September 17, 2019
Worldwide private LTE market is predicted to surpass US $11 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Private LTE networks provide better security, high-bandwidth and faster network speeds. They are preferred over commercial carrier LTE networks and enterprise-class Wi-Fi. These networks provide several benefits such as operational efficiency, higher security, and lower CAPEX cost, while supporting IoT devices and broadband data connections with roaming and mobility capabilities. Its ability to assist digital transformation by adoption of 5G will augment the private LTE market.
Based on component type, the private LTE market from EPC segment held 40% revenue share in 2017. EPC solution helps in speeding-up real time information transfers and uploads with covered data and voice communications, making it appropriate for medium and small-sized networks.
Additionally, private LTE market from eNodeB product segment is expected to grow at the rate of 28% with annual mounting reaching 329,000 units by the year 2024, pertaining to its ability to provide high-speed connections by maximizing bandwidth usage of LTE networks.
Furthermore, vehicular routers device component segment is predicted to growth with a CAGR of 32% over the analysis period. These devices offer reliable and fast wireless connectivity for applications such as video surveillance and fleet management.
Speaking of the regional landscape, North America is predicted to dominate the private LTE market with more than 40% share by the year 2024, owing to the increasing adoption of private LTE to fulfill the need of low latency networks for industrial loT applications and mission critical communications.
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Moreover, Europe private LTE market is expected to grow with a CAGR of more than 30% over the projected timeframe. The regional growth can be accounted to the massive investments in 5G-ready and private LTE networks to guarantee improved connectivity and to offer wider coverage.
The key players operating in the private LTE market profiled in the report include AT&T, Inc., Boingo Wireless, Cisco Systems, Inc., Future Technologies Inc., Huawei Technologies Co., Ltd., and Motorola Solutions among others.