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 The global 5G service revenue is expected to reach $315 billion in 2023, rising from $195 billion this year, a new report showed on Monday.

This represents growth of over 60 per cent in a single year for operator-billed 5G service revenue, according to Juniper Research.

"Despite the growth of the Internet of Things, revenue from consumer connections will continue to be the cornerstone of 5G operator revenue increase," said research co-author Olivia Williams.

Over 95 per cent of global 5G connections in 2027 will be connected personal devices such as smartphones, tablets and mobile broadband routers," Williams added.

The increase in revenue will be driven by the accelerating migration of cellular subscriptions to 5G networks; owing to operator strategies that minimise or remove any premium over existing 4G subscription offerings.

It forecasts over 600 million new 5G subscriptions will be created next year, despite the anticipated economic downturn in 2023.

The report predicts growth of 5G networks will continue, and over 80 per cent of global operator-billed revenue will be attributable to 5G connections by 2027.

In addition, the ability of standalone 5G networks to offer 'network slicing' will act as the ideal platform for the growth of 5G private network revenue.

Standalone 5G uses next-generation core networks supporting network slicing technology, which can be used to take a 'slice' of public 5G infrastructure and provide it to private network users.

In turn, this helps mitigate the cost of private 5G network hardware and increase its overall value proposition, all against a background of deteriorating macro-economic conditions, the report said.