Rising demand for specific and well-defined network capabilities is driving private LTE market revenue growth
The global private LTE market size is expected to reach USD 10.77 Billion in 2028 and register a revenue CAGR of 12.8% over the forecast period, according to the latest report by Reports and Data. Major factors driving market revenue growth is rising demand for unique and better-quality network and convergence of 5G and private LTE (Long-Term Evolution).
Rising demand for high-speed wireless network connectivity is driving revenue growth of the global market. Private LTE networks are detached from macro networks and deployed for IoT applications. It also improves network connectivity in critical areas such as healthcare centers, industrial sites, and offshore oil & gas rigs, which require seamless and fast network connection, as well as offers higher bandwidth, better spectrum efficiency, and low latency.
High demand for improved outdoor network coverage in various end-use industries is boosting revenue growth of the market. LTE is a wireless wide-area network technology and can operate at much longer distances from its base stations, while performing better than Wi-Fi. Companies involved in businesses such as mines, shipyard, oil rigs, and RV parks, among others require installation of few small cells to provide wide coverage area. Moreover, private LTE is safer than public connections, which means it is less prone to attack vectors and thus fewer cyberattacks.
COVID-19 pandemic created need for companies to employ work from home model, which resulted in need for secure, faster, and reliable networks. Thus, high demand for private LTE rose significantly during the pandemic due to implementation of lockdown and work from home trend created increasing demand for high-quality and reliable connectivity, which is further expected to drive market revenue growth.
Major companies profiled in the global market report include Nokia Corporation, Ericsson, Huawei Technologies Co., Ltd., NEC Corporation, Verizon, Cisco Systems, Samsung Electronics, Luminate Wireless, Inc., Future Technologies, and Redline Communications.
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Some Key Highlights from the Report
For the purpose of this report, Reports and Data has segmented the global private LTE market based on technology, component, deployment model, end use, and region:
Technology Outlook (Revenue, USD Billion; 2018–2028)
Component Outlook (Revenue, USD Billion; 2018–2028)
Deployment Model Outlook (Revenue, USD Billion; 2018–2028)
End Use Outlook (Revenue, USD Billion; 2018–2028)
Regional Outlook (Revenue, USD Billion; 2018–2028)
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