Mobile revenue in Africa is set to grow from $54.9 billion in 2017 to $68 billion in 2022, according to the Africa Digital Outlook 2019 report by Ovum.
While voice revenues are predictably declining as cheaper over-the-top (OTT) services continue to gain popularity among cost-conscious consumers.
According to the report, mobile broadband and digital services revenue are set to more than double over the same period (from $13.1 billion in 2017 to $32.1 billion in 2022).
While the telecom industry may have seen its traditional revenue streams decline further in 2018, thanks in part to the popularity of OTT services such as WhatsApp that offer low-cost alternatives to messaging and voice calling, the industry is still set for growth.
The pressures on traditional revenue streams has initiated an industry-wide goldrush for new innovations that can leverage the extensive infrastructure and data sets most telcos have access to.
Modern consumers are demanding greater convenience and improved experiences from the brands and companies they support at a time when those same consumers are permitting brands to become more intimate with them through increasingly sophisticated omni-channel marketing initiatives.