June 22, 2020
According to the research report titled ‘Private LTE Market to 2027 - Global Analysis and Forecasts by Component; Type; End- user, available with Market Study Report LLC, global private LTE market was worth USD 2.63 billion in 2018 and is projected to amass USD 7.53 billion by the year 2027, expanding with a CAGR of 12.7% over the analysis timeframe.
Global private LTE market is primarily driven by increasing adoption of these networks among public safety agencies owing to benefits like highly accurate data extrapolation, improved situational awareness, and reduced response time. Furthermore, upsurge in demand for reliable private systems with low latency, and high operational efficiency at affordable rates will render a positive impact on the market growth, cites the report.
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Notably, private LTE ecosystem consists of telecom operators, service providers, hardware & software providers, and end users. Private LTE service providers play a vital role in the industry. These service providers collaborate with telecom providers to establish private LTE networks. The service providers offer a wide array of managed services and professional services, including network integration, project management, auditing, engineering design services, and site survey among others.
Private networks enables organizations to customize their networking environment as per their requirements and guarantee an increased coverage area. Hence, increasing deployment of private LTE solutions across various industries like mining, energy, transport, defense, and IIoT services is likely to augment the industry growth in the coming years, predicts the report.
On the contrary, complications associated with interoperability between several network platforms may reduce the deployment of these networks over the forecast period.
Leading organizations in global private LTE market are Sierra Wireless Incorporation, Star Solutions, NetNumber Incorporation, Future Technologies Incorporation, CommScope Incorporation, Verizon Communications Incorporation, Samsung, Huawei Technologies Company Limited, Ericsson, Cisco Systems Incorporation.