The total revenue from mobile services in South Korea is projected to rise from USD 21.1 billion in 2023 to USD 25.1 billion in 2028, with a compound annual growth rate (CAGR) of 3.5%. This growth is primarily attributed to the strong expansion in subscriptions for M2M/IoT and the mobile data services segment.
GlobalData's latest South Korea Mobile Broadband Forecast (Q1 2024) indicates that M2M/IoT subscriptions are expected to grow at a CAGR of 10.9% from 2023 to 2028, contributing significantly to the overall revenue from post-paid services during the forecast period.
Read More: South Korea Pledges USD 6.94 Billion Investment in AI
While revenue from mobile voice services is expected to decline, mobile data service revenue is projected to increase at a compound annual growth rate (CAGR) of 6.5% between 2023 and 2028, primarily due to the robust growth in 5G subscriptions with higher average revenue per user (ARPU).
Srikanth Vaidya, a Telecom Analyst at GlobalData, noted, “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.”
Read More: South Korea’s Telecom and Pay-TV Services Expected to Grow in the Next Five Years
GlobalData projects strong confidence in South Korea's mobile broadband services, with 5G leading the way. By 2028, 5G is expected to account for 85.1% of all mobile subscriptions. This rapid growth is driven by a rising demand for high-speed mobile internet, the expanding use of M2M/IoT applications, and significant efforts by both operators and the government to bolster 5G infrastructure across the country.
Vaidya added, “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.”
Read More: South Korea to Roll Out 6G in 2028
