APAC mobile broadband services market to hit $296b by 2029
Mobile user penetration in the region is set to reach 82.9% by the same year.
The mobile broadband services market in the Asia-Pacific (APAC) region is projected to garner a compound annual growth rate (CAGR) of 5.2%, with revenue rising from $229.6b in 2024 to $296.2b in 2029, according to GlobalData.
This growth is largely driven by the increasing availability and adoption of 5G services, it added.
GlobalData reported that unique mobile user penetration in APAC will reach 82.9% by 2029, supported by expanding network coverage in underserved countries and promotional offers from operators to attract subscribers.
In developed APAC, mobile user growth will be slow, at a CAGR of just 0.4%, due to market saturation. In contrast, emerging markets will see faster growth, aided by affordable handsets and government initiatives to expand network coverage.
“With 5G services already available in most of the developed countries like China, Japan, Australia, Hong Kong, India, and Korea, and set to be launched soon in emerging markets like Bangladesh, Pakistan, and Sri Lanka, revenue prospects for the mobile data segment will remain strong throughout the forecast period,” said Sarwat Zeeshan, a telecom analyst at GlobalData.
Beyond operator-led initiatives, GlobalData said government support for 5G expansion will further strengthen the mobile data market, similar to national strategies regulators in South Korea, Japan, Australia, China, and Taiwan have implemented.
For instance, Japan aims to expand 5G coverage to 97% of its population by 2025 and 99% by 2030.
Meanwhile, Taiwan is expected to reach 94.6% 5G penetration amongst mobile subscribers by 2029, backed by the government’s $1.7b investment to accelerate infrastructure development from 2021 to 2025.
“APAC has also become the centre of a technological race for 5G+ supremacy. South Korea, Japan, and China have gone beyond just the deployment of 5G to the development of the wider 5G ecosystem,” Zeeshan added.
The analyst noted China Mobile’s launch of the world’s first commercial 5G-A network in Hangzhou in March 2024, with plans to expand to over 300 cities across China.
