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5G Wireless & Mobile Landscape

U.S. 5G Revenues, 2019-2029: How much and where will mobile consumers spend?

5G has arrived in the U.S. The four major U.S. mobile operators have all launched a 5G network, even if in only a few metropolitan areas, and several Android mobile phones that support 5G are readily available. The industry is looking forward to using 5G’s capabilities to provide faster speeds to consumers and to support many use cases.

A significant amount has been invested to make 5G a reality in the U.S. Now is the time 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 now until 2029. 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 10-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 on the requirements of 5G and the timeline of its continued deployment, as well as the recent 5G initiatives of the major U.S. mobile operators.


Key Questions Answered

  • What is 5G and how is it defined? What is the timeline of its continued deployment?
  • What are the expected use cases for 5G?
  • How many 5G connections can be expected in the U.S. from 2019 to 2029?
  • What are potential sources of revenue for 5G networks?
  • What will the 5G mobile subscription service model look like 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 2019-2029?

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
  • What is 5G?
    • 5G Use Cases
    • URLLC
    • Massive IoT
    • 5G Services and Use Cases
    • Challenges Along the Road to 5G
    • What do the first 5G networks look like?
  • Current status of 3GPP 5G standards
  • U.S. Mobile Operators’ 5G Initiatives
    • Spectrum
    • AT&T
    • Verizon Wireless
    • T-Mobile US
    • Sprint
    • US Cellular
  • 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 A-1: Total Annual 5G Revenue ($M), 2019-2024
  • Table A-2: Total Annual 5G Revenue ($M), 2025-2029
  • Table 1: What U.S. Consumers are Willing to Pay for 5G
  • Table 2: U.S. 5G Connections and Subscribers, 2019-2024
  • Table 3: U.S. 5G Connections and Subscribers, 2025-2029
  • Table 4: ARPU and Revenue($M) from 5G Mobile Services, 2019-2024
  • Table 5: ARPU and Revenue($M) from 5G Mobile Services, 2025-2029
  • Table 6: 5G IoT Connections, 2019-2024
  • Table 7: 5G IoT Connections, 2025-2029
  • Table 8: ARPU and Revenue($M) from 5G IoT, 2019-2024
  • Table 9: ARPU and Revenue($M) from 5G IoT, 2025-2029
  • Table 10: 5G Fixed Wireless Access Connections, 2019-2024
  • Table 11: 5G Fixed Wireless Access Connections, 2025-2029
  • Table 12: ARPU and Revenue($M) from Fixed Wireless Access, 2019-2024
  • Table 13: ARPU and Revenue($M) from Fixed Wireless Access, 2025-2029
  • Table 14: CPM Amount and Annual Revenue from 5G Advertising, 2019-2024
  • Table 15: CPM Amount and Annual Revenue from 5G Advertising, 2025-2029
  • Table 16: ARPU, Penetration and Annual Revenue from 5G Entertainment Services, 2019-2024
  • Table 17: ARPU, Penetration and Annual Revenue from 5G Entertainment Services, 2025-2029
  • Table 18: Monthly Spend, Penetration and Annual Revenue from 5G Gaming, 2019-2024
  • Table 19: Monthly Spend, Penetration and Annual Revenue from 5G Gaming, 2025-2029
  • Table 20: Total Annual 5G Revenue ($M) by Service, 2019-2024
  • Table 21: Total Annual 5G Revenue ($M) by Service, 2025-2029
  • Table 22: Total Annual 5G Revenue by Service (Percent), 2019-2024
  • Table 23: Total Annual 5G Revenue by Service (Percent), 2025-2029
  • Table 24: Blended ARPU for all 5G Services, 2019-2024
  • Table 25: Blended ARPU for all 5G Services, 2025-2029
  • Definitions Table

List of Charts and Figures

  • Figure A: Total Annual 5G Revenue ($M), 2019-2029
  • Figure 1: 5G fundamental capabilities
  • Figure 2: 5G main applications and services
  • Figure 3: Timeline of 3GPP Releases
  • Figure 4: Revenue Sources in the 5G Ecosystem
  • Figure 5: What U.S. Consumers are Willing to Pay for 5G
  • Figure 6: U.S. 5G Connections and Subscribers, 2019-2029
  • Figure 7: Revenue ($M) from 5G Mobile Services, 2019-2029
  • Figure 8: 5G IoT Connections, 2019-2029
  • Figure 9: Revenue($M) from 5G IoT, 2019-2029
  • Figure 10: 5G Fixed Wireless Access Connections, 2019-2029
  • Figure 11: Annual Revenue ($M) from 5G Fixed Wireless Access Services, 2019-2029
  • Figure 12: Annual Revenue ($M) from 5G Advertising, 2019-2029
  • Figure 13: Annual Revenue from 5G Tier 1 and Tier 2 Entertainment Services, 2019-2029
  • Figure 14: Annual Revenue from 5G Entertainment Services, 2019-2029
  • Figure 15: Annual Revenue from Subscription and Pay-per-game 5G Gaming, 2019-2029
  • Figure 16: Annual Revenue from 5G Gaming, 2019-2029
  • Figure 17: Total Annual 5G Revenue ($M) by Service, 2019-2029
  • Figure 18: Total Annual 5G Revenue ($M), 2019-2029
  • Figure 19: Total Annual 5G Revenue by Service (Percent), 2019-2029
  • Figure 20: Blended ARPU for all 5G Services, 2019-2029

For additional information on the U.S. 5G Revenues, 2019-2029 market study, please contact Iain Gillott, at (512) 263-5682 or by email.