Thursday, May 23, 2024

    Private LTE Market: Top trends impelling the industry share through 2026

    According to a recent study from market research firm Graphical Research, the global private LTE market size is set to register a significant growth during the forecast timeframe. LTE is a type of 4G network technology that gives the fastest mobile internet experience to end-users. Private LTE provides a reliable and safe connection and is commonly used to connect smartphones and other communication devices within an enterprise or across a defense force.

    The need to have strong connectivity network has grown by many folds in recent years. People today are living hectic lives and want a robust internet infrastructure to help them complete their official tasks. Since the demand for wireless technologies is gaining widespread momentum, private LTE networks will witness notable expansion in the coming years.

    Some of the key trends that will augment global private LTE market forecast are listed below:

    Business security prompts adoption of private LTE in North America

    North America private LTE market is expected to exceed $5 billion in valuation by 2026. One of the major reasons for this is the rise in adoption of robust network systems to increase the security of business applications. This system helps businesses streamline their devices, machines and people across different applications to one network. Private LTE network helps in bringing security, scalability and upgradeability to important business applications.

    Use of private LTE network in managed services in North America

    Managed services segment in North America private LTE market will hold more than 30% share and will grow at 20% CAGR through 2026. The major reasons for this are the rising need among end-users to simplify the complex network infrastructure of enterprises and the high demand for increasing network efficiency. Many companies across the region choose to outsource activities like managing and maintaining the existing internal infrastructure. The managed service providers provide better network coverage which improves the overall business performance of the companies.

    Smart city construction will foster demand for private LTE network in Europe

    Europe private LTE market will become worth more than $3 billion by 2026. The concept of smart cities is catching up with the regional governments because of the rise in demand for innovative public infrastructure. These areas will use advanced and innovative technologies to build state-of-the-art amenities that will help citizens live a comfortable life. As the percentage of these cities is growing in Europe, the demand for having connected devices and sensors is increasing as well. These sensors use communication technologies like private LTE to enable smooth interaction with other smart objects.

    Handheld terminals in European enterprise use private LTE

    Private LTE network will find high use in handheld terminals across the regional industrial and corporate structure. In fact, the segment held a share of over 40% of Europe market in 2019 and is anticipated to expand further in the coming years. Handheld terminals have made communication systems quite effortless by connecting executives, supervisors and IT personnel with each other across various units in an organization. These networks have helped businesses across sectors like hospitality, utilities, mining, manufacturing and many others meet their unique requirements.

    Handheld terminal devices have advanced features which cannot be found in regular smartphones. They help in increasing the productivity of any business to a great extent and reduce overall downtime in operations as well.

    Scope of private LTE network in Europe energy sector

    Europe private LTE market share from energy sector application will register a tremendous CAGR of 25% through 2026. One of the major reasons for this is that private LTE networks help in bringing different grid networks together which ensures lower setup costs in wider areas, enhanced spectral efficiency and bandwidth along with providing security to customers’ data.

    In October 2018, Nokia successfully provided private LTE services to Brazilian power distributor Elektro which will help the latter increase the efficiency and reliability of its grid system.

    Asia Pacific private LTE market is going through technological developments

    Asia Pacific private LTE industry will exceed a valuation of $2.5 billion by 2026. Companies in Asia Pacific region are implementing various strategies and are bringing out new products to make regional private LTE industry as advanced as possible. The networks are being integrated with smart and innovative technologies to increase their efficiency, speed and reliability. For instance, Huawei, in February 2020, introduced new 5G products and services and a 5G partner innovation program as well. The main aim behind all this is to make 5G technology a commercial success and build a 5G ecosystem.

    Private LTE networks will be extensively adopted in the mining industry as the demand for enhancing the workers’ safety and building strong industrial applications is growing at a momentous rate. Companies in this sector are shifting their focus towards autonomous or remotely controlled machinery. These machineries have proved to be quite useful for the workers as they have reduced the number of fatalities at mining sites.

    Japan private LTE market share witnesses considerable surge

    Japan private LTE industry will grow at a substantial rate in the future, thanks to the rising need for public safety measures. This has led to the creation of the Public Safety LTE (PS-LTE). This form of network is being widely used by many public safety organizations across the country with the aim of improving the overall coordination during rescue operations in the event of a natural or man-made disaster.

    Essentially, private LTE networks have gained a lot of popularity among end-users across the world, thanks to the booming demand for fast-paced and more secure internet connectivity. These systems have not only benefited the general public but have also been of great use to several industries that are on the lookout to enhance their overall productivity. The reputed companies involved in providing private LTE components and services to end-users across the world are AT&T Inc., Boingo Wireless Inc., Cisco Systems Inc., Nokia Corporation, QualComm Technologies, Motorola Solutions Inc. and many others.

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