Digital Infrastructure Investment in Emerging Markets

Digital infrastructure has become the foundational prerequisite for economic participation in the 21st century. Across emerging markets—spanning Sub-Saharan Africa, South and Southeast Asia, Latin America, and the Middle East and North Africa—an unprecedented convergence of demographic tailwinds, policy reform, and technological leapfrogging is driving what may prove to be the most consequential infrastructure buildout since the post-war industrialization of East Asia. This report provides a comprehensive analysis of the investment landscape, market sizing, risk environment, and strategic opportunities in emerging market digital infrastructure through 2030. The total addressable market for digital infrastructure in emerging economies is projected to surpass $420 billion annually by 2030, encompassing mobile network expansion and 5G deployment, submarine and terrestrial fiber optic networks, hyperscale and edge data centers, cloud computing platforms and infrastructure-as-a-service, fintech and digital payments ecosystems, and digital identity and public digital infrastructure. This growth is underpinned by demographics: emerging markets account for roughly 85% of the global population and over 90% of individuals under 25, yet their share of global digital infrastructure investment remains below 30%. Closing this gap represents both a development imperative and a generational investment opportunity. Projected Annual TAM By 2030 Global Population In emerging markets CAGR Digital infra spending 3.2B New Internet Users Expected by 2030 Several structural trends are accelerating this investment cycle. Mobile-first economies in Sub-Saharan Africa and South Asia are bypassing traditional fixed-line infrastructure entirely, creating demand for wireless broadband, mobile payments, and cloud-native services. Governments from India to Nigeria to Indonesia have launched ambitious digital public infrastructure programs—including national digital identity systems, open payment rails, and interoperable data platforms—that dramatically lower the barriers to digital service provision. Meanwhile, the global AI boom is triggering massive data center construction, with emerging markets positioned as both consumers and hosts of next-generation compute infrastructure. From an investor perspective, the risk-return profile is compelling but nuanced. Returns in frontier digital infrastructure have outpaced those in mature markets over the past five years, driven by rapid subscriber growth, underpenetrated markets, and supportive regulatory environments. However, risks remain material: currency volatility, regulatory uncertainty, power supply constraints, and geopolitical competition between the U.S., China, and Europe for digital influence all shape the landscape. This report synthesizes data from industry sources, proprietary models, and on-the-ground analysis to map the opportunities and risks across regions and sub-sectors, equipping investors, operators, and policymakers with the strategic intelligence needed to participate in this transformative buildout.

| INSIGHTS FOR A CHANGING WORLD Digital Infrastructure Investment in Emerging Markets EXECUTIVE INSIGHT Emerging market digital infrastructure is at a critical inflection point. The convergence of demographic dividend, mobile-first adoption, government-led digital public infrastructure programs, and AI-driven data center demand creates a window of opportunity that is both time-sensitive and structurally deep. Investors who develop regional expertise and build partnerships with local operators are positioned to capture outsized returns over the next five to seven years.

| INSIGHTS FOR A CHANGING WORLD Digital Infrastructure Investment in Emerging Markets SECTION 02 Market Overview & Size The global digital infrastructure market reached an estimated $785 billion in 2025, with emerging markets accounting for approximately $215 billion, or 27.4% of total expenditure. This share represents a significant increase from 19.8% in 2019 but remains far below the proportional population and GDP-growth contribution of these economies. The disjunction between demographic weight and infrastructure investment is the Market sizing for digital infrastructure requires disaggregation across multiple sub-sectors. Telecommunications infrastructure—encompassing mobile towers, fiber optic networks, small cells, and spectrum—represents the largest single category at approximately $128 billion in emerging markets during 2025. Data centers and cloud infrastructure constitute the fastest-growing segment, with spending reaching $38 billion in 2025 and projected to grow at a compound annual growth rate (CAGR) of 24.3% through 2030. Fintech and digital payments infrastructure, including mobile money platforms and digital banking rails, represents a third critical pillar, with estimated infrastructure spending of $26 billion in 2025. Emerging Market Digital Infrastructure Spending by Segment ($B) 2024E 2025E Telecom Data Centers Fintech Digital Public Infra AI/Edge Growth rates vary significantly by region and sub-sector. Sub-Saharan Africa exhibits the highest telecom infrastructure growth rate at 22.1% CAGR (2020–2025), driven by tower rollouts in Nigeria, Kenya, Ethiopia, and the Democratic Republic of Congo. Southeast Asia leads in data center investment growth, propelled by hyperscaler expansion into Jakarta, Kuala Lumpur, and Bangkok. Latin America maintains a more mature but steadily growing profile, with strong fixed broadband expansion in Brazil, Mexico, and Colombia alongside data center construction in key metros. Regional Digital Infrastructure Market Breakdown, 2025 Region 2025 Market ($B) Share (%) Projected 2030 ($B) Show more