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Emerging Fifth-generation (5G) mobile networks and associated technologies are expected to provide multi-service wireless applications with diverse specifications intended to address not only consumer-based smartphone applications, but also the needs of various vertical industry markets (e.g., healthcare, education, energy, mining, agriculture, manufacturing, and so forth). This paper extends 5G networks' technology orientation towards attaining economic value for all key 5G stakeholders, including customers, mobile network operators (MNOs), equipment vendors, public institutions, private enterprises, digital business start-ups and other third parties. Although several surveys and tutorials have discussed business models in connection with 5G networks, there is no comprehensive study on business models for emerging 5G networks from the MNO's perspective. In this survey article, we present and investigate key advances on business models for 5G networks and 5G MNOs in particular, from industry, use cases and research community perspectives. The paper focuses the theoretical business model concept from both strategic management and technological innovation perspectives. Thereafter, we discuss conventional business models for MNOs before presenting particular disruptive business models which can be considered for rolling out 5G networks with an aim to improve business efficiency. Additionally, the paper explores the emerging network deployment concept of private 5G networks and their related business models. Finally, we present some of the open research challenges and provide possible guidelines for implementing 5G business models based on various countries' socio-economic status and relevant 5G use cases applicable in a specific context of emerging economies.INDEX TERMS 5G, business model, business model innovation, disruptive business model, mobile network operators, private 5G networks. I. INTRODUCTION 21The Fifth-generation (5G) of mobile networks have been 22 defined by the International Telecommunication Union (ITU) 23 via its Radio-communication sector (ITU-R) under the 24 umbrella name ''International Mobile Telecommunication-25 2020'' (IMT-2020) to support multi-service wireless appli-26 cations by offering: higher data rates (20 gigabits/second 27 peak data rate), a huge number of wireless connections 28 (1 million connections per square kilometer), higher spec-29 tral efficiency (3 times higher than 4G networks), improved 30 energy efficiency (100 times higher than 4G networks) and 31 (e.g., Advanced Mobile Phone System (AMPS) and Total 46 Access Communication System (TACS)); Second-generation 47 (2G) digital systems (e.g., Global System for Mobile Com-48 munication (GSM)); Third-generation (3G) digital sys-49 tems (e.g., Universal Mobile Telecommunication System 50 (UMTS)); Fourth-generation (4G) digital systems (e.g., Long 51 Term Evolution (LTE) -IMT-Advanced); and emerging 5G 52 digital systems (e.g., New Radio) [4]. Fig. 2 depicts the 53 evolution of wireless cellular networks.54 A. MOTIVATION 55 With...

National regulatory authorities (NRAs) in developing countries need an accelerated means to formulate technical regulations for the telecommunications sector. This will enable countries to gain maximum benefits from the rapid advances in technology. The existing regulation-making processes are time-consuming and do not cope with the emergence of global technological changes. This article presents an efficient and quicker approach to formulate regulatory framework to govern the wireless technologies that are based on the Dynamic Spectrum Access (DSA) technique. The approach utilises Multicriteria Decision Analysis (MCDA) tools. The article uses a case study to evaluate dominant Dynamic Spectrum Management (DSM) frameworks. Finally, a sustainable DSM framework that has potential to address the digital divide challenges in the context of developing countries is proposed.