This prediction comes despite current and developing economic challenges in many parts of the world, and Ericsson says 5G continues to scale faster than any previous mobile generation.
Around 110 million 5G subscriptions were added globally between July to September 2022, bringing the total to about 870 million.
5G is still expected to reach one billion subscriptions by the end of this year, two years faster than 4G did following its launch.
North America and North East Asia continue to see strong 5G growth, with 5G subscription penetration in the regions expected to reach about 35% by the end of 2022.
Globally, almost 230 CSPs have launched 5G services to date, with more than 700 5G smartphone models announced or launched commercially.
Fredrik Jejdling, executive vice president and head of networks at Ericsson, said: "Communications Service providers continue to deploy 5G and the momentum for Fixed Wireless Access is accelerating.
“Moreover, global mobile network data traffic is practically doubling every two years. As described in this edition of the Ericsson Mobility Report, service providers are taking actions to deploy the latest generation of energy-efficient radio hardware and software, increase the use of renewable energy sources, and operate site infrastructure intelligently to reduce the environmental impact."
The report adds also predicts that global fixed wireless access (FWA) connections are set to grow faster than previously expected.
FWA is the wireless alternative to wireline broadband connectivity for homes and businesses and is one of the major early 5G use cases, particularly in underserved markets.
FWA is expected to grow in India and other emerging markets at a rate of 19% year=on-year through 2022-28 and will top 300 million connections by the end of 2028.
