Private LTE Market Research Report- Forecast till 2024
Market Research Future (MRFR), in its newly released research report, asserts that the global private LTE market was assessed at USD 2,449.4 million in 2018 and is projected to register a CAGR of 14.7% over the review period to reach USD 5,381.9 million by 2024.
Drivers and Restraints
Advancements in mobile communication technology over the expansion of 4G networks have considerably transformed companies, enterprises, and cities across the world. This has augmented the need for dedicated high network capacity and high speed 4G mobile communications competences that are provided by the private Long Term Evolution (LTE) networks. These networks allow the enterprises to enhance their operational competence and offer innovative network solutions; this in due course, surges the need for high quality of services (QoS) to the end user. Some of the driving factors of the expansion of private LTE networks include a surge in demand for exclusive and defined network qualities, rising deployment of private LTE networks in public safety agencies, implementation of LTE technology in smart cities applications, and advent of 5G in unification with private LTE.
On the other hand, the lack of availability of spectrum is predicted to limit the growth of the private LTE market over the review period. Using private LTE networks enable digital transformation across the enterprises, mainly in utilities, mining, oil & gas are expected to progressively pave a way for 5G mobile technologies during the forecast period.
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The global private LTE market has been analyzed based on services, technology, application, spectrum band, and industry vertical.
Based on the technology, the global market for private LTE has been bifurcated into time division duplex (TDD), and frequency division duplex (FDD).
Based on the spectrum band, the private LTE market has been segmented into Licensed-Assisted Access (LAA), Licensed Shared Access (LSA), MulteFire, and Citizens Broadband Radio Service (CBRS).
Based on the services, the private LTE market has been segmented into professional services and managed services. The professional services segment is divided into support and maintenance services, consulting services, and integration and deployment services.
Based on application, the market has been segmented as real-time surveillance, operations visibility and optimization, authentication and access control, worker safety monitoring, remote diagnostics and predictive maintenance, logistics and supply chain management, and asset management and uptime assurance.
On the basis of industry vertical, the global private LTE market has been divided into mining, oil & gas, healthcare, utilities and power, industrial manufacturing, government and defense.
The geographical analysis of the global market has been conducted in four major regions, comprising Europe, the Asia Pacific, North America, and the rest of the world (the Middle East and Africa Latin America). North America was accounted for the maximum market share in 2018. Europe acquired second spot in the private LTE market in terms of market share during the review period. Nevertheless, Asia-Pacific is projected to be the fastest growing market during the forecast period.
North America led the global private LTE market share in 2018 and expected to dominate the market over the review period. The significant market growth is attributed to rising developments by the market players to develop high-end LTE solutions and growing government initatives to offer CBRS spectrum for the vendors to adopt networking solution for government, commercial, and public safety agencies.
Asia-Pacific is poised to be the fastest growing segment in the private LTE market during the review period. The market growth is accredited to the rising government initatives to advance smart cities and substantial investments by the vendors such as China Mobile, China Telecom, and NTT Docomo to offer a robust network services to the end users.
The major market players acknowledged in the global private LTE market as identified by MRFR are LM Ericsson (Sweden), Nokia Corporation (Finland), Huawei Technology Co. Ltd (China), Cisco Systems, Inc. (US), Verizon (US), SAMSUNG (South Korea), ARRIS International Limited (US), Qualcomm Incorporated (US), Sierra Wireless (Canada), Boingo Wireless, Inc (US), Future Technologies, LLC (US), General Dynamics Mission Systems, Inc (US), Casa Systems (US), and NetNumber Inc. (Netherlands).
Apart from these, some other market players that operate in private LTE market include Quortus Limited (UK), PDVWIRELESS (US), Ambra Solutions Inc. (Canada), LEMKO Corporation (US), Zinwave (US), Mavenir (US), Athonet SRL (Italy), and Star Solutions (Canada).
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Private LTE Market Research Report: by Technology (TDD and FDD), by Services (Professional Services and Managed Services), by Professional Services (Consulting Services, Support and Maintenance Services and Integration and Deployment Services), by Spectrum Band (MulteFire, CBRS and LAA), by Application (Worker Safety Monitoring and Remote Diagnostics & Predictive Maintenance) and Region (North America, Asia-Pacific, Europe, the Middle East and Africa and South America) – Forecast till 2024
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