Singapore Airshow, which will be opened on Tuesday, also has seen large companies out of the event, including the United States aerospace giant Lockheed Martin.
"We are contending with a constantly evolving situation that will require fast adaptability", the GSMA said.
Similarly, AT & T issued a statement regarding its withdrawal stating, "After careful discussions and planning, we have decided that we will not participate in GSMA Mobile World Congress Barcelona 2020".
The company said it would no longer hold a press conference at the event, but would still have a booth open on the show floor.
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Typically attended by more than 100,000 people, the late-February event has been the wireless industry's biggest trade show for more than three decades. "While we appreciate the precautionary measures put into place by the GSMA, we believe the safest option is not to attend MWC 2020 in Barcelona".
In a statement, HMD Global cites prioritizing the health and safety of its employees, customers and stakeholders as the main reason for its departure from MWC 2020. However, with the outbreak continuing to spread-we're now at 25 countries-the World Health Organisation has declared a global health emergency, and also said that the outbreak poses a "very grave threat".
It's not clear whether MWC 2020 will be rescheduled for a later date.
"We will make sure that all employees travelling from China show no symptoms and will have been out of China for at least 14 calendar days before their arrival in Barcelona for our launch event and MWC".
Bombardier and Gulfstream Aerospace has also said they will not attend.
As of Wednesday morning, the total number of cases of Covid-19 was around 45,000 globally, with the number of deaths in mainland China reaching 1,113.