Private LTE and 5G network Market: by Networking Type (Hardware, Software and Services); by End user (Manufacturing, Healthcare, Energy and Utilities, IT & Telecom, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture and Others) and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
Private LTE and 5G Network Market to surpass USD 13.23 billion by 2030 from USD 4.56 billion in 2020 at a CAGR of 15.85 % in the coming years, i.e., 2021-30.
Private LTE/5G network is a wireless network that is tailored to the needs of a single company. The majority of these networks are set up on a single location. Private LTE/5G networks can also be used to meet wide-area network needs, such as monitoring a transmission network for a utility. Public mobile networks are designed to support the wide-area network requirements of the consumer smartphone industry, whereas private LTE/5G networks are not. A main factor driving the evolution of LTE and 5G network markets is the increase in internet penetration combined with a significant reduction in data use costs.
Global Private LTE and 5G Network Market to surpass USD 13.23 billion by 2030 from USD 4.56 billion in 2020 at a CAGR of 15.85 % in the coming years, i.e., 2021-30. Increased penetration of private LTE and 5G networks for Internet of Things (IoT) and smart city applications are among the main drivers of market growth. Businesses and organizations are increasingly implementing private network infrastructure as the number of IoT applications in electricity, manufacturing, public safety, and transportation grows.
Global Private LTE and 5G network market is segmented by End-user into Manufacturing, Healthcare, Energy and Utilities, IT & Telecom, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture and Others. The IT & Telecom segment of the Private LTE and 5G network market is expected to have a larger market size during the forecast period, based on the end-user. Due to major investments by key players in the latest communication technologies, the segment is expected to maintain its dominance over the forecast period. Over the forecast period, the IT & telecom segment is expected to rise due to rising demand for higher data speeds for residential and commercial applications. 5G networks are supposed to provide ubiquitous internet connections between homes and workplaces, allowing for online consultations with experts and reducing business travel. During the forecast era, the increasing demand for increased broadband capacity for virtual business meetings is expected to propel the segment forward.
Global 5G Fixed Wireless Access market is segmented by networking type into Hardware, Software, and Services. The software segment contributed the most to the global 5G fixed wireless access industry, and this trend is expected to continue throughout the forecast period. Among these, due to the growing adoption of software tools and platforms the segment is expected to have the largest market share during the forecast period.
Demand for high-speed networking and innovative mobility solutions
A main factor driving the evolution of LTE and 5G network markets is the increase in internet penetration combined with a significant reduction in data use costs. Manufacturing and distribution centers are constantly looking to take advantage of private network capabilities. The network's main advantages are that it enables them to meet personalized end-user demands while maintaining high QoS and speed standards. The market's growth prospects have also been boosted by the adoption of wireless networks that can incorporate on-device processing, 5G, and edge cloud at multiple endpoints. Warehouses and factories are gradually leaning on moving to private networks in order to set the foundation of industrial-grade IoT. Companies are growing testing the capabilities of the private network and favor them over commercial networks in order to deliver innovative mobility solutions in industrial IoT ecosystem. The proliferation of sensors and actuators in the IoT for both business and consumer applications is prompting telecom companies to invest in LTE and 5G networks, which is expected to fuel the demand for the market of Private LTE and 5G networks.
Increased manufacturing demand and technology acceptance
Several advancements in network connectivity and associated networks have occurred over the last decade. Quick networks capable of carrying out high-speed data transmissions are needed by a number of SMEs who want complete control over their connectivity and provide multi-carrier support to their customers at the same time. 5G network infrastructure is capable of supporting increased data traffic by providing ample bandwidth. It provides 10 to 100 times the bandwidth and high-speed data services that 3G and 4G networks provide. As a result, the demand for high-speed broadband services is expected to propel the Private LTE and 5G network market forward in the near future.
High investment costs as well as government regulations
The significant investment needed to develop a stable 5G network infrastructure could stymie the market. Furthermore, government regulations and other network connectivity-related issues could pose significant challenges to the market in the coming years.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Private LTE and 5G network market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. North America has been a promising regional market, and it will continue to hold the majority of the market share in 2020. The rise in business propositions of private networks over commercial networks for supporting industry-grade IoT networks has fueled the expansion. During the assessment era, however, advancements in AI and IoT deployments in Asia Pacific's main economies have solidified the regional market's potential. Increased investments in implementing the new 5G network are also boosting growth prospects.
|Market size value in 2020||USD 4.56 billion|
|Revenue forecast in 2030||USD 13.23 billion|
|Growth Rate||CAGR of 15.85 % from 2021 to 2030|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Network Type, End-User, and Region|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)|
|Key companies profiled||Nokia, Deutsche Telekom AG, SAMSUNG, Intel Corporation, AT & T Intellectual Property, Qualcomm Technologies, Siklu Communication Ltd., Cohere Technologies, Ericsson, and other prominent players|
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