Favorable regulatory landscape, 5G will drive overall mobile services market in Singapore, says GlobalData
- Mobile services revenue to grow at 7% CAGR between 2020-2025
- Average monthly mobile data usage to reach to 26.6 GB in 2025
- GlobalData positive about Singapore’s 5G outlook
Favorable regulatory landscape and the expansion of 5G services are expected to drive the overall mobile services market revenue of Singapore at a compound annual growth rate (CAGR) of 7% between 2020 and 2025, according to GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Singapore Mobile Broadband Forecast Pack reveals that though the mobile service revenue in the country declined in 2020 due to free offers and addon mobile data top-ups provided at no additional cost by the operators to support their subscribers amidst the COVID-19 crisis, it is expected to recover from 2021 and witness an upward trend in the forecast period.
The average monthly mobile data usage is expected to increase from 5.6 GB in 2020 to about 26.6 GB in 2025, driven by the growing consumption of high-bandwidth online entertainment and social media content over smartphones.
4G services accounted for 84% of the total mobile subscriptions in the Singapore’s mobile communication market as of 2020. Singtel led the mobile services market, in terms of mobile subscriptions in 2020, followed by StarHub and M1.
GlobalData is positive about the country’s 5G outlook and estimates 5G subscriptions to hold 58% market share, surpassing 4G subscriptions in 2025. Singtel will retain its leading position during the forecast period, supported by its strong focus on 5G network expansion to drive its 5G user base.
Antariksh Raut, Telecom Analyst at GlobalData, comments: “Singapore’s telecom regulator Infocomm Media Development Authority (IMDA), under its 5G Innovation Programme, has been infusing funds to accelerate the adoption and commercialization of 5G solutions. In January 2021, IMDA had announced funds of around US$22.3m to support 5G. This will help the country’s 5G market to overcome the impact of COVID-19 crisis and see the faster adoption of 5G services in the coming years.”
GlobalData’s Singapore Mobile Broadband Forecast:
Singapore Mobile Broadband Forecast Pack quantifies current and future demand and spending on mobile voice and data services. The data is published quarterly.
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