Malaysia’s mobile service industry is on track for steady growth, with total revenue projected to rise from USD 5.1 billion in 2024 to USD 6.1 billion in 2029, marking a compound annual growth rate (CAGR) of 3.5%.
According to GlobalData, the upswing is being fueled by surging mobile data consumption, accelerated 5G adoption, and a growing shift toward over-the-top (OTT) communication platforms.
GlobalData noted a continued decline in mobile voice revenue—set to drop at a CAGR of 1.1% between 2024 and 2029—as consumers increasingly opt for OTT messaging and calling services. In contrast, mobile data revenue is forecast to climb at a 5.1% CAGR, supported by a rise in mobile internet users, expanding data use, and a greater uptake in high-value (HV) 5G plans.
While 4G dominated Malaysia’s mobile landscape until 2024, 5G subscriptions are set to surpass 4G subscriptions in 2025 and will account for 84% of total mobile subscriptions by 2029. The shift is propelled by continued government and operator investment in 5G infrastructure, with network coverage reaching 82.4% of populated areas by the end of 2024.
The expansion of 5G is also expected to boost machine-to-machine (M2M) and Internet of Things (IoT) services. M2M/IoT subscriptions are projected to grow at a CAGR of 14.7% through 2029.
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