chart)                                      II-23
      Integrated Messaging Experience: An Antidote to  Cheer Up
       Messaging Experience                                             II-23
      Migration to 3G Networks, Slow But Steady                         II-24
      Spam: A Major Threat to Mobile Messaging                          II-24
       Table 11: Worldwide Mobile Messaging Market (2003-2007):
       Percentage Breakdown of Messages Received by
       Category-Legitimate Email, Spam, Other Policy Violations  and
       Viruses (includes corresponding Graph/Chart)                     II-25
      Mobile Marketing: Media World Clamber on to the  Mobile Bandwagon II-25
        SMS Based Advertising: Players Tread with  Utmost Care          II-26
          Table 12: Global Percentage Breakdown of Most Widely Used
          Wireless Advertising Communication Channels-Combination,
          SMS, WAP, Voice Activation, Multimedia Audio, Multimedia
          Video, I-mode and Others for the Year 2005 (includes
          corresponding Graph/Chart)                                    II-26
      SMS-To-TV: Gain in Popularity                                     II-27
      A Peek Into Complex Regional Dynamics                             II-27
       Spotting the Winners in the MMS Space                            II-27
        Asia Stands Up to the Pressure                                  II-27
       Japan: Designed For Smooth MMS Transition                        II-28

  3. Industry Organizations & Associations                              II-29
      GSM Association                                                   II-29
      Open Mobile Alliance                                              II-29
      3rd Generation Partnership Project (3GPP)                         II-29
      CDMA Development Group                                            II-30
      European Telecommunications Standards Institute (ETSI)            II-30

  4. Technology Freeze Frame                                            II-31
      Evolution of Mobile Messaging Services                            II-31
       Short Messaging Services                                         II-31
        Genesis of SMS                                                  II-31
         Table 13: Fall of the Paging Messaging Market in  the US
         (2000-2004): Annual Revenue Breakdown by Paging Technology
         -One-Way Messaging and Two-Way Messaging (In US$ Million)
         (includes corresponding Graph/Chart)                           II-31
        How SMS Made It to the Mass Market?                             II-31
        A Cross Sectional Analysis of SMS Uptake  in Geographic Markets II-32
          Table 14: North American Mobile Messaging Market
          (2003-2008): Number of SMS Subscribers In Millions
          (includes corresponding Graph/Chart)                          II-32

          Table 15: European Mobile Messaging Market (2003-2006):
          Number of SMS Subscribers In Millions (includes
          corresponding Graph/Chart)                                    II-32

          Table 16: Asia-Pacific Mobile Messaging Market
          (2003-2006): Number of SMS Subscribers In Millions
          (includes corresponding Graph/Chart)                          II-33

          Table 17: Japanese Mobile Messaging Market  (2003-2006):
          Number of SMS Subscribers In  Millions (includes
          corresponding Graph/Chart)                                    II-33
        Compelling Advantages of SMS                                    II-33
        SMS Today: An Up-To-Date Perspective                            II-33
        A Peek into Demographic Consumer Clusters                       II-34
       Multi-Media Messaging Services                                   II-34
        MMS: A Primer                                                   II-34
         Table 18: Worldwide MMS Market (2003-2006):  Number of
         MMS-enabled Mobile Phone Shipments  (In Millions) (includes
         corresponding Graph/Chart)                                     II-34
        Taut Competition in the SMS Sphere Brings MMS  Into the
         Limelight                                                      II-35
        Major Challenges                                                II-35
        What Are Players Doing About It?                                II-35
        MMS Penetration in North America & Europe                       II-36
         Table 19: North American Mobile Messaging Market
         (2003-2008): Number of MMS Subscribers In  Millions
         (includes corresponding Graph/Chart)                           II-36

         Table 20: European Mobile Messaging Market (2003-2006):
         Number of MMS Subscribers In Millions  (includes
         corresponding Graph/Chart)                                     II-36
      Evolution of Mobile Network Technologies                          II-36
       First Generation Networks (1G)                                   II-36
       Second Generation Networks (2G)                                  II-37
       2.5 Generation Technology (2.5G)                                 II-37
       Third Generation Networks (3G)                                   II-37
        Value Chain in 3G                                               II-38
        Stimulants for the Development of 3G                            II-38
        Mobile Networks That Support 3G Services                        II-39
         Universal Mobile Telecommunications  Systems (UMTS)            II-39
         Enhanced Data for GSM Evolution (EDGE)                         II-39
         Growth Inhibitors                                              II-39
       Fourth Generation Networks (4G)                                  II-39
      Market Data/Statistics                                            II-40
       Table 21: Worldwide Mobile Communication Technology (2004):
       Percentage Breakdown of Subscribers on Network
       Technologies-GSM, CDMA 1X, TDMA, CDMA, PDC,  iDEN, 3GSM, CDMA
       1X EV-DO and Analog  (includes corresponding Graph/Chart)        II-40

       Table 22: Worldwide Mobile Industry (2005): Number of Mobile
       Phone Connections Ranked by Bear Technology- GSM, CDMA2000
       1Xm, TDMA, CDMAOne, PDC, WCDMA, iDEN, CDMA2000 1xEV-DO, and
       Analog (In Million) (includes corresponding Graph/Chart)         II-40

       Table 23: Worldwide Mobile Communication Technology
       (2002-2007): Percentage Breakdown of Investments  in Network
       Infrastructure (includes corresponding Graph/Chart)              II-41
       Worldwide Commercial Deployment of 3G Networks:  Breakdown by
        Leading Mobile Carriers in Select  Country\Region               II-41
       Worldwide Pre-Commercial* Deployment of 3G  Networks:
        Breakdown by Leading Mobile Carriers  in Select Country\
         Region                                                         II-42
       Worldwide Networks Planned/In Deployment* of 3G  Networks:
        Breakdown by Leading Mobile Carriers  in Select Country\
         Region                                                         II-42
       Worldwide 3G Networks In Trial*: Breakdown by  Leading Mobile
        Carriers in Select Country\Region                               II-42
      Early SMS Technology Platform, Its Pitfalls, &  Proposed
       Antidotes                                                        II-43
        Corking Functionality Loopholes                                 II-43
        Hybrid Architectures: A Temporary Panacea  for the Problem      II-43
        SIP: An Efficient Architecture for SMS &  MMS Transmission      II-44
          Table 24: Western European SIP-Related Revenues  in Euro
          Millions for the Years 2004 through  2007 (includes
          corresponding Graph/Chart)                                    II-44
      Gauging the Real World Impact of interoperability:   A Case Study II-44
        Interoperability: Why Is It Important?                          II-44
        Why Interoperability Issue in North America  Burns Bright?      II-45
          Scenario in North America: "Then & Now"                       II-46
        MMS-Interoperability                                            II-46

  5. Overview of Services                                               II-48
      Mobile Messaging: A Technical Exposition                          II-48
      Types of Mobile Messaging                                         II-48
       Paging Systems                                                   II-48
        One-Way Paging Systems                                          II-48
         A Functional Preview                                           II-49
        Two-Way Paging Systems                                          II-49
       Short Messaging Services                                         II-49
        A Functional Preview                                            II-49
        Classification of SMS Based on Functionality                    II-50
         Basic-Short Messaging Services                                 II-50
         Advanced Short Messaging Services                              II-50
          Enhanced Short Messaging Services                             II-50
          Smart Messaging                                               II-51
        Limitations of SMS                                              II-51
       Multimedia Messaging Services                                    II-51
        Classification of MMS                                           II-51
       SMS Juxtaposed With MMS                                          II-52
       Mobile Email                                                     II-52
        How to Operate?                                                 II-52
       Mobile Instant Messaging                                         II-52
       Push-To-Talk (PTT)                                               II-53
       Unified Messaging Services                                       II-53

  6. Service Launches/Innovations                                       II-54
      AOL Unveils New SMS Transmission and  Receipt Services            II-54
      France Telecom Receives Approval to Deploy New  Mobile Instant
       Messaging Service                                                II-54
      SFR and RIM to Introduce New BlackBerry Solutions                 II-54
      Clearhub Introduces Internet ClearPortal For  Service Providers   II-54
      BT Plans to Roll Out SMS-to-Voice Service                         II-54
      GloBul Selects MMS Solutions of Nokia to Launch  MMS in Bulgaria  II-55
      AirAsia Launches a New Flight Booking System                      II-55
      phones 4u Introduces FaceWave Mobile Messaging                    II-55
      magic4 Introduces Mobile Messaging Suite .                        II-55
      Foxtons and Assertahome Jointly Introduces  New Services          II-55
      Netsize Joins Hands with Jabber to Launch Instant  Messaging
       Services Platform                                                II-55
      Openwave Introduces Software To Facilitate  Multimedia Messaging  II-56
      IBM Launches New Wireless Instant Messaging Solution              II-56

  7. Recent Industry Activity                                           II-57
      Verizon Acquires MCI, Inc                                         II-57
      Colombia Móvil Collaborates With Mobile 365                       II-57
      WEL Corp. Selects Intelligent Messaging Network  of VeriSign      II-57
      Sprint and NEXTEL Merger to Form Sprint Nextel Corp               II-57
      Mobile 365 and MSN India Signs Strategic Alliance with  Mobile
       Operators in India                                               II-57
      Mobile 365 Inks a Strategic Mobile Alliance with Six  Mobile
       Operators in Asia                                                II-57
      PORTA Collaborates with Mobile 365                                II-58
      BSNL Enters into Wireless Network Expansion  Agreement with Nokia II-58
      Telefonica SA Acquires O2                                         II-58
      Cingular Acquires AT&T Wireless                                   II-58
      Arch Wireless, Inc. and Metrocall Holdings, Inc.  Merge to
       form USA Mobility, Inc                                           II-58
      MessageVine and InphoMatch Partners To Provide  Mobile Instant
       Messaging Services                                               II-59
      iTouch Acquires Jippii Mobile Entertainment  from Saunalahti      II-59
      Mobile 365 Receives License to Operate in China                   II-59
      Telecom Serbia Selects MMS Center & Mobile Data  Gateway of
       Comverse                                                         II-59
      Verizon Wireless Acquires PCS Spectrum Licenses  of NextWave      II-59
      Unisys Joins Hands with Nokia to Market MMS Solutions             II-59
      Ericsson, Inc. Merges with Mobeon                                 II-60
      OZ Collaborates with Nokia To Provide Mobile  Instant Messaging   II-60
      LogicaCMG Signs Partnership Agreement with Dejima                 II-60
      Hull Truck Theatre Selects Interactive Messaging  Platform of
       mkodo                                                            II-60
      UK Mobile Operators Collaborates With Each Other                  II-60
      Orange Inks Interconnect Agreement with T-Mobile                  II-60
      Orange Incorporates Amacis Visibility Platform                    II-61
      MobileSys & mBlox Merge to Establish Global  Mobile Messaging
       Powerhouse                                                       II-61
      Tecnomen Oyj Bags Contract From Mobile  Telecommunication Company II-61
      Unisys Bags Contract From PTK Centertel of Poland                 II-61
      Novell Signs Marketing Agreement with PalmSource                  II-61
      Infowave Software Collaborates with Microsoft Corp                II-61
      Tencent Initiates Marketing Campaign to Promote  IM & Wireless QQ II-62
      FarEasTone Acquires KG Telecom                                    II-62
      Comverse Acquires Odigo Inc                                       II-62
      Nokia Signs a Supply Agreement with Radiolinja Origo              II-62

  8. Focus On Select Global Players                                     II-63
      Network Operators/Service Providers                               II-63
       China Mobile Communications Corp. (China)                        II-63
       Cingular Wireless LLC (USA)                                      II-63
       FarEasTone Telecommunications Co. Ltd. (Taiwan)                  II-63
       HSL (UK)                                                         II-63
       Hutchison 3G UK Ltd. (Europe)                                    II-63
       KDDI Corp. (Japan)                                               II-64
       Meteor Mobile Communications (Ireland)                           II-64
       Mobile 365 (USA)                                                 II-64
       NTT DoCoMo (Japan)                                               II-64
       O2 PLC (UK)                                                      II-65
       Orange S.A. (France)                                             II-65
       Radiolinja (Finland)                                             II-65
       SK Telecom (Korea)                                               II-65
       Sprint Nextel Corp. (USA)                                        II-66
       Swisscom Group (Switzerland)                                     II-66
       Telefonica Group (Spain)                                         II-66
        Telefónica Móviles                                              II-67
       Telenor Group (Norway)                                           II-67
       T-Mobile (USA)                                                   II-67
       Turkcell (Turkey)                                                II-67
       Vodafone Group PLC (UK)                                          II-68
       J-Phone Co., Ltd. (Japan)                                        II-68
       Verizon Wireless (USA)                                           II-68
      Application Developers/ Content Service Providers                 II-68
       Air2Web, Inc. (USA)                                              II-68
       Colibria AS (Norway)                                             II-68
       Comverse, Inc. (USA)                                             II-69
       Ecrio, Inc. (USA)                                                II-69
       Followap Ltd. (USA)                                              II-69
       InfoSpace, Inc. (North America)                                  II-69
       MATERNA Information & Communications  (Germany)                  II-70
       Research In Motion\BlackBerry (USA)                              II-70
       MessageVine  (USA)                                               II-70
       Openwave Systems, Inc. (USA)                                     II-70
       OZ Communications, Inc. (Canada)                                 II-71
      Mobile Device Vendors                                             II-71
       Ericsson, Inc. (Sweden)                                          II-71
       Motorola, Inc. (USA)                                             II-71
       Nokia Corp. (USA)                                                II-71
       Palm, Inc. (USA)                                                 II-72

  9. Global Market Perspective                                          II-73
      Table 25: World Recent Past, Current & Future Analysis for
      Mobile Messaging Services by Geographic Region/Country - US,
      Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin
      America and Middle East Markets Independently Analyzed with
      Annual Revenues in US$ Million for Years 2000 through 2010
      (includes corresponding Graph/Chart)                              II-73

      Table 26: World 10-Year Perspective for Mobile Messaging
      Services by Geographic Region/Country - Percentage Breakdown
      of Revenues for US, Canada, Japan, Europe,  Asia-Pacific
      (excluding Japan), Latin America and  Middle East Markets for
      Years 2000, 2005 and 2010  (includes corresponding
      Graph/Chart)                                                      II-73

      Table 27: World Recent Past, Current & Future Analysis for
      Short Messaging Services by Geographic Region/Country - US,
      Canada, Japan, Europe, Asia-Pacific (excluding Japan),  Latin
      America and Middle East Markets Independently  Analyzed with
      Annual Revenues in US$ Million for Years  2000 through 2010
      (includes corresponding Graph/Chart)                              II-74

      Table 28: World 10-Year Perspective for Short Messaging
      Services by Geographic Region/Country - Percentage Breakdown
      of Revenues for US, Canada, Japan, Europe,  Asia-Pacific
      (excluding Japan), Latin America and  Middle East for Years
      2000, 2005 and 2010  (includes corresponding Graph/Chart)         II-74

      Table 29: World Recent Past, Current & Future Analysis for
      Basic-SMS by Geographic Region/Country - US, Canada, Japan,
      Europe, Asia-Pacific (excluding Japan), Latin America and
      Middle East Markets Independently Analyzed with Annual
      Revenues in US$ Million for Years 2000 through 2010  (includes
      corresponding Graph/Chart)                                        II-75

      Table 30: World 10-Year Perspective for Basic-SMS by
      Geographic Region/Country - Percentage Breakdown of Revenues
      for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan),
      Latin America and Middle East for Years 2000, 2005 and 2010
      (includes corresponding Graph/Chart)                              II-75

      Table 31: World Recent Past, Current & Future Analysis for
      Advanced-SMS by Geographic Region/Country - US, Canada, Japan,
      Europe, Asia-Pacific (excluding Japan), Latin America and
      Middle East Markets Independently Analyzed with Annual
      Revenues in US$ Million for Years 2000 through 2010  (includes
      corresponding Graph/Chart)                                        II-76

      Table 32: World 10-Year Perspective for Advanced-SMS by
      Geographic Region/Country - Percentage Breakdown of Revenues
      for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan),
      Latin America and Middle East for Years 2000, 2005 and 2010
      (includes corresponding Graph/Chart)                              II-76

      Table 33: World Recent Past, Current & Future Analysis  for
      Multimedia Messaging Services by Geographic Region/Country -
      US, Canada, Japan, Europe,  Asia-Pacific (excluding Japan),
      Latin America and  Middle East Markets Independently Analyzed
      with Annual Revenues in US$ Million for Years 2002 through
      2010  (includes corresponding Graph/Chart)                        II-77

      Table 34: World 8-Year Perspective for Multimedia Messaging
      Services by Geographic Region/Country - Percentage Breakdown
      of Revenues for US, Canada, Japan, Europe,  Asia-Pacific
      (excluding Japan), Latin America and Middle  East for Years
      2002, 2005 and 2010 (includes  corresponding Graph/Chart)         II-77

      Table 35: World Recent Past, Current & Future Analysis  for
      Mobile Email by Geographic Region/Country - US,  Canada,
      Japan, Europe, Asia-Pacific (excluding Japan),  Latin America
      and Middle East Markets Independently  Analyzed with Annual
      Revenues in US$ Million for  Years 2002 through 2010 (includes
      corresponding  Graph/Chart)                                       II-78

      Table 36: World 8-Year Perspective for Mobile Email by
      Geographic Region/Country - Percentage Breakdown of Revenues
      for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan),
      Latin America and Middle East for  Years 2002, 2005 and 2010
      (includes  corresponding Graph/Chart)                             II-78

      Table 37: World Recent Past, Current & Future Analysis for
      Others (Includes Mobile Instant Messaging & Push-to-Talk) by
      Geographic Region/Country - US, Canada, Japan, Europe,
      Asia-Pacific (excluding Japan), Latin America and Middle  East
      Markets Independently Analyzed with Annual Revenues  in US$
      Million for Years 2002 through 2010  (includes corresponding
      Graph/Chart)                                                      II-79

      Table 38: World 8-Year Perspective for Others (Includes
      Mobile Instant Messaging & Push-to-Talk) by Geographic
      Region/Country - Percentage Breakdown of Revenues for US,
      Canada, Japan, Europe, Asia-Pacific (excluding Japan),  Latin
      America and Middle East for Years 2002, 2005  and 2010
      (includes corresponding Graph/Chart)                              II-79


III. MARKET

  1. The United States                                                  III-1
      A.Market Analysis                                                 III-1
        Outlook                                                         III-1
         Mobile Messaging-A Primer                                      III-1
          Table 39: US Mobile Communication Market (2004):
          Acceptance Rate of Mobile Network Standards such as CDMA,
          TDMA/ D-AMPS and GSM 1900 (includes corresponding
          Graph/Chart)                                                  III-2
         Steep Mobile Penetration Rate Signals High Degree  of
          Acceptance...                                                 III-2
           Table 40: North American Mobile Penetration Rate for the
            Years 2002 Through 2006 (includes corresponding Graph/
             Chart)                                                     III-2
         Text Messaging in Seventh Heaven                               III-2
          Who is Texting More in the US?                                III-3
           Table 41: US Mobile Messaging Market (2004): Percentage
           Breakdown of Short Messages Sent -Ranked by Age
           Group-Generation Y (ages 18-27), Generation X (ages
           28-39), Baby Boomers (age 40-49) (Older Baby Boomers
           (ages 50-58),  and Over age 60 (includes corresponding
           Graph/Chart)                                                 III-3

           Table 42: US Mobile Messaging Market: Percentage
           Breakdown of Short Messages Sent-Ranked by Age
           Group-18-27 Years, 28-39 Years and Above 40 (includes
           corresponding Graph/Chart)                                   III-4
         Mobile Content-Growth Potential of the  Auxiliary Market       III-4
           What is it?                                                  III-4
           How to Capitalize?                                           III-4
         Businesses Benefits from Messaging  Functionalities            III-4
         Americans Quick to Latch onto Mobile  Instant Messaging        III-5
           IM: Firing Up Young Blood                                    III-5
            Table 43: Young Subscribers Turbo Charge  Instant
            Messaging - A Peek into Substantiating Numerics Taking
            the US Market as a Demonstrative Example (includes
            corresponding Graph/Chart)                                  III-6
        Photo Messaging Gaining Grounds                                 III-6
        Service Launches                                                III-6
        Strategic Corporate Developments                                III-7
        Focus on Select Players                                         III-9
      B.Market Analytics                                                III-14
        Table 44: US Recent Past, Current & Future Analysis for
        Mobile Messaging Services by Type- Short Messaging Services
        (Basic-SMS & Advanced-SMS), Multimedia Messaging Services,
        Mobile Email, and Others (Includes Mobile Instant Messaging &
        Push-To-Talk) Markets Independently Analyzed with Annual
        Revenues in US$ Million for Years 2000 through 2010
        (includes corresponding Graph/Chart)                            III-14

        Table 45: US 10-Year Perspective for Mobile Messaging
        Services by Type - Percentage Breakdown of Revenues for
        Short Messaging Services (Basic-SMS and Advanced-SMS),
        Multimedia Messaging Services, Mobile Email, and Others
        (Includes Mobile Instant Messaging & Push-To-Talk) for Years
        2000, 2005 and 2010 (includes corresponding Graph/Chart)        III-15

  2. Canada                                                             III-16
      A.Market Analysis                                                 III-16
        Outlook                                                         III-16
        Market Overview                                                 III-16
        Leading Player                                                  III-16
      B.Market Analytics                                                III-17
        Table 46: Canadian Recent Past, Current & Future  Analysis
        for Mobile Messaging Services by Type - Short Messaging
        Services (Basic-SMS and Advanced-SMS), Multimedia Messaging
        Services, Mobile Email, and Others (Includes Mobile Instant
        Messaging & Push-To-Talk) Markets Independently Analyzed
        with Annual Revenues  in US$ Million for Years 2000 through
        2010  (includes corresponding Graph/Chart)                      III-17

        Table 47: Canadian 10-Year Perspective for Mobile Messaging
        Services by Type - Percentage Breakdown of Revenues for
        Short Messaging Services (Basic-SMS and Advanced-SMS),
        Multimedia Messaging Services, Mobile Email, and Others
        (Includes Mobile Instant Messaging & Push-To-Talk) for Years
        2000, 2005 and 2010  (includes corresponding Graph/Chart)       III-17

  3. Japan                                                              III-18
      A.Market Analysis                                                 III-18
        Outlook                                                         III-18
        Japan-The Trend Setter                                          III-18
         Table 48: Japanese Mobile penetration Rate for  the Years
         2002 through 2007 (includes  corresponding Graph/Chart)        III-18
        Key Players                                                     III-19
      B.Market Analytics                                                III-20
        Table 49: Japanese Recent Past, Current & Future Analysis
        for Mobile Messaging Services by Type - Short Messaging
        Services (Basic-SMS and Advanced-SMS), Multimedia Messaging
        Services, Mobile Email, and Others (Includes Mobile Instant
        Messaging & Push-To-Talk) Markets Independently Analyzed
        with Annual Revenues  in US$ Million for Years 2000 through
        2010  (includes corresponding Graph/Chart)                      III-20

        Table 50: Japanese 10-Year Perspective for Mobile Messaging
        Services by Type - Percentage Breakdown of Revenues for
        Short Messaging Services (Basic-SMS and Advanced-SMS),
        Multimedia Messaging Services,  Mobile Email, and Others
        (Includes Mobile Instant Messaging & Push-To-Talk) for Years
        2000, 2005  and 2010 (includes corresponding Graph/Chart)       III-20

  4. Europe                                                             III-21
      A.Market Analysis                                                 III-21
        Outlook                                                         III-21
         Regional Review                                                III-21
        Europe-Leading The Front                                        III-21
        SMS Revenues Set to Level Off Gradually                         III-22
        Vital Statistics                                                III-22
         Table 51: European Mobile Messaging Market (2003): Leading
         European Countries Ranked by Mobile Penetration Rate -
         Italy, Spain, United Kingdom,  Rest of Europe, Germany,
         France and Russia  (includes corresponding Graph/Chart)        III-22

         Table 52: European Mobile Messaging Market  (2004-2006):
         Percentage Breakdown of  SMS Messages Sent -Ranked by
         Application (P2P and A2P)                                      III-23

         Table 53: European Mobile Messaging Market  (2004-2006):
         Percentage Breakdown of  MMS Messages Sent -Ranked by
         Application  (P2P and A2P)                                     III-23
        Value-Added Services & Content Provide Opportunities  for
         Mobile Content Providers                                       III-23
        GPRS Springboard for 3G Networks                                III-23
         Table 54: European Mobile Industry (2002-2005): Number of
         Mobile Data Service Subscribers  Ranked by Type of
         Technology- SMS Only,  GSM/WAP service, GPRS service and
         UMTS service  (In Millions)                                    III-24
        Where Did Fixed-Line SMS Win-East or West?                      III-24
        Service Launch                                                  III-24
        Strategic Corporate Development                                 III-25
      B.Market Analytics                                                III-25
        Table 55: European Recent Past, Current & Future  Analysis
        for Mobile Messaging Services by Geographic Region/Country-
        France, Germany, United Kingdom,  Italy, Spain, Russia and
        Rest of Europe Markets Independently Analyzed with Annual
        Revenues  in US$ Million for Years 2000 through 2010
        (includes corresponding Graph/Chart)                            III-25

        Table 56: European 10-Year Perspective for Mobile Messaging
        Services by Geographic Region/Country - Percentage Breakdown
        of Revenues for France,  Germany, United Kingdom, Italy,
        Spain,  Russia and Rest of Europe Markets for  Years 2000,
        2005 and 2010 (includes  corresponding Graph/Chart)             III-26

        Table 57: European Recent Past, Current & Future Analysis
        for Mobile Messaging Services by Type - Short Messaging
        Services (Basic-SMS & Advanced-SMS), Multimedia Messaging
        Services, Mobile Email, and Others (Includes Mobile Instant
        Messaging & Push-To-Talk) Markets Independently Analyzed
        with Annual Revenues in US$ Million for Years 2000 through
        2010 (includes corresponding Graph/Chart)                       III-27

        Table 58: European 10-Year Perspective for Mobile Messaging
        Services by Type - Percentage Breakdown of Revenues for
        Short Messaging Services (Basic-SMS and Advanced-SMS),
        Multimedia Messaging Services, Mobile Email, and Others
        (Includes Mobile Instant Messaging & Push-To-Talk) for Years
        2000, 2005 and 2010  (includes corresponding Graph/Chart)       III-27

  4a. France                                                            III-28
      A.Market Analysis                                                 III-28
        Outlook                                                         III-28
        Service Launches                                                III-28
        Strategic Corporate Development                                 III-29
        Key Player                                                      III-29
      B.Market Analytics                                                III-30
        Table 59: French Recent Past, Current & Future Analysis for
        Mobile Messaging Services by Type - Short Messaging Services
        (Basic-SMS and Advanced-SMS), Multimedia Messaging Services,
        Mobile Email, and Others (Includes Mobile Instant Messaging &
        Push-To-Talk) Markets Independently Analyzed with Annual
        Revenues in US$ Million for Years 2000 through 2010
        (includes corresponding Graph/Chart)                            III-30

        Table 60: French 10-Year Perspective for Mobile Messaging
        Services by Type - Percentage Breakdown of Revenues for
        Short Messaging Services (Basic-SMS and Advanced-SMS),
        Multimedia Messaging Services, Mobile Email, and Others
        (Includes Mobile Instant Messaging & Push-To-Talk) for Years
        2000, 2005 and 2010  (includes corresponding Graph/Chart)       III-30

  4b. Germany                                                           III-31
      A.Market Analysis                                                 III-31
        Outlook                                                         III-31
        Leading Player                                                  III-31
      B.Market Analytics                                                III-32
        Table 61: German Recent Past, Current & Future Analysis for
        Mobile Messaging Services by Type - Short Messaging Services
        (Basic-SMS & Advanced-SMS), Multimedia Messaging Services,
        Mobile Email, and Others (Includes Mobile Instant Messaging &
        Push-To-Talk) Markets Independently Analyzed with Annual
        Revenues in US$ Million for Years 2000 through 2010
        (includes corresponding Graph/Chart)                            III-32

        Table 62: German 10-Year Perspective for Mobile Messaging
        Services by Type - Percentage Breakdown of Revenues for
        Short Messaging Services (Basic-SMS and Advanced-SMS),
        Multimedia Messaging Services, Mobile Email, and Others
        (Includes Mobile Instant Messaging & Push-To-Talk)  for
        Years 2000, 2005 and 2010 (includes  corresponding
        Graph/Chart)                                                    III-32

  4c. United Kingdom                                                    III-33
      A.Market Analysis                                                 III-33
        Outlook                                                         III-33
        Service Launches                                                III-33
        Strategic Corporate Developments                                III-34
        Key Players                                                     III-35
      B.Market Analytics                                                III-37
        Table 63: UK Recent Past, Current & Future Analysis for
        Mobile Messaging Services by Type - Short Messaging Services
        (Basic-SMS and Advanced-SMS), Multimedia Messaging Services,
        Mobile Email, and Others (Includes Mobile Instant Messaging &
        Push-To-Talk) Markets Independently Analyzed with Annual
        Revenues in US$ Million for Years 2000 through 2010
        (includes corresponding Graph/Chart)                            III-37

        Table 64: UK 10-Year Perspective for Mobile Messaging
        Services by Type - Percentage Breakdown of Revenues for
        Short Messaging Services (Basic-SMS and Advanced-SMS),
        Multimedia Messaging Services, Mobile Email, and Others
        (Includes Mobile Instant Messaging & Push-To-Talk) for Years
        2000, 2005 and 2010 (includes corresponding Graph/Chart)        III-37

  4d. Italy                                                             III-38
      A.Market Analysis                                                 III-38
        Outlook                                                         III-38
      B.Market Analytics                                                III-38
        Table 65: Italian Recent Past, Current & Future Analysis for
        Mobile Messaging Services by Type - Short Messaging Services
        (Basic-SMS & Advanced-SMS), Multimedia Messaging Services,
        Mobile Email, and Others (Includes Mobile Instant Messaging &
        Push-To-Talk) Markets Independently Analyzed with Annual
        Revenues in US$ Million for Years 2000  through 2010
        (includes corresponding Graph/Chart)                            III-38

        Table 66: Italian 10-Year Perspective for Mobile  Messaging
        Services by Type - Percentage Breakdown of Revenues for
        Short Messaging Services (Basic-SMS and Advanced-SMS),
        Multimedia Messaging Services, Mobile Email, and Others
        (Includes Mobile Instant Messaging & Push-To-Talk) for Years
        2000, 2005 and 2010  (includes corresponding Graph/Chart)       III-39

  4e. Spain                                                             III-40
      A.Market Analysis                                                 III-40
        Outlook                                                         III-40
        Leading Player                                                  III-40
      B.Market Analytics                                                III-41
        Table 67: Spanish Recent Past, Current & Future Analysis for
        Mobile Messaging Services by Type - Short Messaging Services
        (Basic-SMS and Advanced-SMS), Multimedia Messaging Services,
        Mobile Email, and Others (Includes Mobile Instant Messaging &
        Push-To-Talk) Markets Independently Analyzed with Annual
        Revenues in US$ Million for Years 2000 through 2010
        (includes corresponding Graph/Chart)                            III-41

        Table 68: Spanish 10-Year Perspective for Mobile Messaging
        Services by Type - Percentage Breakdown of Revenues for
        Short Messaging Services (Basic-SMS and Advanced-SMS),
        Multimedia Messaging Services, Mobile Email, and Others
        (Includes Mobile Instant Messaging & Push-To-Talk) for Years
        2000, 2005 and 2010  (includes corresponding Graph/Chart)       III-41

  4f. Russia                                                            III-42
      A.Market Analysis                                                 III-42
        Outlook                                                         III-42
      B.Market Analytics                                                III-43
        Table 69: Russian Recent Past, Current & Future Analysis for
        Mobile Messaging Services by Type - Short Messaging Services
        (Basic-SMS and Advanced-SMS), Multimedia Messaging Services,
        Mobile Email, and Others (Includes Mobile Instant Messaging &
        Push-To-Talk) Markets Independently Analyzed with Annual
        Revenues in US$ Million for Years 2000 through 2010
        (includes corresponding Graph/Chart)                            III-43

        Table 70: Russian 10-Year Perspective for Mobile Messaging
        Services by Type - Percentage Breakdown of Revenues for
        Short Messaging Services (Basic-SMS and Advanced-SMS),
        Multimedia Messaging Services, Mobile Email, and Others
        (Includes Mobile Instant Messaging & Push-To-Talk) for Years
        2000, 2005 and 2010  (includes corresponding Graph/Chart)       III-43

  4g. Rest of Europe                                                    III-44
      A.Market Analysis                                                 III-44
        Outlook                                                         III-44
        Strategic Corporate Developments                                III-44
        Key Players                                                     III-45
         Network Operators/Service Providers                            III-45
         Application Developer/ Content Service Provider                III-46
         Mobile Device Vendor                                           III-46
      B.Market Analytics                                                III-47
        Table 71: Rest of Europe Recent Past, Current & Future
        Analysis for Mobile Messaging Services by Type - Short
        Messaging Services (Basic-SMS and Advanced-SMS), Multimedia
        Messaging Services, Mobile Email, and Others (Includes
        Mobile Instant Messaging & Push-To-Talk) Markets
        Independently Analyzed with Annual Revenues  in US$ Million
        for Years 2000 through 2010                                     III-47

        Table 72: Rest of Europe 10-Year Perspective for Mobile
        Messaging Services by Type - Percentage Breakdown of
        Revenues for Short Messaging Services (Basic-SMS and
        Advanced-SMS), Multimedia Messaging Services,  Mobile Email,
        and Others (Includes Mobile Instant Messaging &
        Push-To-Talk) for Years 2000,  2005 and 2010                    III-47

  5. Asia-Pacific                                                       III-48
      A.Market Analysis                                                 III-48
        Outlook                                                         III-48
        Overview of Mobile Data Applications                            III-48
         Table  73: Mobile Telecommunication Market in Asia-Pacific
         (2001-2002): Percentage Breakdown of Mobile Data
         Application Revenues By Product Type- Mobile Messaging,
         Information and Entertainment, Mobile Banking and Financial
         Services and *Others  (includes corresponding Graph/Chart)     III-49

         Table 74: MMS Market in Asia-Pacific (2002-2008): Leading
         Regions- Malaysia, Hong Kong, Australia, Taiwan, Singapore,
         India, Philippines, PRC, South  Korea, and Thailand Ranked
         by CAGR of Mobile Data Users (includes corresponding
         Graph/Chart)                                                   III-49
        ARPUs To Decline in Mature Mobile  Messaging Market             III-49
         Table 75: Mobile Messaging Market in Asia Pacific:
         Percentage of Average Revenue Per User in Select Regions -
         China, Hong Kong, Taiwan, Australia, South Korea and
         Singapore (includes corresponding Graph/Chart)                 III-50
        Asia-Pacific Rules Worldwide Multimedia  Messaging Market...    III-50
          Table 76: MMS Market in Asia-Pacific (2002-2008):
          Percentage Breakdown of Growth in MMS Users in Select
          Countries- India, Hong Kong, South Korea, Australia,
          Taiwan, Philippines, Singapore, and PRC (includes
          corresponding Graph/Chart)                                    III-51

          Table 77: Mobile Messaging Market in Asia-Pacific
          (2004-2007): Percentage Breakdown of MMS  Messages Sent -
          By Application (P2P and C2P)                                 	III-51
         China Dominates the Asia-Pacific MMS Market                    III-51
          Table 78: Mobile Messaging Market in Asia-Pacific:
          Percentage Breakdown of MMS Revenues by Region-China,
          South Korea, Taiwan, Australia, Hong Kong  and Singapore
          (includes corresponding  Graph/Chart)                         III-52
        Chinese Mobile Operators takes Strides to  Uplift SMS Market    III-52
        Indian Market                                                   III-52
         Table 79: Mobile Communication Industry in  Asia-Pacific
         (2002-2008): Leading Countries  Ranked by CAGR of Mobile
         Subscribers  (includes corresponding Graph/Chart)              III-53
        Service Launches                                                III-53
        Strategic Corporate Developments                                III-54
        Key Players                                                     III-54
      B.Market Analytics                                                III-56
        Table 80: Asia-Pacific Recent Past, Current & Future
        Analysis for Mobile Messaging Services by Type - Short
        Messaging Services (Basic-SMS and Advanced-SMS), Multimedia
        Messaging Services, Mobile Email, and Others (Includes
        Mobile Instant Messaging & Push-To-Talk) Markets
        Independently Analyzed with Annual Revenues  in US$ Million
        for Years 2000 through 2010  (includes corresponding
        Graph/Chart)                                                    III-56

        Table 81: Asia-Pacific 10-Year Perspective for Mobile
        Messaging Services by Type - Percentage Breakdown of
        Revenues for Short Messaging Services (Basic-SMS and
        Advanced-SMS), Multimedia Messaging Services, Mobile Email,
        and Others (Includes Mobile Instant Messaging &
        Push-To-Talk) for Years 2000, 2005 and 2010  (includes
        corresponding Graph/Chart)                                      III-56

  6. Latin America                                                      III-57
      A.Market Analysis                                                 III-57
        Outlook                                                         III-57
        Mobile Messaging Market in Recent Past,  Current & Future       III-57
          Table 82: Mobile Messaging Market in Latin America
          (2003-2007): Percentage Breakdown of Mobile Subscribers
          Ranked By Technology-CDMA, GSM, TDMA and Analogue
          (includes corresponding Graph/Chart)                          III-58
        Strategic Corporate Developments                                III-59
        Leading Player                                                  III-59
      B.Market Analytics                                                III-60
        Table 83: Latin American Recent Past, Current & Future
        Analysis for Mobile Messaging Services by Type - Short
        Messaging Services (Basic-SMS and Advanced-SMS), Multimedia
        Messaging Services, Mobile Email, and Others (Includes
        Mobile Instant Messaging & Push-To-Talk) Markets
        Independently Analyzed with Annual Revenues  in US$ Million
        for Years 2000 through 2010  (includes corresponding
        Graph/Chart)                                                    III-60

        Table 84: Latin American 10-Year Perspective for Mobile
        Messaging Services by Type - Percentage Breakdown of
        Revenues for Short Messaging Services (Basic-SMS and
        Advanced-SMS), Multimedia Messaging Services, Mobile Email,
        and Others (Includes Mobile Instant Messaging &
        Push-To-Talk) for Years 2000, 2005 and 2010  (includes
        corresponding Graph/Chart)                                      III-60

  7. Middle East                                                        III-61
      A.Market Analysis                                                 III-61
        Outlook                                                         III-61
      B.Market Analytics                                                III-62
        Table 85: Middle East Recent Past, Current & Future Analysis
        for Mobile Messaging Services by Type - Short Messaging
        Services (Basic-SMS and Advanced-SMS), Multimedia Messaging
        Services, Mobile Email, and Others (Includes Mobile Instant
        Messaging & Push-To-Talk) Markets Independently Analyzed
        with Annual Revenues  in US$ Million for Years 2000 through
        2010  (includes corresponding Graph/Chart)                      III-62

        Table 86: Middle East 10-Year Perspective for Mobile
        Messaging Services by Type - Percentage Breakdown of
        Revenues for Short Messaging Services (Basic-SMS and
        Advanced-SMS), Multimedia Messaging Services, Mobile Email,
        and Others (Includes Mobile Instant Messaging &
        Push-To-Talk) for Years 2000, 2005 and 2010  (includes
        corresponding Graph/Chart)                                      III-62


 IV. COMPETITIVE LANDSCAPE