5G beacon of hope in stagnated Hong Kong mobile services market – GlobalData

The mobile services market in Hong Kong faces stagnation, with limited overall revenue growth projected despite the anticipated surge in 5G service adoption. While 5G represents a positive trend, the industry is expected to witness only marginal expansion, from $2.7 billion in 2023 to $2.9 billion in 2028, forecasts GlobalData, a leading data and analytics company.

GlobalData's Hongkong Mobile Broadband Forecast Model predicts mobile data service revenue growth in Hong Kong. On the other hand, mobile voice and messaging services’ revenue is expected to decline, indicating a shifting trend towards data-centric communication and consumption patterns.

Though 4G services currently account for majority (61%) of the total mobile subscriptions in the country, 5G subscriptions are projected to grow at a compound annual growth rate (CAGR) of 18.9% between 2023 and 2028 and will go on to account for 79% of total subscriptions in 2028.

Read the full press release here.

GlobalData