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South Korea’s mobile services revenue to surge to $25.1B by 2028

The total mobile services revenue in South Korea is poised to increase from $21.1 billion in 2023 to $25.1 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%, mainly driven by robust growth in M2M/IoT subscriptions and mobile data services segment, according to GlobalData, a leading data and analytics company.

GlobalData’s latest South Korea Mobile Broadband Forecast (Q1 2024) reveals that M2M/IoT subscriptions are set to increase at a CAGR of 10.9% between 2023 and 2028, adding fillip to the overall post-paid service revenues through the forecast period.

While the mobile voice service revenues in the country will continue to decline, mobile data service revenue is set to grow at a CAGR of 6.5% between 2023 and 2028, mainly due to the healthy growth in the higher-ARPU 5G subscriptions.

Srikanth Vaidya, Telecom Analyst at GlobalData, comments: “The average monthly mobile data usage in South Korea is expected to increase from 14.6 GB in 2023 to 30.5 GB in 2028, driven by the growing consumption of online video and social media content over smartphones, thanks to widespread availability of 5G services.”

GlobalData is optimistic about South Korea’s mobile broadband services with 5G services leading the way. 5G subscriptions are estimated to account for 85.1% share of the total mobile subscriptions in 2028. This growth will be driven by the growing demand for high-speed mobile internet services, growing M2M/IoT applications, and the initiatives of operators and the government to boost 5G infrastructure in the country.

Vaidya concludes: “SK Telecom led the mobile services market in South Korea in terms of mobile subscriptions in 2023. It is expected to retain its leading position through 2028, primarily driven by its strong focus on the M2M/IoT segment and accelerated pace of its 5G network expansions.” Global Data

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