The US mobile market is expected to grow to $224 billion by 2024 driven by developments within 5G and mobile technologies, according to a new report from data analytics firm GlobalData.
The company expects that both market penetration and traffic data consumption will increase with 97% of the US population owning smartphones by the end of the measurement period.
5G technologies have been a major focus point for development among the majority of US mobile carriers. This should also drive smartphone sales as 5G-enabled handsets will be needed to use the network.
Additionally, mobile carriers are likely to expand 5G capabilities through IoT increasing average revenue per user.
Therefore, average smartphone usage per month is estimated to increase from 12GB to 37GB per month in 2019.
Indeed, by 2024 38% of mobile subscriptions will be running 5G.
As mobile carriers continue to promote unlimited mobile plans, data consumption has picked up rapidly alongside growth within video and multimedia.