Global Private LTE Market to Reach $8.3 Billion by 2027: Open Networking Model and Infusion of Cloud and Virtualization Drives Growth
DUBLIN, March 21, 2023 /PRNewswire/ -- The "Global Private LTE Market by Component (Infrastructure and Services), Technology (FDD and TDD), Deployment Model (Centralized and Distributed), Frequency Band (Licensed, Unlicensed, and Shared Spectrum), End User and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global private LTE market size is projected to grow from USD 5.0 billion in 2022 to USD 8.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period.
Major factors such as the need for unique and defined network quality are expected to drive the growth of the global private LTE market. However, the fragmented spectrum may limit the market growth.
Mobile Core Network segment to grow at a higher CAGR during the forecast period
A mobile core network is an important element of the private LTE infrastructure. It has a complex architecture on the enterprise's data centers, the edge, or the cloud. In the network-in-box concept, this network is a part of eNodeB. EPC is a familiar name in the mobile core network.
Currently, virtualized EPC has been pervasive across enterprises. All the greenfield deployment of private LTE networks has witnessed the implementation of cloud-based driving the segment
Unlicensed segment to grow at the highest CAGR during the forecast period
3GPP has industrialized a new approach with LTE License Assisted Access (LAA) to enable access to LTE-U in the 5GHz Industrial, Scientific, and Medical (ISM) band. Globally, a substantial amount of unlicensed spectrum available in the ISM band can be used across a wide range of applications.
Enterprises can design, develop, and operate private LTE networks in unlicensed bands. For instance, MulteFire, with its unlicensed band, provides optimum network coverage, improves network capacity, offers seamless mobility, and increases QoS.
Apart from enterprises, telecom operators can also use unlicensed bands with carrie aggregation technology to extend their network coverage. Unlicensed bands have opened up several opportunities for enterprises, ISPs, CSPs, MSPs, MNOs, and cable operators by acting as a neutral host to support multiple business use cases.
North America region to record the highest market share in the Private LTE market in 2022
North America is expected to have the largest share in the overall private LTE market. The growth is attributed to the rising deployments of own high-speed private networks to optimize the security of business applications. The US holds a major portion of the adoption of private LTE in this region.
Also, the expansive demand for critical business applications with security, upgradeability, and scalability requirements is fueling the market growth.
Case Study Analysis
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SOURCE Research and Markets