Private LTE Market Forecast, Global Industry Growth Analysis and Trends

Market Highlights

The global private LTE market is set for a good time ahead as it is going to achieve a valuation of       USD 5,381.9 million by 2024 by attaining 14.7% CAGR during the forecast period (2019–2024). The study has been conducted by Market Research Future, which also suggests some of the prime factors, segmental analysis, and regional outlook to better understand the market’s growth perspective in the coming years.

Market Drivers & Trends

The development of the global private LTE market is expected to expand at a rapid pace owing to the emerging connectivity technologies such as Ethernet and Wi-Fi that offer secure and reliable communications. The connection is such that it can be enabled for human and machine communications through a single, reliable network through portable radios. These provide new revenue streams for Internet of Things (IoT) enable devices. The advancements in mobile communication technology is an added feature which is thriving the market to expand at a significant rate. It is the expansion of 4G networks that have significantly transformed the companies, businesses, and cities to come across, thus motivating the market to expand double during its growth period.

At the same time, the increased need for dedicated high network capacity and high speed 4G mobile communications capabilities that provide Long Term Evolution (LTE) networks is yet another significant factor assisting the market for private LTE to gain more valuation. Some of the leading companies, such as Nokia Corporation, LM Ericsson, and Qualcomm Technologies Inc. are speedily deploying private networks for their businesses, which is directly affecting the market in a positive way, and expansion can be expected during the assessment period.

Segmentation:

The detailed segmental analysis of the global private LTE market forecast has been done by the elements of technology, services, spectrum band, application, and industry vertical.

In terms of technology, the market includes time division duplex (TDD) and frequency division duplex (FDD).

In terms of the spectrum band, the market is segmented into Licensed-Assisted Access (LAA), MulteFire, Licensed Shared Access (LSA), and Citizens Broadband Radio Service (CBRS).

In terms of services, the market categorizes into professional services and managed services. Further, the professional services segment is divided into consulting services, support and maintenance services, and integration and deployment services.

By application segment, the market is categorized into real-time surveillance, operations visibility, and optimization, authentication and access control, worker safety monitoring. Besides, remote diagnostics and predictive maintenance, logistics and supply chain management, and asset management and uptime assurance are also included in this segment.

In terms of industry vertical, the market includes mining, oil & gas, healthcare, utilities and power, industrial manufacturing, government, and defense.