Mobile revenues in Asia to hit $388.7b by 2028
Government backing for 5G expansion initiatives will play an essential role in further boosting the market throughout the region.
The rapid expansion and increasing adoption of 5G services in the Asia Pacific is expected to boost the mobile services market in the region until 2028, data and analytics firm GlobalData said.
Based on the Asia-Pacific Mobile Broadband Forecast Pack (Q4-2023), GlobalData revealed that mobile data services will remain the largest revenue-contributing segment to the overall mobile services market in APAC during 2023-2028.
With this, the total mobile communications services revenue in the Asia-Pacific (APAC) region is expected to increase at a compound annual growth rate (CAGR) of 4% from $321.9b in 2023 to $388.7b in 2028.
“With 5G services already launched in almost all the developed markets including Australia, China, Japan, Hong Kong, and Korea, and set to be launched soon in countries like Bangladesh and Sri Lanka, the revenue prospect for mobile data segment will remain strong through the forecast period,” GlobalData Telecom Analyst Hrushikesh Mahananda said.
Government support for 5G expansion will also strengthen the mobile data services market in the region. Telecom regulatory bodies and governing authorities in countries like Australia, China, India, South Korea, Japan, and Taiwan, have launched national 5G strategies or action plans, outlining the vision and guidelines to establish 5G ecosystems and drive 5G coverage expansions.
These action plans include supporting initiatives such as public sector investment in 5G applications, favourable tax incentives, forums for industry-government collaboration, promotion of 5G led-technological innovations, and license arrangements to enhance spectrum use and reuse.
According to GlobalData, the APAC region has become the centre of the 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, which also means supporting the vast electronics manufacturing and ICT industries in these countries and driving IoT/M2M opportunities.
