5G subscriptions will reach 1.5 billion across the globe by the time we reach 2024, new research from GlobalData has claimed.
It has predicted that the Asia Pacific region will be the largest market, with almost a billion (954 million) subscriptions. North America and Europe will be a close second and third, with 254 and 242 million subscriptions. Africa, Middle East and Latin America will lag behind.
The biggest drivers of 5G adoption will mostly be high speeds, the Internet of Things (IoT) and the emergence of low-latency services.
In terms of revenue, the analysts expect global earnings of $301 billion within five years. Even though Asia Pacific is expected to contribute most to overall mobile 5G service revenue - $122 billion, North America will see the highest portion of total mobile revenue coming from 5G services - $110 billion, or 45 per cent.
Asia Pacific and Europe regions will contribute to total mobile service revenue with 31 per cent each.
Malcolm Rogers, Senior Technology Analyst at GlobalData, says: “While there is excitement around some of the early network launches in markets such as South Korea, the US, the UK and United Arab Emirates (UAE); the global 5G market will really accelerate over the next two years as more handset manufactures bring 5G capable devices to the market.
“Currently each operator with 5G service availability only has a handful of compatible smartphones on offer and usually at the flagship tier. Once 5G devices become more mainstream and competitively priced, we expect a large uptick in 5G subscription and revenue growth.”