Market Highlights
According to MRFR analysis, the global private LTE market was valued at USD 2,449.4 million in 2018 and is expected to reach USD 5,381.9 Million by 2024, registering a CAGR of 14.7% during the forecast period. The market growth is attributed to the expansion of private LTE networks in public safety agencies, increasing adoption of LTE technology in smart cities applications, and the integration of 5G with private LTE networks.
The surge in volumes for human and machine communications is projected to boost the private LTE market globally. The elevation in need for devoted high network capacity is anticipated to create a favorable set-up for the private LTE market in the approaching period.
Segmentation:
The segmental scrutiny of the private LTE market forecast has been segmented on the basis of application, technology, spectrum band, services, and industry vertical. On the basis of technology, the private LTE market has been split into frequency division duplex (FDD) and time division duplex (TDD). On the basis of the spectrum band, the private LTE market consists of licensed-assisted access (LAA), multefire, licensed shared access (LSA), and citizens broadband radio service (CBRS). On the basis of services, the private LTE market has been segmented into managed services and professional services. On the basis of applications, the market consists of operations visibility and optimization, logistics and supply chain management, real-time surveillance, authentication and access control, remote diagnostics and predictive maintenance, worker safety monitoring, and asset management and uptime assurance. By industry vertical, the private LTE market consists of oil & gas, healthcare, mining, industrial manufacturing, utilities and power, government and defense.
Detailed Regional Analysis
Geographically, the global private LTE market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America accounted for the largest market in 2018 and the US is the leading country-level market due to presence of large number of private LTE solution providers. Moreover, Asia-Pacific is expected to be the fastest-growing private LTE market over the next few years. The government initiatives to boost the smart cities programmes in deploying public safety solutions and rapid investments from domestic vendors to develop the dedicated network infrastructure are factors expected to propel the market growth during the forecast period.
Competitive Analysis
The revamping of the product range in the market is expected to open up new opportunities for advancement in the coming period. The development of assets of the supply chain is expected to set a favorable tone for the growth of the market in the forecast period. The diversification in inclinations of the consumers in the market is expected to boost the progress of the market in the forecast period. The market is projected to acquire an increased momentum owing to the demand levels that are prevalent in the market. The stakeholders in the market are undertaking strategies that will accelerate and revitalize the growth of the market on a global scale. The innovation levels in the market are likely to rise in the coming years due to increased investment and availability of talent in the market. The regulations being put into operation by the government and trade specialists on the global level are indicative of the favorable they have on the international market development.
The renowned contenders in the private LTE market are LM Ericsson (Sweden), Sierra Wireless (Canada), Huawei Technology Co. Ltd (China), Verizon (US), Cisco Systems, Inc. (US), ARRIS International Limited (US), SAMSUNG (South Korea), General Dynamics Mission Systems, Inc (US), Qualcomm Incorporated (US), Future Technologies, LLC (US), Boingo Wireless, Inc (US), and NetNumber Inc. (Netherlands).
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