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5G Landscape

The overall development of the wireless and digital infrastructure landscape

U.S. 5G Revenues, 2023-2028: How much and where are mobile consumers spending?

5G is readily available in the U.S. The major U.S. mobile operators have a nationwide 5G network, which they are now upgrading with mid-band spectrum to provide an even better experience for mobile consumers. Because a significant amount has been invested to make 5G a reality in the U.S. and will continue to be invested for many years, it is important to look at the revenues that can be generated with the new technology.

In this market study, iGR presents a model for potential 5G revenues in the U.S. from 2023 until 2028. It is important to note that although the mobile operators have been the investors in the 5G network, the revenue generated from the 5G ecosystem will be spread among many additional entities such as content providers, cloud providers, gaming developers, and advertisers. This model does not include revenues from 5G devices or applications.

Included in the model are six major sources of revenue provided by the 5G ecosystem. These include:

  • 5G Mobile Service
  • 5G IoT
  • 5G Fixed Wireless Access
  • 5G Advertising
  • 5G Entertainment Services
  • 5G Gaming.

The business model for the seventh potential source of revenue, network slicing, is still too undefined to be included in the model.

In addition to a five-year forecast for potential 5G revenues, this market study also provides information about 5G and the status of the major U.S. mobile operators’ 5G networks.


Key Questions Answered

  • How many 5G connections can be expected in the U.S. from 2023 to 2028?
  • What are potential sources of revenue for 5G networks?
  • What is the 5G mobile subscription service model and how much revenue will be generated?
  • What is the business model for 5G IoT and how much revenue will be generated?
  • What is 5G fixed wireless access and how much revenue can be generated by the service?
  • How will 5G advertising generate revenue and how much can be expected?
  • What is the model for 5G-based entertainment services? How much revenue will it provide?
  • What is the model for 5G-based gaming? How much revenue will it provide?
  • How does each source of 5G revenue compare? Which is the most significant?
  • What are the total revenues expected from the 5G ecosystem from 2023 to 2028?

Who Should Read

  • Mobile operators
  • Mobile device OEMs
  • Mobile service and application developers
  • IoT vendors and solutions providers
  • Infrastructure OEMs
  • Financial analysts and investors.

Table of Contents

  • Abstract
  • Executive Summary
    • U.S. 5G Revenue Model
    • What This Means
  • Methodology
    • Terminology
    • Connections and Subscribers
    • 5G Defined
  • U.S. Mobile Operators’ 5G and IoT Networks
    • Spectrum
    • AT&T
    • Verizon Wireless
    • T-Mobile
    • UScellular
    • Dish
  • 5G Revenue Sources
    • 5G Mobile Service
    • 5G IoT
    • 5G Fixed Wireless Access
    • 5G Advertising
    • 5G Entertainment
    • 5G Gaming
    • Network slicing
  • 5G Revenue Model Assumptions
    • Overall Assumptions
    • Mobile Service Revenue Assumptions
    • IoT Revenue Assumptions
    • Fixed Wireless Revenue Assumptions
    • Advertising Revenue Assumptions
    • Entertainment Revenue Assumptions
    • Gaming Revenue Assumptions
  • U.S. 5G Revenue Model
    • 5G Connections and Subscribers
    • Revenue from 5G Mobile Broadband Services
    • Revenue from 5G IoT
    • Revenue from 5G Fixed Wireless Access
    • Revenue from 5G Advertising
    • Revenue from 5G Entertainment Services
    • Revenue from 5G Gaming
    • Total 5G Revenue
  • Definitions
  • About iGR
    • Disclaimer

List of Tables

  • Table 1: U.S. 5G Connections and Subscribers, 2023-2028
  • Table 2: ARPU and Revenue($M) from 5G Mobile Services, 2023-2028
  • Table 3: 5G IoT Connections, 2023-2028
  • Table 4: ARPU and Revenue($M) from 5G IoT, 2023-2028
  • Table 5: 5G Fixed Wireless Access Connections, 2023-2028
  • Table 6: ARPU and Revenue($M) from Fixed Wireless Access, 2023-2028
  • Table 7: CPM Amount and Annual Revenue from 5G Advertising, 2023-2028
  • Table 8: ARPU and Annual Revenue from 5G Entertainment Services, 2023-2028
  • Table 9: Monthly Spend and Annual Revenue from 5G Gaming, 2023-2028
  • Table 10: Total Annual 5G Revenue ($M) by Service, 2023-2028
  • Table 11: Total Annual 5G Revenue by Service (Percent), 2023-2028
  • Table 12: Blended ARPU for all 5G Services, 2023-2028
  • Definitions Table

List of Charts and Figures

  • Figure A: Total Annual 5G Revenue ($M), 2023-2028
  • Figure 1: Revenue Sources in the 5G Ecosystem
  • Figure 2: U.S. 5G Connections and Subscribers, 2023-2028
  • Figure 3: Revenue ($M) from 5G Mobile Services, 2023-2028
  • Figure 4: 5G IoT Connections, 2023-2028
  • Figure 5: Revenue($M) from 5G IoT, 2023-2028
  • Figure 6: 5G Fixed Wireless Access Connections, 2023-2028
  • Figure 7: Annual Revenue ($M) from 5G Fixed Wireless Access Services, 2023-2028
  • Figure 8: Annual Revenue ($M) from 5G Advertising, 2023-2028
  • Figure 9: Annual Revenue ($M) from 5G Tier 1 and Tier 2 Entertainment Services, 2023-2028
  • Figure 10: Annual Revenue ($M) from 5G Entertainment Services, 2023-2028
  • Figure 11: Annual Revenue ($M) from Subscription and Pay-per-game 5G Gaming, 2023-2028
  • Figure 12: Annual Revenue ($M) from 5G Gaming, 2023-2028
  • Figure 13: Total Annual 5G Revenue ($M) by Service, 2023-2028
  • Figure 14: Total Annual 5G Revenue ($M), 2023-2028
  • Figure 15: Total Annual 5G Revenue by Service (Percent), 2023-2028
  • Figure 16: Blended ARPU for all 5G Services, 2023-2028

For additional information or to purchase the U.S. 5G Revenues, 2023-2028 market study, please contact Iain Gillott, at (512) 796-1675 or by email.

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