Sellbyville, DE -- (SBWIRE) -- 06/06/2019 -- The IoT modules segment in private LTE market is projected to grow at a CAGR of around 35% over the forecast timeline. The rapid adoption of these modules is supported by the growing IoT and M2M applications that require such devices that allow physical objects to connect to wireless networks. The growing usage of IoT platforms in smart city application will also drive the growing adoption of IoT modules.

As per the infrastructure type, EPC segment held a dominant private LTE market market share amounting to around 40% in 2017. As mobile networks are becoming more complex with the introduction of LTE networks and multiple radio access technologies, the demand for EPC solution to manage network payload will increase over the forecast timeline. The eNode install base is projected to increase over 330,000 units by 2024. Increasing deployment of private LTE networks for public safety applications is expected to majorly influence the growing installations of eNode base stations over the forecast timeline.

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The increasing importance imparted to network stability & wireless communication to speed up network capability has been stimulating private LTE market share. Nowadays, private LTE is used extensively for numerous beneficial purposes such as real-time monitoring, geo positioning activities, in the mobile devices, energy utilities, telecommunication applications, and automotive equipment. The rapid acceptance of long-term evolution (LTE) for high-speed wireless communication across numerous industrial sectors has been encouraging companies in private LTE market to adopt LTE network connectivity.

North America private LTE market is estimated to hold the largest market share of over 40% by 2024 due to the growing need for high-speed and low latency network for mission-critical communications and industrial IoT applications. For instance, in June 2017, Redline and Future Technologies partnered to offer Redline's mobile LTE product line to the military customers of Future Technologies. Under the partnership, both the companies executed their commercial LTE pilot for a military customer for use in disaster recovery and tactical deployments. Also, the penetration of smart connected systems in sectors such as transportation, manufacturing, and public safety is expected to increase the demand for private LTE networks.

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Some of the prominent players operating in the private LTE market are Nokia, Qualcomm, Huawei, Ericsson, ZTE, Future Technologies, Verizon, Cisco, Netnumber, Druid Software, Casa Systems, Ruckus Networks, SpiderCloud, PDV Wireless, General Dynamics Mission Systems, Boingo, Samsung, Motorola, Sierra Wireless, AT&T, Rivada Networks, and Tait.

Substantive use of LTE connectivity for ensuring digital and standardized work output in the industrial as well as the defense sectors is likely to propel the product demand over the years ahead. On-going changes in the telecommunication technologies to enhance the network connectivity will further stimulate the industry trends. As per estimates, with the surging acceptance for network connectivity across various application sectors, private LTE market is poised to surpass a revenue collection of USD 11 billion by the end of 2024.

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