The mobile service revenue in Singapore is anticipated to reach over US$2.1 billion by the end of 2028, thereby sticking to a CAGR of 3% right from 2023 to 2028. This is because of the rising adoption of 5G services in the country.
As per the Singapore Mobile Broadband Forecast Q1 2024 report by GlobalData, mobile voice service revenue is anticipated to dip at 5.9% CAGR across the forecast period. This is because of the growth of over-the-top (OTT) communication platforms.
Moreover, there also lies a much-anticipated increase in mobile service revenue in Singapore with a CAGR of 4.7%. This growth is due to the rising demand for mobile data services as well as the anticipated rise in higher average revenue per user–ARPU that is generated by 5G subscriptions.
5G expansion in Singapore
Expansion when it comes to 5G services across Singapore is all set to catalyze this growth trajectory by prominently enhancing the accessibility as well as adoption when it comes to 5G technology across numerous industries. As 5G networks go on to offer unparalleled speed, dependence, and low latency, they help with a plethora of innovative applications and services that range from ultra-high-definition video streaming to the very immersive augmented reality, which is very new.
This kind of heightened connectivity goes on to empower the businesses to roll out advanced IoT solutions, smart infrastructure, and autonomous vehicles, thereby driving productivity and efficiency gains. Besides this, the seamless connectivity that is facilitated by 5G goes on to encourage the consumers, in a way, to engage more extensively with data-intensive activities like gaming, streaming, and video conferencing. All this fuels an uptick when it comes to mobile data usage.
The fact remains that the synergy between the expansion of 5G infrastructure and growing demand when it comes to cutting-edge digital services is all set to push mobile service revenue in Singapore to greater heights in Singapore. The 5G service expansion in Singapore is anticipated to drive this kind of growth as it elevates the availability as well as adoption of technology, thereby further stimulating the usage and revenue of mobile data.
According to GlobalData’s telecom analyst, Kantipudi Pradeepthi, 4G will remain the leading mobile technology in the times to come when it comes to subscriptions until 2024, but 5G services are also not far behind as they are going to see their subscriptions go beyond 4G subscriptions in 2025, thereby clocking an impressive 88% share of the complete mobile subscriptions by the end of 2028.
Maintaining the market’s dominance
Pradeepthi went on to explain that the rise in 5G subscribers can be very well attributed to the rising demand for high-speed data services, consistent building of 5G networks by MNOs (mobile network operators), and the subsequent 5G services availability across the country.
It is well to be noted that Singtel is expected to continue to lead in the mobile service revenue in Singapore through 2028 because of its strong presence when it comes to both postpaid and prepaid segments and also its unmatched endeavors, which are completely focused on developing as well as expanding the 5G networks across the country. In addition to this, a single proactive partnership as well as collaboration opportunities along with system integration, IoT solution providers, application developers, and also other ecosystem partners are going to help the company to maintain its consistent market dominance.