Private LTE projected to grow to $13 billion
The demand for the private LTE market is anticipated to grow at an incremental rate based of increasing adoption of connected devices that require a reliable and secure communication network, according to a recent study from market research firm Global Market Insights.
Rapid urbanization and industrialization have driven the need for advanced communication technologies that can handle smart logistics and manufacturing.
To keep pace the latest digital trends, workplaces are upgrading activities such as implementing private LTE and industrial IoT networks. These upgrades can help enhance performance and productivity while ensuring minimal human intervention. Considering such aspects, Global Market Insights Inc. estimates that the private LTE market may reach $13 billion by 2026.
Rising investments and developmental activities conducted by federal governments to promote the idea of smart cities could massively benefit the business outlook for private LTE providers over the predicted time frame. But high deployment costs pertaining to network upgrades could hinder this private LTE market development.
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