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5G Wireless & Mobile Landscape

U.S. 5G Revenues, 2020-2025: How much and where will mobile consumers spend?

5G has arrived in the U.S. The three major U.S. mobile operators all have a nationwide 5G network and 5G mobile phones are readily available for U.S. 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 2020 until 2025. 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.

This market study provides a five-year forecast for potential 5G revenue. The potential revenues provided by mobile, IoT, fixed wireless access, advertising, entertainment and gaming services are presented separately. This market study also provides information about 5G and the status of the major U.S. mobile operators’ 5G networks.


Key Questions Answered

  • What is 5G and some of its expected use cases?
  • How many 5G connections can be expected in the U.S. from 2020 to 2025?
  • 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 2020 to 2025?

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
    • eMBB
    • URLLC
    • mMTC
    • 5G Services and Use Cases
  • The Status of U.S. Mobile Operators’ 5G Networks
    • Spectrum
    • AT&T
    • Verizon Wireless
    • T-Mobile
    • US Cellular
    • 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 Advertising
    • Revenue from 5G Entertainment Services
    • Revenue from 5G Gaming
    • Total 5G Revenue
  • Definitions
  • About iGR
    • Disclaimer

List of Tables

  • Table 1: What U.S. Consumers are Willing to Pay for 5G
  • Table 2: U.S. 5G Connections and Subscribers, 2020-2025
  • Table 3: ARPU and Revenue($M) from 5G Mobile Services, 2020-2025
  • Table 4: 5G IoT Connections, 2020-2025
  • Table 5: ARPU and Revenue($M) from 5G IoT, 2020-2025
  • Table 6: 5G Fixed Wireless Access Connections, 2020-2025
  • Table 7: ARPU and Revenue($M) from Fixed Wireless Access, 2020-2025
  • Table 8: CPM Amount and Annual Revenue from 5G Advertising, 2020-2025
  • Table 9: ARPU and Annual Revenue from 5G Entertainment Services, 2020-2025
  • Table 10: Monthly Spend and Annual Revenue from 5G Gaming, 2020-2025
  • Table 11: Total Annual 5G Revenue ($M) by Service, 2020-2025
  • Table 12: Total Annual 5G Revenue by Service (Percent), 2020-2025
  • Table 13: Blended ARPU for all 5G Services, 2020-2025
  • Definitions Table

List of Charts and Figures

  • Figure A: Total Annual 5G Revenue ($M), 2020-2025
  • Figure 1: Revenue Sources in the 5G Ecosystem
  • Figure 2: What U.S. Consumers are Willing to Pay for 5G
  • Figure 3: U.S. 5G Connections and Subscribers, 2020-2025
  • Figure 4: Revenue ($M) from 5G Mobile Services, 2020-2025
  • Figure 5: 5G IoT Connections, 2020-2025
  • Figure 6: Revenue($M) from 5G IoT, 2020-2025
  • Figure 7: 5G Fixed Wireless Access Connections, 2020-2025
  • Figure 8: Annual Revenue ($M) from 5G Fixed Wireless Access Services, 2020-2025
  • Figure 9: Annual Revenue ($M) from 5G Advertising, 2020-2025
  • Figure 10: Annual Revenue ($M) from 5G Tier 1 and Tier 2 Entertainment Services, 2020-2025
  • Figure 11: Annual Revenue ($M) from 5G Entertainment Services, 2020-2025
  • Figure 12: Annual Revenue ($M) from Subscription and Pay-per-game 5G Gaming, 2020-2025
  • Figure 13: Annual Revenue ($M) from 5G Gaming, 2020-2025
  • Figure 14: Total Annual 5G Revenue ($M) by Service, 2020-2025
  • Figure 15: Total Annual 5G Revenue ($M), 2020-2025
  • Figure 16: Total Annual 5G Revenue by Service (Percent), 2020-2025
  • Figure 17: Blended ARPU for all 5G Services, 2020-2025

For additional information on the U.S. 5G Revenues, 2020-2025 market study, please contact Iain Gillott, at (512) 263-5682 or by email.