How Much Revenue Mobile Data Market Will Generate Globally Till 2028? |Grand View Research, Inc.
Posted by Mrudula Karmarkar on October 10th, 2022
The global mobile data market size is expected to reach USD 902.5 billion by 2028, registering a CAGR of 6.9% over the forecast period, according to a new report by Grand View Research, Inc. The market is mainly driven by constantly increasing smartphone adoption, customer shift towards next-generation network technologies, and rising spending on the deployment of 5G infrastructure. The increase in the number of smartphones and the advent of social media platforms, according to the GSM Association, have been important growth drivers for the mobile data services industry. Aside from commercial digital transformation, the rising use of online learning has not only raised the need for digital education but also represents a high demand for continuous broadband connectivity.
Broadband services are essential for the digital transformation of a variety of industrial sectors, which encourages market expansion. Increased online commerce for retail items and services, digitalization of healthcare data, e-government initiatives, and rapidly growing social media are all contributing to market expansion. Mobile data services have shown immense growth in recent years and have enormous potential for advancing the digital transformation across various industry verticals by increasing productivity and lowering costs.
The trend of online learning is quickly gaining traction as more schools, colleges, and institutions embrace digital education, necessitating the need for a stable internet connection. Furthermore, the growing trend of work-from-home practices has permitted large-scale internet service installation in the household sector, owing to COVID-19 imposed lockdowns that stifled activities and created a boom in entertainment and social media platforms.
The Asia Pacific dominated the market in terms of revenue mainly due to wide infrastructure accessibility, technical developments, and vigorous government activities. Over the next several years, Asia Pacific countries-led by China and Japan-will embrace ultra-fast internet on their own, driving consumption rates and broadening the customer base. In addition, internet service providers continue to provide add-on services at affordable prices to appeal to consumers in the middle and lower-income markets. In addition, the region's vast customer base and rising disposable income are two important market growth factors.
North America accounted for a considerable revenue share in 2021 on account of rising internet consumption among enterprises, technically stable regional network infrastructure, and availability of universal broadband coverage. Additionally, advancements in 5G technology have further contributed to the growth of the regional market.
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Rising spending on 5G infrastructure deployment, increasing demand for internet services among developed and developing economies, and constant consumer shift towards smartphone devices and next-generation technologies are factors driving the growth of the market. The global communication market has been one of the most crucial areas for continued technological developments over the previous few decades. The rising need for high-speed data connectivity, an expanding number of mobile users, and rising demand for value-added telecommunications services have further contributed to the growth of the market. The convergence of the internet, mobile businesses, and network carriers in delivering mobile internet and data transfer services are causing significant changes in the telecommunications sector.
Mobile Data Market Report Highlights
Mobile phones are transforming into multi-function computers with increased processing power and display capabilities, and they are firmly entrenched in people's daily lives. In today's world, digital lifestyle gadgets are increasingly reliant on the Internet for optimal functionality, establishing the internet as a communication system's backbone. Additionally, mobile data consumption has risen drastically due to the increase in available bandwidth, rising uses of social media and OTT streaming platforms, and the latest technological advances such as 4G/LTE.
The market for mobile data is continuing to grow at a steady rate, owing to the growing use of broadband in the worldwide communication industry. Governments, businesses, and individuals across the world are increasingly reliant on high-speed, seamless internet connections for education, information, contact center services, and entertainment as the global digitalization trend continues. Additionally, constantly growing research and development activities are anticipated to drive the market for mobile data. Growth of open-source platforms, smartphone display, and sound quality, and super-fast Internet Protocol (IP) networks, among other services are acting as primary factors to attract more customers to the OTT providers 'freemium-based' business model, thus resulting in an ever-increasing adoption rate and strong market growth.
The globalization of businesses and cultures has been expedited by the COVID-19 pandemic. In 2020, despite the economic downturn, mobile internet use continued to rise. According to GSMA Intelligence, by the end of 2020, 28% of Sub-Saharan Africans will have a stable internet connection, continuing the upward trend that began in 2014. Due to evolving business strategies and consumer preferences, digital entertainment platforms and global telecom service providers have benefited from the current circumstance as people around the world grapple with the consequences of the COVID-19 epidemic.
In the contextual environment of COVID-19, the remote working culture is likely to fuel the demand for data services and network infrastructure. Similarly, the temporary closure of multiplexes and other outdoor entertainment places as a result of stringent social distancing has increased the use of different digital platforms, including social networking, gaming, and over-the-top (OTT) apps. Mobile voice traffic has also increased during this time, with major communication companies reporting massive increases in voice traffic since the beginning of the epidemic.
List of Key Players in Mobile Data Market
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About the AuthorMrudula Karmarkar
Joined: March 30th, 2020
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