The private LTE market size to grow at a CAGR of 13.0%
NEW YORK, Dec. 18, 2018 /PRNewswire/ -- The private LTE market size to grow at a CAGR of 13.0% during the forecast period
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The private LTE market size is expected to grow from USD 2.4 billion in 2018 to USD 4.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.0% during the forecast period. The need for unique and defined network qualities, and convergence of 5G and private LTE are the major factors driving the growth of the private LTE market. However, the challenge of spectrum fragmentation could restrain the market growth.
Managed services segment to grow at the highest CAGR during the forecast period
The managed service providers connect people across all business functions and regions, and provide them with relevant information related to intelligent design, operations, and maintenance, as well as, offer a higher quality of services.Managed services in the private LTE market outsource a complete network or a part of it on a proactive management basis to improve the network operations and reduce the organizational expenses.
As the private LTE market is in its initial phase, most of the vendors are not capable of providing a standalone solution and its associate services to the customers. This enforces them to manage few of the services from vendors who are expert in providing those to deliver the required services to the customers.
Americas to hold the largest market size, and APAC to grow at the highest rate during the forecast period
Americas is expected to have the highest share of the overall private LTE market.Americas holds a major portion in the adoption of private LTE in this region.
Americas leads the LTE technology usage with around 94% penetration of 4G LTE connection.US and Canada are at the forefront as these countries have sustainable and well-established economies, which empower them to strongly invest in R&D activities, thereby contributing to the development of new technologies.
Network operators in this region consistently invest in expanding and upgrading their LTE and LTE-advanced networks.Latin America primarily comprises countries such as Brazil, Mexico, Colombia, Chile, and Arentina.
These countries have witnessed an extensive use of internet and mobile- based applications, and are expected to harness private LTE into their industrial and enterprise operations. In Americas, the US is said to be leading the next generation of wireless technologies. The US is the global leader of LTE and is expected to grow aggressively in this technology due to recent government initiatives. The US government has announced the availability of the Citizens Broadband Radio Service (CBRS) band or Band 48 for commercial usage. Canada is another key country in this region which has been positive about the usage of private LTE technology in its business operations. Canada is rich in natural resources, which has prompted the growth of several large-scale mining and energy organizations. These business entities have been inclined toward implementing private LTE as a solution to establish critical communication for M2M and machine-to-human communications.
APAC constitutes of major economies, such as Singapore, South Korea, Japan, China, India, and Australia.Japan, China, and Australia are essential for the growth of the private LTE market in this region.
Japan and China are one of the largest manufacturing economies that produce automobiles, information technology products, and electronic products. Manufacturing paradigm has changed considerably with industry-seeking advanced technologies, such as robotics and big data analytics.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the private LTE marketplace.
• By company type: Tier 1: 70%, Tier 2: 25%, and Tier 3: 5%
• By designation: C-level executives: 45%, Directors: 35%, and Others: 20%
• By region: North America: 17%, Europe: 42%, APAC: 25%, South America: 8%, and MEA: 8%
The major vendors in the private LTE market are Nokia (Finland), Ericsson (Sweden), Huawei (China), NEC (Japan), Verizon (US), Cisco (US), Samsung (South Korea), Comba (China), Arris International (US), Sierra Wireless (Canada), NetNumber (US), Lemko (US), General Dynamics (US), Future Technologies (US), pdvWireless (US), Quortus (UK), Ambra Solutions (Canada), Zinwave (US), Redline Communications (Canada), Athonet (Italy), Mavenir (US), Star Solutions (Canada), Druid Software (Italy), Ursys (Australia), and Luminate Wireless (US).
The report includes an in-depth competitive analysis of key players in the global private LTE market, along with their company profiles, recent developments, and key market strategies. The report segments the global private LTE market by technology, service, application, industry, and region.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall private LTE market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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