Private LTE Market Research Report- Forecast till 2024
Private LTE networks enable communication between humans and machines through portable radios and internet-of-things (IoT) devices. The allure of high connectivity speeds for large enterprises within IT parks as well as securing data can lead to firms investing in their own network by procuring mobile network infrastructure. The global private LTE market report by Market Research Future (MRFR) considers the pros and cons of the setup, its scope, and projections for future devices for the period of 2019 to 2024 (forecast period). The COVID-19 outbreak and its impact on the industry have been taken into consideration.
The global private LTE market is expected to register a CAGR of 14.7% during the forecast period to reach USD 5,381.9 million by 2024. It was valued at USD 2,449.4 million in 2018. The deployment of private LTE over Wi-Fi for controlling network latency and data speed can drive the market demand exponentially. Its application in distributed enterprises and rural regions with poor cellular coverage owing to the rollout of 4G and 5G communication network technologies can give the market weight. This is evident with the expansion of 4G networks in developing and developed countries. Its ability to prevent transfer of data, handling network traffic, and assurance of low latency for astute operations in IoT-enabled environments can fuel the market growth.
But the lack of spectrum bands can pose a challenge to the market.
Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/7957
The global private LTE market has been segmented based on technology, services, spectrum band, application, and industry vertical.
Based on the technology, the global private LTE market has been divided into time division duplex (TDD), and frequency division duplex (FDD).
Depending on the spectrum band, the private LTE market has been segmented into citizens broadband radio service (CBRS), Licensed Shared Access (LSA), Licensed-Assisted Access (LAA), and MulteFire.
By services, the private LTE market has been categorized as professional services and managed services. The professional services segment has further been divided into consulting services, support and maintenance services, and integration and deployment services.
Based on application, the market has been segmented into authentication and access control, logistics and supply chain management, remote diagnostics and predictive maintenance, real-time surveillance, operations visibility and optimization, worker safety monitoring, and asset management and uptime assurance.
On the basis of industry vertical, the global private LTE market caters to government and defense, mining, oil & gas, utilities and power, industrial manufacturing, and healthcare.
Geographically, the global private LTE market covers regions of North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America.
North America accounted for the largest market share in 2018 with Europe following. However, APAC is expected to be the fastest growing market during the forecast period.
North America dominated the global private LTE market in 2018 and expects to dominate the market during the forecast period. The market growth is attributed to rising developments by the vendors to develop high-end LTE solutions and increasing government initiatives to provide CBRS spectrum for vendors to deploy networking solutions for governments, commercial, and public safety agencies. Recently, the FCC gave approval for deployment of 5G networks on CBRS spectrums without the need for licenses paving the way for the market to expand uninhibited.
APAC is expected to be the fastest growing segment in the private LTE market during the assessment period. The market growth is attributed to the rising government initiatives for development of smart cities and heavy investments by vendors such as China Telecom, China Mobile, and NTT Docomo.
Cisco Systems, Inc., Future Technologies, LLC, General Dynamics Mission Systems, Inc, NetNumber Inc., Casa Systems, Verizon, Nokia Corporation, SAMSUNG, Qualcomm Incorporated, Huawei Technology Co. Ltd, Sierra Wireless, ARRIS International Limited, Boingo Wireless, Inc, and LM Ericsson are prominent players of the global private LTE market. Alliances are the prime strategy being used by players to expand their services and gain a large customer base. This is evident with the formation of MulteFire and CBRS alliances in Europe and U.S. respectively.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/private-lte-market-7957
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