Juniper Research predicted operator-billed 5G service revenue would hit $315 billion by 2023, up 60 per cent year-on-year, but warned additional revenue outside of subscriptions remained a work in progress.

The company forecast the revenue increase would be driven by the migration of mobile subscriptions to 5G networks, propelled by operator strategies which minimise or remove premiums over existing 4G tariffs.

Mobile operators have spent billions of dollars building their 5G networks and services, but additional revenue beyond serving consumer devices has been slow to materialise.

Juniper Research indicated standalone (SA) 5G’s ability to offer network slicing as an area that would drive additional revenue growth.

It forecast there would be more than 600 new 5G subscriptions in 2023 despite the anticipated economic downturn.

More than 80 per cent of global operator-billed revenue will be attributed to 5G connections by 2027, it predicted, adding in excess of 96 per cent of global next-generation connections will be personal connected devices including smartphones, tablets and broadband routers.

Research co-author Olivia Williams noted despite the expected growth of IoT, revenue from consumer connections would continue to be the cornerstone of 5G operator revenue.