Global Private LTE Market to Penetrate the 11 Billion Dollar Business Realm by 2024
Private LTE Market fueled by shifting focus of telecom service providers to LTE to phase out older networks
Selbyville, Delaware – January 30, 2019 /MarketersMedia/ —
The private LTE market growth is attributed to the massive surge in connected devices that generate the need for secure and reliable communication between devices. To overcome network connectivity issues faced by the connected industrial systems, the private LTE networks play an important role.
Another factor driving the market is the extensive deployment of public safety wireless networks that enable first responders to share information for situational awareness. The public safety agencies are embracing these networks to ensure a coordinated response, offer actionable data insights, and improve response time. Huge investments by the government agencies and global telecom operators in the LTE-A and 5G-ready networks that ensure better connectivity, low latency in the industrial control systems, and mission-critical services will drive the private LTE market growth.
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The integration of private LTE network in the enterprises to secure data and voice communication, wireless video communication, ensure indoor investigation, and inspect the production line maintenance is slated to fuel the product demand over the years ahead. Heavy investments to develop digitalized, modern factories with a secured and transparent work culture will further propel private LTE market share considerably.
As per the infrastructure type, EPC segment held a dominant private LTE market market share amounting to around 40% in 2017. As mobile networks are becoming more complex with the introduction of LTE networks and multiple radio access technologies, the demand for EPC solution to manage network payload will increase over the forecast timeline. The eNode install base is projected to increase over 330,000 units by 2024. Increasing deployment of private LTE networks for public safety applications is expected to majorly influence the growing installations of eNode base stations over the forecast timeline.
Vehicular routers in the private LTE market are projected to grow at a CAGR of over 32% over the forecast timeline. The market growth is driven by their ability to provide fast and reliable wireless connectivity for deployments where wired options are too expensive. These routers enable seamless connectivity and are crucial for enabling various applications such as fleet management, video surveillance and monitoring of connected mobile assets.
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The mining sector is estimated to register an impressive CAGR of over 33% in the private LTE market between 2018 and 2024. The technology helps the industry in automating key mining functions to gain operational efficiencies. These networks offer the low latency needed to operate the autonomous systems such as drills and drones in harsh, remote environments.
North America private LTE market is estimated to hold the largest market share of over 40% by 2024 due to the growing need for high-speed and low latency network for mission-critical communications and industrial IoT applications. For instance, in June 2017, Redline and Future Technologies partnered to offer Redline’s mobile LTE product line to the military customers of Future Technologies. Under the partnership, both the companies executed their commercial LTE pilot for a military customer for use in disaster recovery and tactical deployments.
Some of the prominent players operating in the private LTE market are Nokia, Qualcomm, Huawei, Ericsson, ZTE, Future Technologies, Verizon, Cisco, Netnumber, Druid Software, Casa Systems, Ruckus Networks, SpiderCloud, PDV Wireless, General Dynamics Mission Systems, Boingo, Samsung, Motorola, Sierra Wireless, AT&T, Rivada Networks, and Tait.
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Private LTE market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2014 to 2024, for the following segments:
Private LTE Market, By Component
o By Product
• Infrastructure
o Evolved Packet Core (EPC)
o Backhaul
o eNodeB
• Device
o Smartphones
o Handheld Terminals
o Vehicular Routers
o IoT Modules
o By Service
• Training & Consulting
• Integration & Maintenance
• Managed Service
Private LTE Market, By Application
o Public Safety
o Defense
o Mining
o Transportation
o Energy
o Manufacturing
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