Juniper Research expects 2028 to be the first year in which 5G roaming spend exceeds spend from 4G subscribers.

Despite the first commercial 5G networks launching in 2019, researchers believe that it will take a decade for operators to receive more revenue per annum from 5G roaming connections than from 4G roaming connections. Its extensive research indicates that complex 5G architectures and more comprehensive roaming agreements have resulted in a slow deployment of 5G roaming, restricting the growth of 5G roaming spend.

With 5G growth finally materialising, wholesale roaming vendors must ensure that bilateral roaming agreements facilitate 5G roaming. Mobile subscribers will expect the same level of connectivity when roaming that they receive while connected to
their home network, therefore putting pressure on both the home network and the visited network to ensure that 5G roaming agreements are in place.

Operators Not Yet Efficient Enough in Roaming

The key challenge that operators face in maximising roaming revenue is an inability to efficiently identify and manage roaming connections on networks; leading to roaming revenue leakage. Juniper Research believes that this leakage, primarily caused by inaccurate roaming settlements and fraudulent activities, will be greatly diminished by the implementation of 5G standalone roaming agreements. Standalone networks use next-generation cores that enable more efficient roaming technologies, such as SEPP (Security Edge Protection Proxy).

Research author Georgia Allen remarked, 

“Despite the high investment associated with standalone technologies, we believe that the increased roaming revenue achieved from better identification of connections will outweigh this investment. In turn, we urge operators to implement 5G standalone network cores to maximise roaming revenue as competing technologies, such as travel eSIMs, become more popular with mobile subscribers.”

Ways to Capitalize on 5G Roaming Growth:

1. Network Slicing

• A shared physical network hosts multiple virtual networks, reducing infrastructure costs.
• Each virtual network serves specific service types or industries.
• Provides flexibility and cost efficiency for 5G roaming implementation.
• Supports IoT devices and connected applications.

2. Infrastructure Sharing

• Operators can share 5G infrastructure, reducing costs and accelerating deployment.

3. Bundled Services

• 5G roaming packages can be bundled with IoT or enterprise connectivity solutions.

Market Forecast Summary: 5G & Roaming Revenue By 2028

• Global wholesale roaming revenue is forecasted to grow from $9 billion in 2024 to $20 billion by 2028.
• 5G SA technology will be a key driver in this growth, allowing real-time monitoring of roaming connections.
• IoT connections will account for nearly $2 billion of global roaming revenue by 2028 (10% of the total).
• Network slicing in 5G SA networks will allow greater visibility into roaming connections.
• Consumer devices will remain the primary source of wholesale roaming revenue.

About the Research

The new research suite offers the most comprehensive assessment of the mobile roaming market to date, including market analysis and in-depth forecasts for 61 countries. The dataset contains over 48.300 market statistics within a five-year period. The report includes a Country Readiness Index and a Competitor Leaderboard.

Juniper Research has, for two decades, provided market intelligence and advisory services to the global telecommunications sector, and is retained by many of the world’s leading network operators and communications platforms.