According to new research, 5 G subscriptions will reach 1.5 billion worldwide by 2024.
It was anticipated that the Asia Pacific area will be the biggest market with nearly a billion subscriptions (954 million). With 254 and 242 million subscriptions, North America and Europe will be a close second and third. Africa, the Near East and Latin America are lagging.
Most of the major drivers of 5 G adoption will be high speeds, the Internet of Things (IoT) and low latency facilities.
In terms of income, analysts are expecting $301 billion in worldwide income in five years. Although Asia Pacific is expected to add most to overall mobile 5 G service profits — $122 billion, North America would see the highest share of total mobile revenue from 5 G facilities — $110 billion, or 45%, globaldata.com revealed.
The areas of Asia Pacific and Europe will contribute 31 percent of total mobile service income.
Malcolm Rogers, GlobalData’s Senior Technology Analyst, told that while there is enthusiasm about some early network releases in markets such as South Korea, the United States, the United Kingdom and the United Arab Emirates (UAE), the global 5 G market will actually accelerate in the next two years as more handset manufacturers bring 5 G capable phones to market.
Currently, only a handful of compatible smartphones are available for each operator with 5 G service availability and generally at the flagship level. Once 5 G devices become more mainstream as well as priced competitively, we expect a significant increase in 5 G subscriptions and income development.
Rogers adds that while the availability of devices and network expansions will help drive the growth of 5 G subscriptions across all worldwide areas, North American operators are already taking a proactive strategy to providing value-added services beyond connectivity.