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| Global LTE Market Growth |
The global Lte Market is estimated to be valued at US$ 6213.75 Mn in 2023 and
is expected to exhibit a CAGR of 7.8% over
the forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Long Term Evolution (LTE) enables high-speed data for mobile broadband access
with low latency. LTE provides up to 10 times faster internet speeds for consumers
and 5 times faster speeds for businesses compared to 3G technologies. LTE
supports higher throughput and speed, and uses spectrally efficient orthogonal
frequency-division multiple access (OFDMA) for both uplink and downlink
transmissions.
Market key trends:
Innovation in network technology is one of the key trends in the LTE market.
LTE evolution from 3G HSPA to 4G LTE Advanced Pro to 5G new radio (NR) makes
use of advanced technologies like carrier aggregation, coordinated multi-point
(CoMP) and massive MIMO for enhanced network performance and user experience.
Companies are focusing on technology upgradation to 5G networks which promise
higher data speeds, lower latency and ability to connect many more devices
simultaneously compared to 4G LTE networks. Wider adoption of 5G technology
worldwide along with virtualization and convergence of fixed mobile networks
will drive growth of the LTE market during the forecast period.
Segment
Analysis
The global LTE market is segmented into product type, application and
geography. By product type, the market is segmented into LTE infrastructure,
LTE devices, LTE services. The LTE infrastructure segment dominated the market
in 2022 due to growing demand for LTE infrastructure from telecom operators to
improve coverage and connectivity. By application, the market is divided into
consumer mobiles, enterprise & broadband, managed services, government, and
others. The consumer mobiles segment accounted for the largest share in 2022
due to heavy use of LTE services for cellular data applications and growing
adoption of smartphones globally.
Key Takeaways
The Global
LTE Market Growth is expected to witness high growth, exhibiting CAGR
of 7.8% over the forecast period, due to
increasing demand for high-speed internet connectivity.
North America dominated the market in 2023 and is expected to grow at a
significant rate during the forecast period. This is attributed to heavy
investments by telecom operators and governments in developing LTE
infrastructure, and increasing use of LTE-enabled devices in the region.
Regional analysis shows that Asia Pacific will grow the fastest during the
forecast period owing to growing adoption of 4G services, increasing rural
connectivity through LTE, and upcoming 5G deployments in major countries like
China and India.
Key players operating in the LTE market are AT&T Inc., Huawei Technologies
Co. Ltd., Verizon Wireless, Nokia Solutions and Networks B.V., Sprint
Corporation, Alcatel-Lucent, T-Mobile US Inc., LM Ericsson, China Mobile Ltd.,
and Bharti Airtel Ltd. These players are focusing on expanding their product
portfolio and strengthening their distribution networks around the world to
gain competitive advantage in the market.
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