Abstract Digital servitization is a business model transformation process enabled by the use of digital technologies to create or improve industrial services and product‐service offerings by creating value and competitive advantage increasing customer satisfaction and loyalty as well as company revenue streams. 5G networks can enable digital servitization of manufacturing by providing faster, more secure, and more reliable communications between machines, devices, and humans. This paper explores the impact of adopting 5G technologies on servitization and identifies the services that can benefit most from 5G networks. The research consists of two parts: a literature review of the technologies currently used in the design and provision of industrial services that could benefit from 5G networks and an exploratory survey involving manufacturing companies that have started the digital servitization journey. The main results emerging from the research suggest that 5G can profoundly impact services supported by Augmented Reality, Cloud computing, and Cyber‐physical systems, mainly concerning maintenance, workforce training, machine diagnosis and monitoring.