According to the latest report by IMARC Group, titled "Private LTE Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global private LTE market reached a value of US$ 5.0 Billion in 2022. Private long-term evolution (LTE) is a cellular network system that is generally deployed for providing individual network services in areas with weak cellular signals. It involves the utilization of subscriber identification module (SIM) cards, small cells and micro towers for enabling enhanced connectivity while reducing latency in the network. Additionally, it is also widely adopted by multiple businesses for accommodating low- and high-rate data for meeting organization needs. In comparison to wireless fidelity (Wi-Fi), it provides improved signal prioritization, technical flexibility, high-speed connectivity and security that is required for a multitude of endpoints and smarter utility applications.
Global Private LTE Market Trends:
The global market is primarily driven by the increasing incidences of cybercrime and data theft activities. This has impelled multiple businesses to heavily invest in the deployment of private LTE for secured networks and connectivity. Coupled with the rising demand for high-speed internet connectivity for preventing unstable internet connection, this is creating a positive outlook for the market. Along with this, the increasing need for uninterrupted internet connection due to the widespread adoption of smartphones across geographically extended and rural areas is providing a boost to the uptake of private LTE. Furthermore, continuous technological advancements and the integration of the Internet of Things (IoT) and artificial intelligence (AI) with private LTE networks are acting as major growth-inducing factors. Additionally, the rising demand for automation across the manufacturing industry and the widespread product adoption in the healthcare industry for improved communication channels are providing an impetus to the market. Other factors, including rapid digitization and grid modernization, continual improvements in the telecommunication infrastructure and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 10.3 Billion by 2028, growing at a CAGR of 12.4% during 2023-2028.
- On the basis of the component, the market has been bifurcated into infrastructure and service.
- Based on the technology, the market has been segregated into FDD and TDD.
- On the basis of the frequency band, the market has been segmented into the licensed, unlicensed and shared spectrum.
- Based on the deployment model, the market has been categorized into the centralized and distributed.
- On the basis of the industry vertical, the market has been classified into healthcare, IT and telecom, manufacturing, retail and e-commerce, government and defense, energy and utility, oil and gas, education and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Airspan Networks Inc., ASOCS Ltd., Casa Systems Inc., Cisco Systems Inc., Comba Telecom Systems Holdings Limited, CommScope Inc., Druid Software Limited, Huawei Technologies Co. Ltd., Nokia Corporation, Qualcomm Incorporated, Sierra Wireless Inc and Telefónica S.A.
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