The private LTE market size is expected to record a valuation of USD 19 billion by 2028, according to the most recent study by Global Market Insights Inc. The market growth is driven by the increasing penetration of connected vehicles.
The growing adoption of private LTE networks across autonomous vehicles is boosting the industry progression. Autonomous vehicle manufacturers are extensively using private LTE networks to control and monitor vehicle performance.
The backhaul segment held 30% of private LTE market share in 2021 due to shifting consumer demand toward 4G and LTE mobile connectivity. To deliver services in hard-to-reach markets, companies deploy wireless backhaul networks to interconnect cellular base stations regardless of the distance or infrastructure. Backhaul networks are gaining immense popularity among MVNOs who prefer these networks to offer services in remote areas.
The IoT module is predicted to attain a 25% growth rate till 2028 impelled by the rising acceptance of connected vehicles. These mobile IoT modules are used for various metering applications across utilities such as gas, water & electronics, wearable fitness & health technology, connected city streetlights & parking meters, asset tracking, and smart buildings & homes including surveillance & security alarms and smart waste management.
The private LTE market for training and consulting service segment accounted for 20% of revenue share in 2021. Growth is attributed to its ability to help organizations in transforming their networks, thereby leveraging the benefits of private LTE networks. Consulting services aid in the upgrading of networks and services, providing subscribers with improved connectivity and high data speeds. These services also improve the retainability, data speed, and accessibility of smartphone users, driving their market demand.
The manufacturing segment is poised to register at more than 20% CAGR by 2028. Rapid industrialization and urbanization have resulted in the usage of advanced technologies for smart manufacturing and logistics. Smart wireless manufacturing has accelerated the 4th industrial revolution, which transformed plants and factories through wireless technologies. To meet the growing trend of digital workplace & mass customization, manufacturing firms are adopting industrial IoT and private LTE networks for augmenting their productivity & performance with reduced human intervention.
Europe private LTE market is projected to witness significant growth owing to the demand for connected cars and increasing digitalization across various end-industry verticals. Organizations across the critical communications industry are making investments in private LTE and 5G-ready networks. By offering authority over the wireless coverage, these networks ensure improved connectivity while supporting a wide range of use cases. Telecom operators are expanding their footprints in LTE technology by providing organizations access to their licensed spectrum so that they can deploy their dedicated LTE networks.
Major players operating in the private LTE market are Affirmed Networks, AT&T, Inc., Boingo, Casa Systems, Inc., Cisco Systems, Inc., Druid Software, Telefonaktiebolaget LM Ericsson, Future Technologies Inc., General Dynamics Mission Systems, Huawei Technologies Co., Ltd., Mavenir Systems, Inc., Motorola Solutions, NEC Corporation, NetNumber, Inc., Nokia Corporation, PDV Wireless, Qualcomm Incorporated, Rivada Networks, Ruckus Networks, SAMSUNG ELECTRONICS CO., LTD., Sierra Wireless, SpiderCloud Wireless, Tait Communications, Verizon Enterprises and ZTE Corporation. These leaders are forming partnerships to launch advanced & innovative private LTE solutions for their customers.