Private LTE/5G Infrastructure Market to Reach $5.7 Billion by 2024
The private LTE/5G infrastructure market is set to experience significant growth, projected to rise from $945 million to a substantial $5.7 billion by 2024. This expansion is driven by various industries seeking secure, reliable connectivity for their operations.
Private LTE/5G networks utilise dedicated spectrum, including licensed, unlicensed, or shared bands, and private devices with unique SIM identifiers. This allows for tailored, secure communication solutions tailored to specific industries.
Industrial verticals, particularly those focused on process and industrial automation for Industry 4.0, are showing keen interest in these private 5G solutions. For instance, GlobalLogic and Ericsson have collaborated to deploy a private 5G network at Hitachi Rail's digital factory in Hagerstown, USA. This network enhances efficiency, security, and innovation in train manufacturing.
The market growth is robust, with a projected five-year compound annual growth rate (CAGR) of 43.4%. Traditional enterprise verticals require deterministic wireless networking but have lower redundancy and automation needs compared to mission-critical and industrial verticals. Mission-critical organisations, with their need for 'always on' connectivity and mobile site connectivity, are driving early investment in this infrastructure.
Private LTE/5G infrastructure, which includes LTE and/or 5G networks deployed for specific enterprise/industrial customers with dedicated access, is poised for substantial growth. This growth is fueled by diverse industries seeking secure, reliable, and tailored connectivity solutions for their operations.
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