New York, US, March 29, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Private LTE Market Analysis By Technology, By Services, By Professional Services, By Spectrum Band, By Application, and By Region, - Forecast till 2030. The global private LTE market will touch USD 10.6 billion at a 12.90% CAGR by 2030, as per the latest Market Research Future report.
Private LTE Market Drivers
Business’ Growing Demand for Wireless Networks to Boost Market Growth
The need for high-speed internet is growing as a result of the development of cutting-edge technology like artificial intelligence, the IoT, and automation. Companies are moving their operations to different digital platforms like cloud infrastructure & industrial automation that is driving up the demand for wireless networks with more secure internet and data transfer, such as private LTE technology. Also, the COVID-19 epidemic caused a large number of people to work from home, necessitating high and affordable internet for their normal tasks. This will propel the global market for private LTE.
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Private LTE Market Report Scope:
|Market Size||USD 10.6 Billion By 2030|
|CAGR||12.90 % From 2022 to 2030|
|Forecast Period||2022 to 2030|
|Segments Covered||Technology, Services, Professional Services, Spectrum Band, and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Accenture, Datto, Inc., Capgemini, International Business Machines Corporation, and DXC Technology Company|
|Key Market Opportunities||The emergence of industrial and commercial loT|
Booming Telecommunication Industry to offer Robust Opportunities
One of the chief elements fostering a favorable view for the business is the significant global growth of the telecommunications sector. Private LTE offers faster data transfer rates and increased bandwidth, preventing shaky internet connections in video and audio chats.
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Restraints and Challenges
Availability of Insufficient Spectrum to act as Market Restraint
The availability of insufficient spectrum and complexity related to the private LTE network implementation may act as market restraints over the forecast period.
The global private LTE market is bifurcated based on application, spectrum band, professional services, services, and technology.
By technology, TDD will lead the market over the forecast period.
By services, professional services will domineer the market over the forecast period.
By professional services, support & maintenance services will spearhead the market over the forecast period.
By spectrum band, unlicensed/shared will hold the lions share in the market in the assessment period.
By application, worker safety monitoring will have the largest share in the market in the forecast period.
Although rising nations' public and private sectors were collaborating to hasten the building of LTE infrastructure, the COVID-19 epidemic had no effect on the market's expansion. Also, because of the COVID-19 epidemic, practically all enterprises were operating from their homes or places of origin. Working from home (WFH) and the digital revolution of organizations are two factors that have proven crucial to the emergence of the private LTE.
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North America to Head Private LTE Market
Due to the region's high 5G network penetration rate and rising use of AI and other smart connected devices, North America held the majority of the market share in 2021. A service provider has opportunities to set up service on the most recent technological advancements being developed for the high-speed internet thanks to the surge in demand for defined and unique network qualities, the growing need for wireless networks for business due to the shift of business towards digitization, and the accessibility of deployment both of unlicensed & shared spectrum in private LTE. Due to the region's widespread 5G network adoption, increasing use of artificial intelligence (AI), and other smart connected devices, North America domineered the market share in 2019.
APAC to Have Admirable Growth in Private LTE Market
Due to its strong economic growth and the continued expansion of the telecom industry, which encourages businesses to invest extensively in private LTE in order to sustain growth and boost productivity, Asia-Pacific is predicted to experience the largest growth throughout the projected period. Heavy investment in private LTE is also driven by factors including the significant shift towards digital transformation, the rise in cloud deployment, technological advancement amid small and medium-sized organizations, and ongoing upgrading of telecommunication networks like 5G networks. Due to the region's robust economic growth and the continued development of the telecom industry, which encourages businesses to invest substantially in private LTE in order to maintain growth and boost productivity, Asia-Pacific held the second-biggest market share in 2021.
Government plans to support the deployment of public safety solutions through smart cities programs and swift investments from domestic vendors to build a dedicated network infrastructure in fact are two factors anticipated to drive the market's growth during the projected period. The two largest manufacturing nations that create electronic, informational, and automotive goods are China and Japan.
The surge in M2M communications, greater smartphone adoption, and the uptake of IoT platforms across a variety of industrial verticals, including healthcare, transportation, and manufacturing, are all contributing factors to the market expansion of private LTE within this region. Due to this, there is a rising need for the private IoT networks that allow businesses to integrate various devices for improved security and reliability. The expansion of private LTE is also credited to several initiatives made by telecom firms and government agencies to implement LTE technology in the mission-critical applications.
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Eminent industry players profiled in the private LTE market report include:
- Nokia Corporation (Finland)
- LM Ericsson (Sweden)
- Qualcomm Incorporated (US)
- ARRIS International Limited (US)
- Sierra Wireless (Canada
- Future Technologies, LLC (US)
- Boingo Wireless, Inc (US)
- Verizon (US)
- Cisco Systems, Inc. (US)
- SAMSUNG (South Korea)
- Casa Systems (US),
- General Dynamics Mission Systems, Inc. (US
- Huawei Technology Co. Ltd (China)
- NetNumber Inc. (Netherlands)
Besides, the other market players include:
- Athonet SRL (Italy)
- Mavenir (US)
- Ambra Solutions Inc. (Canada)
- Zinwave (US)
- Star Solutions (Canada
- LEMKO Corporation (US)
- PDVWIRELESS (US)
- Quortus Limited (UK)
February 2023- A three-year extension of Nokia and Kyndryl's global edge cooperation has been announced, with a focus on industry 4.0 and the creation of private LTE & 5G technology for wireless networks.
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