Global 5G subscriptions is forecast to reach 1.5 billion by 2024, says GlobalData, a leading data and analytics company.
The Asia Pacific will be the largest 5G region in terms of subscriptions by 2024 with 954 million, followed by North America and Europe with 254 million and 242 million, respectively. Whereas, Africa, the Middle East and Latin America regions will be slower to adopt 5G.
The company’s latest report reveals that the adoption of mobile 5G services will be supported by the increasing demand for mobile data connectivity at higher speeds, the development of the IoT industry and the emergence of low-latency services.
GlobalData expects annual mobile 5G service revenue to reach US$301bn by 2024. Asia Pacific will again be the largest overall contributor to mobile 5G service revenue with US$122bn; however, North America will see the highest portion of total mobile revenue coming from 5G services, with the region’s forecasted US$110bn in 5G service revenue in 2024 to account for 45% of total mobile service revenue that year. The Asia Pacific and Europe regions will see the second highest contribution from 5G to total mobile service revenue by the end of the forecast period, with mobile 5G service revenue contributing 31% in each region by 2024.
Malcolm Rogers, Senior Technology Analyst, GlobalData
While there is excitement around some of the early network launches in markets such as South Korea, the US, the UK and United Arab Emirates (UAE); the global 5G market will really accelerate over the next two years as more handset manufactures bring 5G capable devices to the market.
