Global Telecom Projected to Generate USD 1.3 Trillion: PwC’s

March 8, 2025

(3 Minutes Read)

According to the report, Nigeria’s telecommunications industry recorded significant growth in 2024, with total mobile service revenue reaching USD 7.6 billion.

The global telecommunications industry is projected to generate USD 1.3 trillion in total revenue by 2028, despite facing sluggish growth and pricing challenges. This is according to PwC’s Global Telecom Outlook 2024-2028 report.

The report revealed that total service revenue across fixed and mobile networks increased by 4.3% in 2023 to USD 1.14 trillion. However, the industry’s revenue growth rate is expected to slow down. According to the report, Nigeria’s telecommunications industry recorded significant growth in 2024, with total mobile service revenue reaching USD 7.6 billion.

The sector is expected to expand at a compound annual growth rate (CAGR) of 8% between 2023 and 2028, making it one of the fastest-growing telecom markets globally. The report highlights that Nigeria’s telecom growth is primarily driven by an increase in mobile subscriptions rather than higher average revenue per user (ARPU).

According to the report, the global telecommunications industry is facing a fundamental challenge: the increasing commoditization of its core products and services. This has made it difficult for telecom companies to raise prices, even as they continue to invest heavily in infrastructure.

Despite these obstacles, the industry still holds growth opportunities. PwC projects that by 2028, the global telecom sector will see an additional US$200 billion in incremental revenue growth.