Private LTE Market is projected to grow at a CAGR of 12.84% during the forecast period: MRFR.

MRFR Press Release/- Market Research Future has Published a Cooked Research Report on the Global Private LTE Market.

The Private LTE market is predicted to reach USD 19,252.4 million by 2032, registering a 12.84% CAGR during the forecast period, 2024–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. The global private LTE market is expected to register significant growth during the forecast period. Factors such as the surge in demand for unique and defined network qualities and growing deployment of private LTE networks in public safety agencies are expected to drive the market. Also, the emergence of 5G in conjunction with private LTE is expected to be another driving factor in this market. The adoption of LTE technology in smart cities offers lucrative opportunities for the vendors operating in the market.

There are various benefits of using 5G in conjunction with private LTE. The combination of 5G with private LTE delivers reduced latency for low delay centric applications such as industrial automation (2ms), autonomous operations, high-definition video surveillance. 5G with private LTE features an infrastructure with ultra-high-level resiliency for applications such as end-user safety and mission-critical applications. Also, it increases mobility because private LTE has been designed for high-speed mobility and allows enhanced mobile roaming with security. Additionally, the conjunction of both the technologies offers a configurable quality of service which is ideal for mission-critical lifeline and production-critical automation use-cases. Also, in November 2019, Nokia stated that it is working on the deployment of more than 120 private wireless LTE networks globally, across a number of industries. Nokia deployed 35 private LTE networks in the energy industry, 32 in the public sector and smart cities, 24 in transportation, 11 in manufacturing and logistics, and more than 18 in other industries. Nokia has been a major equipment supplier in early commercial 5G networks from operators such as AT&T and Verizon.

Segmental Analysis

The scope of the global Private LTE market has been segmented based on technology, service, application, vertical, and region.

Based on technology, the global Private LTE market is segmented into frequency division duplexing (FDD) and time division duplexing (TDD). The frequency division duplexing (FDD) segment is predicted to witness significant growth over the forecast period.

Based on the service, the global Private LTE market is segmented into managed and professional services. Professional services for private LTE relate to the managing and planning of network services by the organization to enhance network performance. The professional service segment is projected to grow with the highest CAGR owing to increasing awareness among enterprises and a high focus on developing technical expertise regarding the global private LTE market.

Based on Application, the global Private LTE market is segmented into real time surveillance, operations visibility and optimizations, authentication and access control, asset management and uptime assurance, worker safety monitoring, logistics and supply chain management and remote diagnostics and predictive maintenance. The worker safety monitoring segment is likely to witness the fastest growth by 2030.

Based on Vertical, the global Private LTE market is segmented into manufacturing, defense, energy & utilities, transportation, mining, healthcare, and others. The energy & utilities segment is likely to witness the fastest growth by 2032.

Regional Analysis

Geographically, the global Private LTE market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

The Asia-Pacific region is expected to offer new market opportunities to the vendors of private LTE network. Considering the growth of the private LTE market, Japan, China, and Australia are essential countries in APAC. Japan and China are the most significant manufacturing economies that produce automobiles, information technology products, and electronic products. The market growth of private LTE in this region is due to the factors, such as the rise in M2M communications, increased smartphone penetration and is supported by the penetration of IoT platforms across various industry verticals such as healthcare, transportation, and manufacturing. This is increasing the demand for private IoT networks enabling enterprises to incorporate different devices for increased reliability and security.

Key Players

The key players in the global Private LTE market are LM Ericsson (Sweden), Nokia Corporation (Finland), Huawei Technology Co. Ltd (China), Samsung Electronics (South Korea), Verizon Communications (US), Cisco Systems, Inc (US), and Qualcomm Incorporated (US) and Others.