Swedish telecommunication service provider Ericsson said there will be at least one billion 5G users by 2023, according to a report it released on Tuesday.

The company estimated 5G networks will be put into commercial use in 2019 and go into large deployment in 2020. A number of markets, including the United States, Japan, South Korea and China, will make the first moves.

Zhang Zhiwei, head of marketing of Ericsson Northeast Asia, said the company will focus on scenarios in which 5G technology can be deployed. The company is currently working on the application in delivery, logistics, telemedicine and hazardous natural conditions.

"We understand that 5G is more than technology advancement. It can be a major economic driver," he said.

Ericsson estimates 5G application in China will bring in about $158.9 billion in added value by 2026, with industries including public security, manufacturing, energy and transportation seeing the most changes in the age of 5G.

Ericsson signed agreements with Verizon earlier this month to deploy 5G commercial networks in the US next year. It completed its second phase core network test in October in China.