CHICAGO, Jan. 5, 2023 /PRNewswire/ -- The global Private LTE Market size is projected to grow from USD 5.0 billion in 2022 to USD 8.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period according to a new report by MarketsandMarkets. The need for greater data connectivity with higher security, privacy and control will drive the market.
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RAN segment to hold the highest market share during the forecast period
Over the years, the RAN architecture has undergone a rapid transformation to cope with the current network demands and meet the performance criteria of today's generation network. Also, the need to support connectivity to the wide range of IoT devices and reduced operation cost is expected to drive market growth.
Managed services segment to grow at the highest CAGR during the forecast period
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 several organizational expenses. The need for enterprises maximizes the operators' network infrastructure performance so that they can deliver the best quality of experience to their customers and keep the CAPEX under control.
Asia Pacific (APAC) region to record the highest growth rate in the Private LTE Market in 2022
Asia Pacific is an emerging region in the Private LTE Market. China, Japan, and Australia are the major countries contributing to the growth in the Asia Pacific. The Asia Pacific also constitutes major economies, such as Singapore, South Korea, and India. Japan, China, and Australia are essential for this region's Private LTE Market growth. Japan and China are the largest manufacturing economies producing automobiles, IT, and electronic products. The manufacturing paradigm has changed considerably, with the industry seeking advanced technologies such as robotics and big data analytics becoming popular among them.
China has witnessed immense industrial growth and is the world's manufacturing capital. Similarly, countries such as India, Australia, and Japan are also taking several initiatives to implement private LTE solutions. New opportunities, startups, and established enterprises are helping businesses overcome networking and complex connectivity challenges. Manufacturing facilities are increasingly using/exploring
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Key and innovative vendors in the Private LTE Market include Nokia( Finland), Ericsson (Sweden), Huawei (China), ZTE(China), NEC(Japan), Aviat Networks, Samsung (South Korea) Affirmed Networks(US), Athonet (Italy), Airspan (US), ASOCS (US), Boingo Wireless (US), Casa Systems (US), Cisco (US), Comba (China), CommScope (US), Druid Software (Ireland), ExteNet Systems, Fujitsu (Japan), Lemko (US), Mavenir (US), Quortus (UK), Star Solutions (Canada), Tecore (US), Telrad Networks (Israel), Wireless Excellence (UK), Accelleran (Belgium), Altiostar (US), Amarisoft (France), Baicells Technologies (US), Celona (US), IPLOOK (Hong Kong), JMA Wireless (US), Parallel Wireless (US), Phluido (US), NetNumber (US), JI Technology (Japan), Verizon (US), Sierra Wireless (Canada), Future Technologies (US), Ambra Solutions (Canada), URSYS (Australia), Geoverse (US), Cradlepoint (US). These vendors have adopted many organic as well as inorganic growth strategies, such as new product launches, and partnerships and collaborations, to expand their offerings and market shares in the Private LTE Market.
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