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Long Term Evolution (LTE) Market Forecast to Reach $84.1 Billion by 2026

Increasing Adoption of Long Term Evolution Due to Increasing Data Usage in Demanding Applications Along With Public Safety LTE Networks Demands Have Been Fueling the Growth of LTE Market.

Hyderabad, India - July 12, 2021 /MarketersMedia/

Global Long term evolution (LTE) Market is forecast to reach $84.1 billion by 2026, growing at a CAGR of 22.4% during the forecast period from 2021 to 2026. Rising adoption of smartphones have been driving the need for higher internet connectivity, wireless broadband connectivity, particularly 4G wireless broadband technology, thus causing higher adoption for LTE services.

Increasing adoption of long term evolution due to increasing data usage in demanding applications along with public safety LTE networks demands have been fueling the growth of LTE market.

Long Term Evolution (LTE) Market Segment Analysis – By Application

On the basis of application, the long term evolution (LTE) market has been segmented under VoLTE, Video on demand, Defense and Public safety, Surveillance and browsing and Others. With growing demands towards high internet connectivity as well as growing smartphone penetration, VoLTE application is anticipated to have a major share in the long term evolution market at 38.5% in 2020.

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Long Term Evolution (LTE) Market Segment Analysis – By Technology

On the basis of technology, the LTE market has been segmented into LTE-TDD, LTE-FDD and LTE Advanced. LTE Advanced Pro solutions are analyzed to witness a significant market growth over the forecast period 2021-2026 at 26.5%, due to its capability of optimizing network resources. Leveraging NFV technology can help the service providers to move network functions from dedicated appliances to generic servers with higher flexibility, thereby affecting its growth in the LTE Advanced Pro market.

Long Term Evolution (LTE) Market Segment Analysis – By Geography

Asia-Pacific is anticipated to have a major growth in the global Long term Evolution (LTE) market at 26.4% during the forecast period from 2021 to 2026. Increasing smartphones user penetration and growing digitization have been helping towards significant growth for long term evolution market in the region. Moreover, growing urbanization along with rising growth of various industrial sectors has been fueling the growth for Long term Evolution (LTE) market in this region.

Long Term Evolution (LTE) Market Drivers

Growing adoption due to increased data usage

Increased demands for high data usage has been acting as one of the major driving factor towards causing significant growth for long term evolution (LTE) market. Due to growing smart phone penetration, there are higher demands towards high performance and much faster network delivery, thus boosting the growth of long term evolution market. Usage of long term evolution (LTE) services help the customers towards reducing the traffic as well as causes fewer crashes in the service, thus causing user satisfaction.

Moreover, growth of various industries has been causing higher data requirements, thereby driving the need for better and more efficient network connectivity. Deployment of long term evolution (LTE) technology in place of GSM, CDMA and UMTS helps in providing high speed data connectivity for higher amounts of data more efficiently.

Rising demands of public safety LTE

The rising demands towards public safety long term evolution (LTE) has been acting as a major growth driver for causing significant growth in the long term evolution market. Deployment of LTE for public safety has been widely growing due to technological advancements supporting more high data rate applications. Public safety LTE networks are generally funded by government bodies to help the public safety agencies or departments by providing a much more secured as well as standardized communication service with voice and broadband data.

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Long Term Evolution (LTE) Market Challenges

Replacement with 5G

Rising technological advancements such as evolving 5G technology has been acting as one of the major challenges hampering the growth of long term evolution market in the near future. With rising growth of advanced mobile applications such as video streaming, gaming and many others, demands for higher internet connectivity is also increasing. Since 5G makes use of higher frequency bands compared to LTE networks, thus helping to stay connected amidst busy environments more effectively. Moreover, compared to LTE, 5g offers lower latency and will be helping users to download as well as upload data much faster, thus providing a better network coverage. Such factors are anticipated to restrain the growth of LTE market in the near future.

Long Term Evolution (LTE) Market Landscape

Major key players in the Long Term Evolution (LTE) Market include Verizon Wireless, Huawei Technologies Co Ltd., Ericsson, Altacel-Lucent S.A., Motorola Solutions Inc., Samsung, Qualcomm, Nokia Corporation, HTC Corporation and AT &T Inc.

Partnerships/Product Launches/Acquisition

In February 2020, Ethio Telecom had announced of launching state of the art LTE advanced mobile internet service. With this, the company had expanded its existing limited LTE network coverage for increasing customer demands across regional cities. Moreover, the new LTE advanced mobile internet services will help in enhancing customer experience by providing reliable connection through exceptional data speeds for downloading/uploading along with high quality live streaming and real time video conferencing.

In January 2020, Rakuten Mobile had announced of launching full commercial services along with expanding its availability of green filed 4g LTE network for its 25,000 customers. The company has scheduled its plan towards deploying a fully virtualized cloud naïve mobile network, thus improving efficiency standards compared to traditional telecom networks.

Key Takeaways

Voice over LTE or VoLTE is expected to have a major market share during the forecast period 2021-2026 in the Long term Evolution (LTE) market owing to its high definition data and voice call facilities.

Key players such as Samsung and Huawei Technologies Co Ltd. are acting as major drivers towards boosting the growth of long term evolution services in APAC region.

Increasing demands towards public safety LTE along with growing adoption of LTE services due to increasing data usage demands are some of the major driving factors causing signifacant growth of long term evolution market.

Related Reports :

A. Voice Over LTE Market
https://www.industryarc.com/Research/Voice-Over-LTE-Market-Research-502547

B. LTE Base Station System Market
https://www.industryarc.com/Research/LTE-Base-Station-System-Market-Research-502784

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Source URL: https://marketersmedia.com/long-term-evolution-lte-market-forecast-to-reach-841-billion-by-2026/89035293

Source: MarketersMedia

Release ID: 89035293

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