The Asia Pacific will be the largest 5G region in terms of subscriptions by 2024 with 954 million, followed by North America with 254 million and Europe with 242 million, according to analytics company GlobalData. Africa, the Middle East and Latin America will be slower to adopt the new system, according to GlobalData's report, 'Mobile 5G Commercialization: Market Demand and Service Revenue Forecast'.
Malcolm Rogers, senior technology analyst at GlobalData, said there is "excitement" around some of the early network launches in markets such as South Korea, the US, the UK and UAE, and the global 5G market will accelerate over the next two years as more handset manufacturers bring 5G-capable devices to the market.
GlobalData expects annual mobile 5G service revenue to reach USD 301 billion by 2024. Asia Pacific will be the largest overall contributor to mobile 5G service revenue with USD 122 billion But North America will see the highest portion of total mobile revenue coming from 5G services at USD 110 billion in 2024, or 45 percent of total mobile service revenue that year.
The Asia Pacific and Europe regions will see the second highest contribution from 5G to total mobile service revenue, with mobile 5G service revenue contributing 31 percent in each region by 2024.
