Asia-Pacific to Grow at Highest CAGR in Global Private LTE Market
Convergence of 5G and LTE, growing
need for safe and reliable communication between devices, and requirement for
unique and defined network qualities to drive global private LTE market
through 2024.
According to TechSci Research report, “Global
Private LTE Market By Component, By Application, By Vertical, By Region, Competition,
Forecast & Opportunities, 2024”, global private LTE market is forecast to register an
impressive growth of over 21% during the forecast period, owing to high speed,
low latency and longer range offered by private LTE. Private LTE allows machine
and human communication in a single network unlike conventional networks, which
in turn is anticipated to drive global private LTE market through 2024.
Private LTE market, globally, can be segmented based on component,
vertical, application and region. In terms of technology, FDD or frequency
division duplex is expected to dominate the market, as it uses separate
frequency bands for sending and receiving data signals so that data signals do
not interfere. Private LTE caters to various applications such as public safety,
logistics & supply chain management and asset management. Public safety
segment is likely to capture the leading share, as enterprises are facing
challenges in data & network security due to growing number of connected
devices and introduction of IoT in various industries.
Browse 20 market data Tables and 104 Figures spread through 117 Pages and an in-depth TOC on "Global Private LTE Market"
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Nokia
Corporation, Huawei Technologies Co, Ericsson Inc, NEC Corporation, QUALCOMM
Incorporated Ltd are among the leading players operating in global private LTE
market. North America is the dominating regional market, owing to huge
investments in technological innovations and presence of some of the leading
players in the region. Companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their
share. In 2018, Nokia Inc. and China
Unicom deployed private LTE at BMW plant in China. While LM Ericsson Telephone
Co (ERIC) signed an agreement to acquire CENX to boost network automation
capabilities.
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“Managed service segment is expected to grow at the fastest pace during
forecast period, backed by its ability to help in cutting organizational expenses
and improving operator performance with the assistance of network planning. Over
the coming years, Asia-Pacific private LTE market is expected to witness
significant growth, as economies such as Japan and China are the largest
manufacturing markets, engaged in the production of automobiles, IT products,
etc. Moreover, increasing government initiatives for offering enhanced public
safety is expected to drive the global private LTE market.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Private LTE Market
By Component, By Application, By Vertical, By Region, Competition, Forecast
& Opportunities, 2024” has
evaluated the future growth potential of global private LTE market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global private LTE market.
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