The total mobile communications services revenue in the Asia-Pacific (APAC) region is expected to grow at a compound annual growth rate (CAGR) of 8 percent to $479.1 billion in 2028 from $326.2 billion in 2023, driven by the mobile data segment, as the availability and adoption of 5G services across several countries in the region ramp up, data and analytics firm GlobalData said in a report on Monday.

According to the Economic Times, which filed a report on the GlobalData analysis, China is currently the largest 5G market in the world with an estimated 1.5 billion 5G subscriptions in 2023, and is expected to have 3.3 billion 5G subscribers by the end of 2028, driven by investments and the regulatory efforts to expand 5G network and boost adoption.

“With 5G services already available in most countries like China, Japan, Australia, Hong Kong, India and Korea, and set to be launched soon in countries like Sri Lanka, and Bangladesh, the revenue prospect for the mobile data segment will remain strong throughout the forecast period,” Srikanth Vaidya, telecom analyst at GlobalData, said.

Operators like Dialog and Airtel in Sri Lanka, and Grameenphone, Robi, and Teletalk in Bangladesh, for instance, conducted 5G network trails in major cities in their respective countries and are gearing up for 5G service rollout by 2024, he added.