Press Release
Press Release
According to a new report by EMR titled, ‘Global Private LTE Market Report and Forecast 2024-2032’, the global market for private LTE attained a value of about USD 5.82 billion in 2023. The industry is further expected to grow at a CAGR of 10.60% in the forecast period of 2024-2032 to reach USD 14.47 billion by 2032.
The increasing demand for high-speed internet at a lower cost is driving the global market for private LTE, resulting from the digitalisation of various economies owing to the pandemic. Moreover, the benefits of private LTE, such as increased data speeds, preventing traffic from outside users, keeping high-risk information secure, reducing installation costs, and enabling flexibility, are driving people and organisations to adopt it, thus invigorating the market. The initiatives taken by the government to boost the infrastructure of private LTEs are further augmenting the market growth. The growing technological advancements such as cloud technology, AI, and others are expected to bolster the industry growth in the coming years.
The growing demand for private LTE that has exceptional qualities is leading many companies to compete in order to develop technologies and collaborate with each other, which is predicted to aid the market. In October 2020, AT&T Inc. (NYSE: T) announced its collaboration with Ericsson to offer Private Cellular Network on CBRS Spectrum. This collaboration is aimed at accelerating the digital transformation of industries and provide cost efficient private network solutions. In addition, Verizon Communications Inc. (NYSE: VZ), in December 2020, announced the launch of On Site LTE for enterprise customers. This private LTE offers customers a secure on-premises wireless network to manage critical business operations. This is a solution for customers to prioritise their processes and quality of services. These developments are expected to invigorate the private LTE industry growth in the forecast period.
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The major players in the global private LTE market are AT&T Inc., Verizon Communications Inc., Deutsche Telekom AG, Vodafone Group Plc, and Nokia Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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