KUALA LUMPUR, Malaysia – The Malaysian mobile service industry is set to achieve significant growth, with projections indicating an increase in total revenue from USD 5.1 billion in 2024 to USD 6.1 billion by 2029. This represents a steady compound annual growth rate (CAGR) of 3.5%.
According to insights from market analysis firm GlobalData, this optimistic forecast is largely driven by several dynamic factors including a surge in mobile data consumption, rapid adoption of 5G technology, and a shift towards over-the-top (OTT) communication platforms. Despite a marginal decline predicted in mobile voice revenue, which is expected to fall at a CAGR of 1.1% from 2024 to 2029, the mobile data segment tells a different story—with an expected ascension at a CAGR of 5.1%.
The transition is also seen in the type of network subscriptions. While 4G currently leads the market, 5G is set to overtake with subscriptions expected to surpass 4G by 2025. By the end of 2029, 5G is anticipated to dominate 84% of total mobile subscriptions in Malaysia. Such a shift is being supported by hefty ongoing investments in 5G infrastructure by both the government and private telecom operators. Projected network coverage is aiming to envelop 82.4% of populated areas by the conclusion of 2024.
Further, the widespread implementation of 5G is also set to boost services in arenas such as machine-to-machine (M2M) and the Internet of Things (IoT). M2M/IoT subscriptions are set to escalate at a robust CAGR of 14.7% through to 2029.
This remarkable progression in Malaysia’s mobile service sector not only reflects the nation’s embrace of cutting-edge technology but also marks significant potential shifts in consumer behavior and the broader dynamics of the Asian telecommunications market. Such trends are critical for stakeholders in retail news and consumer trends as they align their strategies with these evolving market dynamics. As the industry expands, the impacts are bound to resonate across various sectors tied to mobile communication and technology-driven services.
