Global Private LTE Market to Reach $6.258 Billion by 2027
DUBLIN, Aug. 4, 2022 /PRNewswire/ -- The "Private LTE Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The private LTE market is projected to grow at a CAGR of 11.88% during the forecast period to reach US$6.258 billion by 2027, from US$2.852 billion in 2020. LTE (Long-Term Evolution) is a standard for wireless broadband communication technology based on the UMTS/HSPA and GSM/EDGE protocols for data terminals and mobile devices.
It uses a redesigned radio interface and core network upgrades to boost the capacity and speed of those standards. Private LTE, in contrast to public LTE, is one that is dedicated to serving the needs of a single institution, such as a utility, factory, or police force. The network is only accessible to approved members of that organisation. The company determines where coverage will be provided, how the network will function, and who will have access and priority. The market's demand for private LTEs has increased, driving the market growth.
The emergence of 5G, technological advancements, and a fiercely competitive landscape are expected to drive the private LTE market onward.
The increased adoption of isolated systems and the appealing attributes of private LTE networks, including extended range, rapid speed, high capacity, and low latency, are attracting many firms to adapt to private LTE networks. This further opens up the potential to transition existing PMR/LMR clients to private LTE and then to private 5G networks later on. The deployment of private LTE networks by Teck Resources Limited and NLMK Groups' initiative to adopt a private LTE network into their facilities are the best examples of this.
In October 2020, Shaw Business, a leading Canada-based connectivity firm, announced Teck Resources Limited (Teck) has deployed Western Canada's first-ever industrial-grade private LTE network for mining ystems, which will provide dramatically improved coverage and connection at Teck's Elkview Operations in British Columbia. Western Canada's first private LTE network for mining systems was developed by Shaw in collaboration with Nokia to assist the deployment of Teck's RACE21TM programme, which aims to improve how the company mines by leveraging technology and creativity.
Furthermore, the changing technologies have also transformed the way private LTE services are being offered in the market. For instance, in August 2021, NTT, a leading business and technology solution provider, announced the launch of its Private 5G Platform, P5G. P5G is the first private 5G/LTE network-as-a-service platform in the world. This unique and innovative P5G aids Chief Digital Officers and Chief Information Officers in leveraging the perks of a private LTE/5G network to tackle business issues and innovate in order to keep up with the future of enterprise with a complete end-to-end stack of services that extends beyond the network.
At the same time, many firms are also deploying strategic acquisitions to offer their consumers better services and enhance their brand presence in the market. Kajeet's acquisition of Red Rover Ltd is one of the best examples of this. In December 2021, Kajeet, global wireless connectivity, hardware, and software solutions provider for local governments, schools, businesses, and announced its asset acquisition of Red Rover Ltd. Red Rover Ltd is a broadband network consultancy. The takeover of Red Rover's LTE portion has enabled Kajeet to deliver the best possible private LTE networks to their consumers and is a step toward the firm's objective of digital inclusion.
By geography, Asia-pacific is expected to occupy a dominant position in the global market.
The growth of the private LTE market in this segment is attributed to the strategic developments deployed by key players in the region. The increased penetration of smartphones and IoT platforms across various industries in the region is also expected to propel the market size.
For instance, in Taiwan, in September 2020, Ericsson and Asia Pacific Telecom Co. established the first-ever 5G NSA (Non-Standalone) MOCN (Multi-Operator Core Network) in a shared network architecture. Ericsson has won the contract along with APT to update its 4G LTE network and also deploy 5G NSA MOCN. With this partnership, Asia Pacific Telecom Group was able to launch 5G MOCN within a six-month duration.
By End-User Industry
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Private LTE Market Analysis, by Technology
6. Private LTE Market Analysis, by Component
7. Private LTE Market Analysis, by Industry Vertical
8. Private LTE Market Analysis, Geography
9. Competitive Environment and Analysis
10. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/n0v10z
SOURCE Research and Markets