Mobile data will remain the leading contributor to telecom service revenue over the forecast period, increasing from $131.2bn in 2019 to $194.6bn in 2024.
Total telecommunications and pay-TV service revenue will reach $404.5bn by the end of 2019, representing a 0.5% decline over 2018. Ivan Maldonado, Technology Analyst at GlobalData, comments: “Despite this decline, which is mainly due to declining revenues from mobile and fixed-voice data communications, total service revenue is expected to increase at a compound annual growth rate (CAGR) of 0.7% between 2019 and 2024 to reach US$419.4bn by 2024 driven by growth mobile broadband and fixed broadband revenues.”
“Mobile data will remain the leading contributor to telecom service revenue over the forecast period, increasing from $131.2bn in 2019 to $194.6bn in 2024. Growth will be supported by the uptake of smartphone subscriptions, increasing demand for mobile data services, and growing adoption of 5G services.”
Fixed broadband revenue will expand at a CAGR of 4% over the 2019-2024 period, reaching $78.5bn in 2024. Growth will be mainly driven by increased adoption of ultrafast broadband service connections, supported by operator investments in fiber infrastructure across the country.
Maldonado adds: “Pay-TV revenue will drop from $94.4bn in 2019 to US$84bn by 2024 as a result of cord-cutting trends.”