At 49% CAGR, Private LTE & 5G Network Market to Reach $17.7 Billion by 2030, TMR Study
Private LTE & 5G Network Market
Adoption of smartphones and new technologies has propelled the demand for private LTE & 5G networks across the globe during the forecast period
ALBANY , NY, US, January 10, 2022 /EINPresswire.com/ -- Transparency Market Research delivers key insights on the global private LTE & 5G network market. In terms of revenue, the global private LTE & 5G network market is estimated to expand at a CAGR of 49% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global private LTE & 5G network market.
Huge industrial demand for high speed data connectivity, lower latency across developed as well as developing countries across the globe, increased proliferation of Internet of Things (IoT) connected devices, and rapid technological advancements in the field of sensors and semiconductors are expected to fuel the growth of the private LTE & 5G network market.
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Private LTE & 5G Network Market: Dynamics
The introduction of 5G technologies is expected to boost the private LTE & 5G network market during the forecast period. According to GSMA, 5G connections are likely to reach 1.8 billion by 2025. Following are the companies building the value chain of 5G networking and can help in pioneering the private LTE & 5G network market: OEMs for edge computing and data centers such as Huawei Technologies, Dell EMC, Cisco Systems, Hewlett Packard Enterprise, IBM, Lenovo, and Pure Storage. Suppliers of edge compute components and datacenters - Broadcom, NVIDIA, Qualcomm, Advanced Micro Devices, Intel, Samsung Electronics, and Xilinx. Providers of network transformation include Nokia, Ericsson, Huawei Technologies, Intel, National Instruments, Samsung Electronics, and ZTE Corporation. Suppliers of IP and modems include Ericsson, Nokia, Intel, Huawei, Qualcomm, and Samsung Electronics.
Governments across major countries such as the U.S., Japan, Germany, China, and India are active in introducing 5G spectrum to ensure efficient networking solutions and are thus, expected to boost the private LTE & 5G network market during the forecast period. Furthermore, with progress in adoption of IoT, a large number of devices would be connected, pushing for higher bandwidths networks- a strong proposition for private LTE & 5G network. Thus, a private LTE & 5G network is an important pillar for the Internet of Things (IoT) technology, simultaneously addressing security related concerns.
Enterprises across the U.S., China, and Japan are already working toward developing a dedicated network and are collaborating with various telecom providers to deploy private LTE & 5G network infrastructure. Hence, increase in government investments for deployment of 5G is expected to propel the private LTE & 5G network market during the forecast period.
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Private LTE & 5G Network Market: Prominent Regions
North America is anticipated to dominate the private LTE & 5G network market during the forecast period. In North America, the U.S. market is expected to expand at the highest CAGR, owing to Citizens Broadband Radio Systems (CBRS). Private LTE is an attractive option for new business and industry verticals. Enterprises and industry verticals are adopting private LTE as it can provide reliable connectivity and seamless mobility for general wireless communication and industrial IoT applications. According to GSMA Intelligence, the penetration of 5G connections in North America is expected to reach 48% of the total connections by the end of 2025. The private LTE & 5G network market in Asia Pacific is likely to expand at a high CAGR during the forecast period. The market in Middle East & Africa and South America is also projected to expand moderately over the forecast period.
Private LTE & 5G Network Market: Key Players
Key players operating in the global private LTE & 5G network market are ADVA Optical Networking SE, AMBRA Spectrums, AT&T, Inc., Blue Wireless Pte. Ltd., Deutsche Telekom AG, ETELM, Ericsson AB, Fujitsu Ltd., Future Technologies LLC, HCL Technologies Limited, Huawei Technologies Co., Ltd., Intel Corporation, ip.access, Mavenir Systems, MECSware GmbH, NEC Corporation, NetNumber Inc., Nokia Networks, Qualcomm Technologies, Inc., Quortus Limited, Redline Communications, Ruckus Networks, Samsung Group, Sercomm Corporation, SpiderCloud Wireless, Squire Technologies, Tecore, Inc., ThinkSmallCell Ltd., Verizon Communications Inc., Vertel, and ZTE Corporation.
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Private LTE Networks Heading Industrial and Commercial Internet of Things (IoT): A Key Driver
At present, different sectors are focused on adopting digital solutions, Internet of Things, and smart system technologies in order to improve their performance. This, in turn, is expected to increase the adoption of private LTE & 5G networks during the forecast period. A robust wireless network is the key solution to be incorporated and integrated with existing systems to achieve required efficiencies, as the growing number of smart connected devices utilizing next generation wireless technologies would drive the need for data intensive but secure networks. Thus, a private LTE and 5G network forms an important pillar for the Internet of Things (IoT) technology, simultaneously addressing security related concerns. This is expected to boost the private LTE & 5G network market during the forecast period.
Telecom providers are majorly investing in developing the 5G infrastructure but are failing to address security challenges that are not implemented in the new 5G standards. This, in turn, is expected to hinder the private LTE & 5G network market during the forecast period. Earlier, wireless communication faced major security vulnerabilities. 1G, 2G, 3G, and 4G security issues such as illegal cloning, masquerading, and message spamming were prevalent across enterprises. Security issues are a major concern of telecom providers and equipment providers with the evolution of the fifth generation (5G) wireless network. Hence, security and cost issues related to 5G infrastructure are likely to be major factors hindering the private LTE & 5G network market during the forecast period.
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