CHICAGO, December 12, 2018 /PRNewswire/ --
According to a new market research report "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", published by MarketsandMarkets™, the Global Private LTE Market is expected 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.
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The need for unique and defined network qualities and convergence of 5G and private LTE are the major factors driving the growth of the Private LTE Market.
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The integration and deployment services segment to grow at the highest CAGR during the forecast period
Integration and deployment services are an essential for executing the private LTE network system. They provide multi-vendor services and solutions for networks and their associated infrastructures. They also help organizations integrate all their applications and systems on a common dedicated network. They assist the IT staff of enterprises in understanding the private LTE system and learning the operations and monitoring of it. Moreover, they save enterprises' deployment time and avoid the additional cost spending on the deployment of the private LTE network system.
The Frequency Division Duplex (FDD) segment to hold a larger market size during the forecast period
FDD is a technique where separate frequency bands are used at the transmitter and receiver side. As the FDD technology uses different frequency bands for sending and receiving operations, sending and receiving data signals do not interfere with each other. This technique makes FDD a better choice than Time Division Duplex (TDD) for managing symmetric traffic, such as voice applications, in broadband wireless networks.
APAC to grow at the highest CAGR during the forecast period
APAC constitutes of major economies, such as Singapore, South Korea, Japan, China, India, and Australia. Japan, China, and Australia are important countries as far as the growth of the Private LTE Market in APAC is concerned. Japan and China are the largest manufacturing economies that produce automobiles, information technology products, and electronic products. Manufacturing paradigm has changed considerably with the manufacturing industry seeking advanced technologies, such as robotics and big data analytics. These technologies are becoming popular among the industry.
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The major vendors in the Private LTE Market are 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).
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