Mobile services to hit $2b in 2029 with 5G driving revenue stability

Singtel will continue to lead the mobile services market in terms of subscriptions through 2029.

Singapore’s total mobile service revenue is expected to reach $2b, maintaining a compound annual growth rate (CAGR) of 0.8% from 2024 to 2029, according to GlobalData.

The growing adoption of 5G services in Singapore is set to drive revenue stability and innovation in the telecom sector, counteracting the decline in mobile voice service revenue.

GlobalData’s Singapore Mobile Broadband Forecast (Q4-2024) reveals that mobile voice service revenue will decline at a 5.4% CAGR over the forecast period due to the widespread consumer shift towards over-the-top-based (OTT) communication platforms and the subsequent decline in voice service average revenue per user (ARPU) levels.

Meanwhile, mobile data service revenue will increase at a CAGR of 5.2% between 2024 and 2029, driven by the growing consumption of mobile data services and the projected rise in higher-ARPU-yielding 5G subscriptions as 5G services become more widely available across the country.

“4G will remain the leading mobile technology, in terms of subscriptions, until 2024. 5G service will see its subscriptions surpass 4G subscriptions in 2025 and is expected to account for an impressive 90% share of the total mobile subscriptions by the end of 2029,” said Kantipudi Pradeepthi, telecom analyst at GlobalData.

Singtel will continue to lead the mobile services market in terms of subscriptions through 2029, given its strong position in both prepaid and postpaid segments and its focus on 5G network developments and expansion across the country.

In February 2025, Singtel upgraded its 5G offering to 5G+ service with the deployment of the 700 MHz spectrum, enabling stronger signals (up to 40%) in high-rise indoor and underground locations, wider coverage, including in remote areas, and improved connectivity for both consumers and enterprises.