US mobile market set to reach $224bn by 2024, study reveals.

Aug 01, 2019 • News5GsmartphonesSoftware and Apps

Research shows 5G uptake and unlimited data plans key to market's future growth.

The rising adoption of smartphones and emerging 5G technology is expected to drive the US mobile market to reach $224bn by 2024, says analytics and data firm GlobalData.

Ivan Maldonado, Technology Analyst at GlobalData, commented: “Market penetration and traffic data consumption are set to increase with 97% of the US population expected to own a smartphone by the end of 2024.”

The recent launch of commercial 5G services will also help to accelerate this data usage, as operators expand their network coverage and 5G-enabled smartphones become more commercially available. Average smartphone monthly data usage in the US is set to grow from 12GB in 2019 to 37GB/month by 2024.

Maldonado continued: “By 2024, 38% of the total mobile subscriptions in the US will be supported by 5G technology, most of which will be on unlimited smartphone plans.”

Carriers will continue to develop their 5G ecosystems by collaborating with other IoT service providers in order to offer solutions such as 4K live streaming, remote drones, autonomous cars and live immersive experiences that will further grow average revenue per user (ARPU).

“The US mobile market has been experiencing rapid acceleration in data consumption due to the increasing demand for video and multimedia, as well as operators’ commercial emphasis on the promotion of unlimited data plans,” Maldonado concluded.