The total telecom and pay-TV services revenue in Singapore is expected to increase at a compound annual growth rate (CAGR) of 3.0% between 2019 and 2024, supported by revenue growth in mobile data and fixed broadband segments, according to GlobalData, a leading data and analytics company.

GlobalData’s Singapore Telecom Operators Country Intelligence Report predicts that mobile data will account for 26.6% of the total telecom services revenue in 2019 and will remain the largest revenue contributing segment through 2024. Mobile data revenue is projected to grow at a CAGR of 10.6% over 2019-2024 with the arrival of new 5G data plans in 2020 and beyond.

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Deepa Dhingra, Telecom Analyst at GlobalData, says “4G will remain the most adopted wireless network technology through the forecast period despite its share dropping from 82.8% in 2019 to 51.1% by 2024. 5G services are expected to be commercially available in 2020, as the regulator plans to award 5G spectrum by mid-2020.  5G will represent about 47.5% share of total mobile subscriptions by 2024.”

Fixed broadband revenue will increase at a CAGR of 6.5% over 2019-2024, supported by continuous rise in the adoption of fiber network and steady rise in fixed broadband ARPU, led by rising adoption of higher-value broadband plans by operators.

In pay-TV services market, GlobalData expects a decline in revenues at a 2.5% CAGR owing to consumer shift to over-the-top (OTT) video streaming and IPTV services over fixed broadband networks.

Dhingra concludes: “The mobile services market in the Singapore has been going through major changes since the awarding of fourth telco license to TPG Telecom, which has fuelled intense price competition.”