The increasing popularity of smartphones and the development of new 5G technologies is expected to boost the US mobile market to reach $224bn by 2024, according to a new report from GlobalData, a data and analytics company.

“Market penetration and traffic data consumption are set to increase with 97 per cent of the US population expected to o wn a smartphone by the end of 2024,” commented Ivan Maldonado, technology analyst at GlobalData.

In the past year, almost every major wireless carrier in the US has launched or began developing a commercial 5G network, which is the main factor for boosting 5G data usage. Of course, to use these 5G networks, most consumers will need to upgrade or replace their phones with a 5G-enabled smartphone. According to Global Data, average smartphone monthly data usage in the US will increase from 12GB in 2019 to 37GB/month by 2024.

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

GlobalData predicts major wireless carriers will continue to expand their 5G capabilities by working with IoT service providers, which would result in more readily-available 4K live streaming, remote drones, autonomous cars and live immersive experiences. These new capabilities are predicted to directly increase average revenue per user (ARPU).

Maldonado said, “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.”