Convergence of 5G and LTE, growing need for safe and reliable communication between devices, and requirement for unique and defined network qualities to drive global private LTE market through 2024.
According to TechSci Research report, “Global Private LTE Market By Component, By Application, By Vertical, By Region, Competition, Forecast & Opportunities, 2024”, global private LTE market is forecast to register an impressive growth of over 21% during the forecast period, owing to high speed, low latency and longer range offered by private LTE. Private LTE allows machine and human communication in a single network unlike conventional networks, which in turn is anticipated to drive global private LTE market through 2024.
Private LTE market, globally, can be segmented based on component, vertical, application and region. In terms of technology, FDD or frequency division duplex is expected to dominate the market, as it uses separate frequency bands for sending and receiving data signals so that data signals do not interfere. Private LTE caters to various applications such as public safety, logistics & supply chain management and asset management. Public safety segment is likely to capture the leading share, as enterprises are facing challenges in data & network security due to growing number of connected devices and introduction of IoT in various industries.
Browse 20 market data Tables and 104 Figures spread through 117 Pages and an in-depth TOC on “Global Private LTE Market”
Nokia Corporation, Huawei Technologies Co, Ericsson Inc, NEC Corporation, QUALCOMM Incorporated Ltd are among the leading players operating in global private LTE market. North America is the dominating regional market, owing to huge investments in technological innovations and presence of some of the leading players in the region. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. In 2018, Nokia Inc. and China Unicom deployed private LTE at BMW plant in China. While LM Ericsson Telephone Co (ERIC) signed an agreement to acquire CENX to boost network automation capabilities.
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“Managed service segment is expected to grow at the fastest pace during forecast period, backed by its ability to help in cutting organizational expenses and improving operator performance with the assistance of network planning. Over the coming years, Asia-Pacific private LTE market is expected to witness significant growth, as economies such as Japan and China are the largest manufacturing markets, engaged in the production of automobiles, IT products, etc. Moreover, increasing government initiatives for offering enhanced public safety is expected to drive the global private LTE market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Private LTE Market By Component, By Application, By Vertical, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global private LTE market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global private LTE market.
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