5G to drive Singapore mobile service revenue to over $2B in 2028 – GlobalData

Growing adoption of 5G services in Singapore is expected to boost its mobile data service revenue growth, which will in turn drive the country's overall mobile service revenue to reach $2.1 billion by the end of 2028, at a compound annual growth rate (CAGR) of 3% during 2023-28, according to GlobalData, a leading data and analytics company.

GlobalData's Singapore Mobile Broadband Forecast (Q1-2024) reveals that mobile voice service revenue will decline at a 5.9% CAGR over the forecast period due to the widespread consumer shift towards over-the-top (OTT)-based communication platforms and the subsequent decline in voice service average revenue per user (ARPU) levels.

Mobile data service revenue, on the other hand, will increase at a healthy CAGR of 4.7% between 2023 and 2028, driven by the growing consumption of mobile data services and the projected rise in higher-ARPU yielding-5G subscriptions as 5G services become more widely available across the country.

Singtel will continue to dominate the mobile services market in terms of subscriptions through 2028, given its strong position in both the prepaid and postpaid segments and its focus on 5G network developments and expansion across the country.

Read the full press release here.

GlobalData