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Private LTE Market Growing at CAGR of 13% | Key Players Nokia, Ericsson, Huawei, NEC, Verizon

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Private LTE Market Growing at CAGR of 13% | Key Players Nokia, Ericsson, Huawei, NEC, Verizon

January 27
09:42 2020
Private LTE Market Growing at CAGR of 13% | Key Players Nokia, Ericsson, Huawei, NEC, Verizon

Nokia (Finland), Ericsson (Sweden), Huawei (China), NEC (Japan), Verizon (US), Cisco (US), Samsung (South Korea), Comba (China), Arris International (US), Sierra Wireless (Canada), NetNumber (US), Lemko (US), General Dynamics (US), Future Technologies (US), pdvWireless (US), Quortus (UK), Ambra Solutions (Canada)…
Private LTE Market by Technology (FDD and TDD), Service (Managed Services, Integration & Deployment), Application (Public Safety, Logistics & Supply Chain Management), Industry (Energy & Utilities, Mining), and Region – Global Forecast to 2023

Private LTE is a network system that is capable of operating a standard-based LTE network in both licensed and unlicensed spectrum, and locally controlling specific devices and users. While the public LTE system manages networks for both individual and enterprise users, private LTE is designed specifically for enterprise users. MarketsandMarkets forecasts the private LTE Market to grow from USD 2.4 billion in 2018 to USD 4.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13% during the forecast period.

In the private LTE market, enterprises are demanding consulting services for resolving their network issues, such as network bandwidth, speed, and security. Consulting services help eliminate network complexities and reintegrate the business functions of enterprises in a simplified environment by providing clients with their business networking needs. They provide customers with information about the latest technologies available in the market. As the private LTE market is still in the nascent phase, most of the vendors provide consulting services, such as spreading the awareness of private LTE and its application in various industries, to the existing customers.

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The rising adoption of robotics and smart machines in the manufacturing industry is increasing the demand of private LTE in the logistics and supply chain management application area. Logistics and supply chain management is one of the vital processes in any manufacturing industry, as it involves coordinating and integrating the flow of raw materials and finished goods both within and among enterprises. Supply chain management activities cover everything from product development, sourcing, production, and logistics to the coordination of these activities. For seamless supply chain management, manufacturers are highly using IoT and smart machines at their plants.

In terms of regions, the global private LTE market has been segmented into 4 regions, namely, the Americas, Asia Pacific (APAC), Europe, and Middle East and Africa (MEA). Europe is one of the key regions in the global private LTE market. The region comprises major growing economies, such as the UK and Germany, which offer great growth opportunities for private LTE vendors. As mobile network technologies progress toward 5G, Europe has an opportunity to transform as one of the leading regions in terms of digital roles and extend the fast mobile connectivity in the region. The European 5G leadership, supported by the partnership between European governments and industries, can harness the full power of digital transformation for delivering growth and jobs, achieving a more inclusive society with better public services, and supporting a booming and competitive digital arena in Europe. 

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The major private LTE market vendors include Nokia (Finland), Ericsson (Sweden), Huawei (China), NEC (Japan), Verizon (US), Cisco (US), Samsung (South Korea), Comba (China), Arris International (US), Sierra Wireless (Canada), NetNumber (US), Lemko (US), General Dynamics (US), Future Technologies (US), pdvWireless (US), Quortus (UK), Ambra Solutions (Canada), Zinwave (US), Redline Communications (Canada), Athonet (Italy), Mavenir (US), Star Solutions (Canada), Druid Software (Italy), Ursys (Australia), and Luminate Wireless (US). These players have adopted various growth strategies, including partnerships, agreements, and collaborations and new product launches, to further expand their presence in the global private LTE market. New product launches, partnerships, and agreements have been the most favored strategies adopted by major players from 2016 to 2018, which helped them innovate their offerings and broaden their customer base.

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