Significant Rise in Private Investments for Testing Private LTE 5G Networks to Aid Market Growth
The global telecommunication sector has evolved at a breakneck pace over the past decade. With the onset of the third generation (3G) and fourth generation (4G) mobile networks coupled with dwindling prices of data over time, Internet penetration around the world witnessed a major spike over the past few years – a trend that is set to continue due to developments being made in the private LTE 5G & network market. As the 5G network ecosystem continues to evolve, several businesses and industries are evolving as well. The demand for private LTE 5G network is expected to grow at an exponential rate in the upcoming years, as it is anticipated to cater to the QoS and speed requirements while supporting a number of classic applications and endpoints.
Manufacturing sites and distribution centers, along with a range of other campus environments are estimated to largely benefit with the integration of private LTE 5G network. While the industrial sector is expected to remain one of the most prominent end-use sectors of private LTE 5G network, the non-industrial sector is also tipped to provide considerable opportunities to the telecommunication companies that are increasingly focusing on the development of their private LTE 5G network. The notable drop in prices of electronic devices, including smartphones and tablets is another major factor expected to propel the global private LTE & 5G network market.
At the back of these factors, the global private LTE & 5G network market is on course to surpass US$ 17.7 Bn mark by the end of 2030.
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Compatibility with Artificial Intelligence-driven Applications to Drive Market
Over the past few years, artificial intelligence (AI) has emerged as one of the most important technologies gaining traction across a range of industries due to the growing popularity of Industry 4.0. The industrial automation trend coupled with the onset of the Internet of Things (IoT) is expected to provide lucrative opportunities to the players operating in the private LTE & 5G network market during the assessment period. The increasing use of 5G and AI in conjunction with each other for a broad spectrum of applications is anticipated to play a key role in transforming the overall growth of the global private LTE & 5G network market during the forecast period. In addition, the growing interest in wireless edge wherein on-device processing, 5G, and edge cloud are likely to form a connectivity fabric is projected to be imperative in increasing the demand for private LTE 5G network. Artificial intelligence is likely to play a key role in improving the 5G end-to-end system.
Some of the other factors expected to propel the global private LTE & 5G network market include improved device experience, optimum radio security, and enhanced system performance offered by a private LTE 5G network.
5G Technology to Enable Industrial-scale IoT Networks across Warehouses, Factories
The advent of the 5G technology is expected to pave the way for new solutions and potential applications that were less likely to be developed previously. As a result, private LTE 5G network would enable industrial-scale internet-of-things networks across ports, warehouses, and factories. A number of companies around the world are increasingly focusing on testing private LTE 5G network– a trend that is likely to continue over the next few months, thus boosting the global private LTE & 5G network market. Moreover, analysts at Transparency Market Research are of the opinion that during the forecast period, as the technology matures and costs move in a downward trajectory, the adoption of private LTE 5G network for both, single-site as well as multiple location applications is expected to grow at a commendable pace.
5G to Support Fight against COVID-19, Likely to Propel Market Growth
The onset of the novel COVID-19 pandemic is expected to have a moderate impact on the overall growth trajectory of the global private LTE & 5G network market. Private LTE and 5G network are projected to help in streamlining services and operations across a host of industries, including healthcare, banks, government services, academics, and supply chain during the COVID-19 period and beyond. The increasing demand for contactless technology and connectivity between multiple devices is expected to play a major role in driving the demand for private LTE 5G network during the COVID-19 pandemic.
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The global private LTE & 5G network market is expected to expand at an impressive CAGR of ~49% during the forecast period. The market growth is driven by factors such as increasing mobile penetration worldwide, dwindling prices of data, rising demand for private LTE 5G network for AI-driven applications, and growing interest in the Internet of Things (IoT). The benefits provided by private LTE 5G network in comparison with 4G and other alternative technologies is anticipated to propel the global private LTE & 5G network market during the assessment period.
Private LTE & 5G Network Market: Overview
- According to a latest research report on the global private LTE & 5G network market published by Transparency Market Research for the historical period 2018–2019 and the forecast period 2022–2030, increasing adoption of mobile Internet and cloud computing among end users is expected to boost the global private LTE & 5G network market during the forecast period. Adoption of smartphones and new technologies has propelled the demand for private LTE & 5G networks across the globe.
- In terms of revenue, the global private LTE & 5G network market is estimated to exceed a value of US$ 17.7 Bn by 2030, expanding at a CAGR of ~49% during the forecast period
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