This paper tries to identify what shapes the mobile services industry and what changes will take place to the worldwide mobile business. Two case markets are introduced for comparison and analysis: Japan and Finland. Japan is an exemplar country where both the mobile subscription penetration rate and the revenue from data transfer are world record high. Finland is a birthplace of the world’s leading handset manufacturer as well as the center for a substantial number of innovations in Europe. The two countries represent a stark contrast in the industry structure: vertical and integrated vs. horizontal and modular. After an in-depth comparison of the two markets, a brief prospect of the future mobile industry is provided.