Private LTE market predicted to exceed $27bn by 2024

1 min read

The private LTE market is anticipated to exceed $27billion by 2024, says Global Market Insights.

This growth is attributed to the surge in connected devices which is generated a need for secure and reliable communication between devices. To overcome network connectivity issues faced by the connected industrial systems, private LTE networks, such as Nokia and Samsung Motorola, will play an important role.

Another factor driving the market is the extensive deployment of public safety wireless networks that enable first responders to share information for situational awareness. The public safety agencies are embracing these networks to ensure a coordinated response, offer actionable data insights, and improve response time.

Huge investments by the Government agencies and global telecom operators in the LTE-A and 5G-ready networks that ensure better connectivity, low latency in the industrial control systems, and mission-critical services will drive the private LTE market growth.

As per the infrastructure type, EPC segment held a dominant private LTE market share amounting to around 40% in 2017. As mobile networks are becoming more complex with the introduction of LTE networks and multiple radio access technologies, the demand for EPC solution to manage network payload will increase over the forecast timeline. The eNode install base is projected to increase over 330,000 units by 2024. Increasing deployment of private LTE networks for public safety applications is expected to majorly influence the growing installations of eNode base stations over the forecast timeline.

While the IoT modules segment in private LTE market is projected to grow at a CAGR of around 15% over the forecast timeline. The rapid adoption of these modules is supported by the growing IoT and M2M applications that require such devices that allow physical objects to connect to wireless networks. The growing usage of IoT platforms in smart city application will also drive the growing adoption of IoT modules.

North America is estimated to hold the largest private LTE market share of over 40% by 2024, says Global, due to the growing need for high-speed and low latency network for mission-critical communications and industrial IoT applications.

The penetration of smart connected systems in sectors such as transportation, manufacturing, and public safety is expected to increase the demand for private LTE networks.

Furthermore, the mobile core solution providers are offering LTE solutions to operators and enterprises that require private cellular networks to maximise the effectiveness of their communications infrastructure.