The global private LTE market size 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 percent during 2018–2023, estimates MarketsandMarkets. Major growth factors for the market include an increasing need for unique and defined network qualities and convergence of 5G and private LTE.
Managed services segment to grow at the highest CAGR. Managed services in the private LTE market outsource a complete network or a part of it on a proactive management basis to improve the network operations and reduce the organizational expenses. As the private LTE market is in its initial phase, most of the vendors are not capable of providing a standalone solution and its associate services to the customers. This enforces them to manage a few of the services from vendors who are expert in providing those to deliver the required services to the customers.
The Americas is expected to account for the highest share in the overall private LTE market. North America holds a major portion of the adoption of private LTE in the region. North America leads the LTE technology usage with about 94 percent penetration of 4G LTE connection. The US and Canada are at the forefront, as these countries have developed economies, which empower them to strongly invest in R&D activities, thereby contributing to the development of innovative technologies. Network operators in the region invest in expanding and upgrading their LTE and LTE-Advanced networks. Major Latin American, such as Brazil, Mexico, Colombia, Chile, and Argentina, have witnessed an extensive use of internet and mobile-based applications and are expected to harness private LTE into their industrial and enterprise operations.
Major vendors in the private LTE market include 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).