Global Private LTE and 5G network Market to Surge at 15.85 % CAGR, which is anticipated to reach USD 13.23 billion by 2030
CRI Report has released a report titled “Private LTE and 5G network Market – Analysis of Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030” which is anticipated to reach USD 13.23 billion by 2030. According to CRI Report, the market is anticipated to portray a CAGR of 15.85 % between 2020 and 2030. According to the report, increased penetration of private LTE and 5G networks for Internet of Things (IoT) and smart city applications are among the main drivers of market growth. Businesses and organizations are increasingly implementing private network infrastructure as the number of IoT applications in electricity, manufacturing, public safety, and transportation grows.
The market report on global Private LTE and 5G network Market includes in-depth insights as:
- The estimated value of the market was USD 4.56 billion in the year 2020.
- Global Private LTE and 5G network in North America held the largest market share in the year 2020 in terms of revenue.
- Global 5G Fixed Wireless Access market is segmented by networking type into Hardware, Software, and Services.
- Global Private LTE and 5G network market is segmented by End-user into Manufacturing, Healthcare, Energy and Utilities, IT & Telecom, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture and Others.
- Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.
“A main factor driving the evolution of LTE and 5G network markets is the increase in internet penetration combined with a significant reduction in data use costs. Manufacturing and distribution centers are constantly looking to take advantage of private network capabilities. The network’s main advantages are that it enables them to meet personalized end-user demands while maintaining high QoS and speed standards. The market’s growth prospects have also been boosted by the adoption of wireless networks that can incorporate on-device processing, 5G, and edge cloud at multiple endpoints. Warehouses and factories are gradually leaning on moving to private networks in order to set the foundation of industrial-grade IoT. Companies are growing testing the capabilities of the private network and favor them over commercial networks in order to deliver innovative mobility solutions in industrial IoT ecosystem. The proliferation of sensors and actuators in the IoT for both business and consumer applications is prompting telecom companies to invest in LTE and 5G networks, which is expected to fuel the demand for the market of Private LTE and 5G network”, according to this report
A private LTE/5G network is a wireless network that is tailored to the needs of a single company. The majority of these networks are set up on a single location. Private LTE/5G networks can also be used to meet wide-area network needs, such as monitoring a transmission network for a utility. Public mobile networks are designed to support the wide-area network requirements of the consumer smartphone industry, whereas private LTE/5G networks are not. A main factor driving the evolution of LTE and 5G network markets is the increase in internet penetration combined with a significant reduction in data use costs.
Global 5G Fixed Wireless Access market is segmented by networking type into Hardware, Software, and Services. The software segment contributed the most to the global 5G fixed wireless access industry, and this trend is expected to continue throughout the forecast period. Among these, due to the growing adoption of software tools and platforms the segment is expected to have the largest market share during the forecast period.
Key Players in the Market
Some of the key players operating in the global Private LTE and 5G network Market are Nokia, Deutsche Telekom AG, SAMSUNG, Intel Corporation, AT & T Intellectual Property, Qualcomm Technologies, Siklu Communication Ltd., Cohere Technologies, Ericsson, and other prominent players
Get Valuable Insights into Global Private LTE and 5G network Market
In the new report, CRI Report thrives to present an unbiased analysis of the global Private LTE and 5G network Market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2030. The study includes compelling insights into growth that is witnessed in the market. Global 5G Fixed Wireless Access market is segmented by networking type into Hardware, Software, and Services. Global Private LTE and 5G network market is segmented by End-user into Manufacturing, Healthcare, Energy and Utilities, IT & Telecom, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture and Others. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.
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