Mobile services revenue in South Korea forecast to reach $25.1 bn

The mobile services revenue in South Korea is forecast to reach $25.1 billion in 2028 from $21.1 billion in 2023 — at a compound annual growth rate (CAGR) of 3.5 percent.
5G in South Korea forecast reportThe increase in mobile services revenue in South Korea will be driven by strong growth in M2M/IoT subscriptions and mobile data services segment, according to GlobalData.

The number of M2M/IoT subscriptions in South Korea are set to increase at a CAGR of 10.9 percent between 2023 and 2028, adding fillip to the overall post-paid service revenues through the forecast period.

Mobile voice service revenues in South Korea will continue to decline. Mobile data service revenue in South Korea is set to grow at a CAGR of 6.5 percent between 2023 and 2028, mainly due to the growth in the higher-ARPU 5G subscriptions. The report did not reveal the ARPU for 5G operators.

The 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.

5G subscriptions in South Korea are estimated to account for 85.1 percent share of the total mobile subscriptions in 2028. This growth will be driven by the demand for high-speed mobile internet services, growing M2M/IoT applications, and the initiatives of operators and the government to boost 5G infrastructure in the country.

SK Telecom led the mobile services market in South Korea in terms of mobile subscriptions in 2023. SK Telecom 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.