5G beacon of hope in stagnated Hong Kong mobile services market – GlobalData
The industry is expected to witness only marginal expansion, from $2.7 billion in 2023 to $2.9 billion in 2028. #pressrelease
April 3, 2024
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.
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