Huawei Technologies Co on Tuesday called for more efforts to fully unleash the power of 5G networks and expand into services like cloud and system integration after solid progress in network deployment, consumer services and industry applications.

Hu Houkun, rotating chairman of Huawei, said "5G has grown faster than any previous generation of mobile technology."

As of October 2022, more than 230 telecom carriers around the world have launched commercial 5G services. In total, the industry has set up over three million 5G base stations serving more than 700 million subscribers, data from Huawei showed.

"5G is in the fast lane," Hu said, "and we should all be proud of the progress we've made. But there's more we can do to maximize its value. We need to work together to fully unleash the power of 5G networks and expand into services like cloud and system integration. Together, we can drive leapfrog development in 5G networks, applications and the industry as a whole."

Hu made the comments at the company's 13th Global Mobile Broadband Forum, an annual industry forum which kicked off in Bangkok, Thailand on Tuesday.

The executive added that in the telecom industry, consumer services still account for the bulk of carrier revenue. As 5G becomes more prevalent, its vastly superior experience is driving new shifts in consumer behavior, including a sharp rise in high-definition video traffic. New mobile applications that take advantage of 5G's greater speeds and lower latency have doubled average user data consumption and are increasing average revenue per user by 20 to 40 percent.

At the same time, business to business 5G applications are also becoming a new engine for carrier revenue growth, producing considerable value in industries like oil and gas, manufacturing and transportation.

In 2021, for example, Chinese carriers brought in over 3.4 billion yuan ($465 million) in new revenue from more than 3,000 industrial 5G projects. What's more, these projects also generated 10 times that amount from related data and integrated information communication technology services, according to data compiled by Huawei.

Business to business 5G applications are poised to become the fastest-growing revenue stream for carriers, as 5G is enabling new service scenarios, applications and business models, paving the way for unprecedented growth opportunities in the industry, Hu said.

To seize these opportunities, more efforts are needed to build out networks for better user experience, drive the development of the next evolution of 5G technology, and drive service innovation to maximize the value of wireless technology, Hu added.