It is increasingly important for mobile service providers (MSPs), the traditional wireless carriers, to invest in new business models and operational processes to provide value to their digital transformation efforts. The ecosystem of MSPs – including mobile network operators (MNOs) and telecommunication providers – is also under pressure. For instance, telcos today rely on connectivity offerings – a highly competitive market with eroding profit margins and challenging customer demands, especially from newer generations. Telco expertise is also declining. The total number of patents filed by the Top 20 telcos have been in decline since 2013. Despite telcos discussing about new business areas, they are most active in their comfort zone. Most of their acquisitions are in the connectivity domain. Research-and-development spend is mostly flat, which is also aimed at the connectivity business. Digital transformation is central for MSPs to embrace new market opportunities. Yet, the future market strategies for MSPs encompass challenges, priorities and opportunities that focus on ecosystem and market issues, network and technology as well as business model and client engagement.