The private LTE market is expected to reach USD 13 billion by 2026. The current situation of COVID-19 has compelled employers to provide work from home facilities to their employees. This growing trend of remote working has incited the demand for smooth and secure network connectivity, anchoring private LTE market expansion.
Rapid technological advancements in connected devices and a mounting need for reliable and secured communication systems will escalate the significance of private LTE solutions. Continuous developments and investments made by the government for transforming cities into smart cities will drive market growth. The companies operating in the private LTE landscape are focusing on strategic partnerships to enhance their service offerings.
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Who are the top-notch players in the private LTE market?
The major players in the market are Qualcomm, Nokia, Ericsson, and Huawei. These firms are planning to develop their own private network by merging or collaborating with other big players in the market. For instance, Ericsson and Ambra Solutions partnered to deliver the deepest underground LTE network for Canadian mines, in March 2018. The LTE network provides voice and data services across the site and enables IoT use cases to improve safety and mining operations.
Which region holds for a major share in Private LTE market?
North America held a major share in the Private LTE market in 2019 and is expected to dominate the global industry space by 2026. Growing demand for smart connected system across various industry verticals will play a major role in expanding the growth of regional industry in the future. Robust growth in transportation, manufacturing and urban planning are projected to rise the demand for the private LTE networks in the region.
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How will the mining sector supplement private LTE businesses?
The mining sector is growing at a steady rate and plays a major role in developing the economy and infrastructure of a nation. Mining is important for harvesting valuable metals; though, it also carries a certain level of risk. Mines are located deep underground or at remote locations where they are not easily accessible.
Private LTE networks are being adopted across the mining industry at a considerable rate for supporting effective communication. These LTE networks enable mining operators to use digital technologies which help in addressing concerns pertaining to worker safety. Reports cite that in 2017, the mining sector recorded about 17 fatalities, instances that could be avoided with the use of autonomous or remotely controlled equipment that function using private network. Estimates suggest that the mining sector is anticipated to spend about USD 2.9 billion by 2022 on private networking, which may create great opportunities for LTE operators and vendors.
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