The private LTE market was valued at US$ 3,153. 1 million in 2020 and is projected to reach US$ 8,507. 2 million by 2028; it is expected to grow at a CAGR of 13. 6% from 2021 to 2028. The increasing adoption of the Industry 4.
New York, May 19, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Private LTE Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Type, End-user" - https://www.reportlinker.com/p06073164/?utm_source=GNW
0, industrial IoT, and automated technology are significantly fueling the demand for private LTE market. The continuous advancement in connectivity is the key parameter positively influencing the market. Increasing connected devices in manufacturing sector are generating a huge amount of data, and these data need to be analyzed effectively for smooth business operations. The increasing investments in machine-to-machine (M2M) and traditional IoT have enabled a significant increase in the economies of scale that drive the adoption of private LTE across the sector.
The private LTE market is segmented based on component, type, end-user.Based on component, the market is segmented into solution and services.
The services segment is expected to hold the largest market share during the forecast period.Based on type, the private LTE market is segmented into FDD and TDD.
In 2020, the FDD segment accounted for a significant share in the market.Based on end-user, the market is segmented into manufacturing, energy & utilities, healthcare, transportation, mining, and others.
The transportation segment is anticipated to be a fastest growing end user of private LTE market.
The outbreak of COVID-19 has been affecting every business globally since December 2019.The continuous growth in the number of virus-infected patients has made governments to put a restriction on transportation of humans and goods.
The manufacturing and construction industries, power plants, academic institutes, shopping complexes, office premises have experienced temporary shutdown in their activities because of precautionary measures taken to curb the spread of COVID-19.The factory shutdowns and border lockdowns have impacted manufacturing, supply, and sales of various industries.
Companies such as CommScope have experienced disruption in their activities to manufacture and distribute products from their manufacturing/contract facilities.Also, due to pandemic situation, CommScope’s facilities in Suzhou, China were closed in the first quarter of 2020 owing to supply constraints.
Verizon, Huawei, and Ericsson are the other companies that have witnessed disruption in their business activities due to temporary closure of manufacturing and ban on supply chain.
However, on the contrary, COVID-19 on the other side is anticipated to accelerate private 5G and LTE adoption.Among B2C and consumer, the data consumption is expected to grow as social distancing continues.
Also, the enterprises pivot to digital models and function virtually, the rate of data consumption will endure to boom, thus creating demand for establishing connectivity-centric ecosystem.In addition, to maintain ease network congestion and service quality, the telecom providers have started to invest in private LTE and 5G networks.
During pandemic situation, companies such as Verizon and Huawei have launched new private LTE services.
The overall private LTE market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast of the private LTE market with respect to all the segments.It also provides the overview and forecast for the global market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the private LTE market.
A few major players operating in the global private LTE market are Cisco Systems, Inc.; Ericsson; Huawei Technologies Co., Ltd.; Samsung; Verizon Communications, Inc.; CommScope Inc.; Future Technologies, Inc.; NetNumber, Inc.; Star Solutions; and Sierra Wireless, Inc.
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