In the current year, 2023, the total revenue generated by the LTE and 5G business is poised to be around USD 774.8 million. The global adoption of LTE and 5G services is projected to record a CAGR of 10.8% from 2023 to 2033. Furthermore, FMI forecasts the overall valuation for the global market could reach up to USD 2,167.1 million by the end of this forecast period.
Adoption of 5G and LTE networks allows consumers to take advantage of a variety of amenities such as internet services, multimedia services, voice conversations over Internet Protocol (VOIP), video telephony, and mobile TV, thereby serving a variety of industries, providing lucrative opportunities in the LTE and 5G market.
Higher upload and download rates, lower reaction time, enhanced safety with layered data encryption, and greater coverage are all advantages of 5G over 4G.
5G's overall speed, dependability, and user-friendly roaming capabilities are expected to drive widespread adoption of the technology.
| Report Attributes or Data Points | Details |
|---|---|
| Global LTE and 5G Market Valuation in 2022 | USD 709.5 million |
| Estimated Global Market Share in 2023 | USD 774.8 million |
| Forecasted Global Market Size by 2033 | USD 2,167.1 million |
| Projected Global Market Growth Rate from 2023 to 2033 | 10.8% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 8.7% CAGR |
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Based on the FMI survey on LTE and 5G businesses around the world, its overall market value was a mere USD 507.3 million in 2018. The global adoption of LTE and 5G services witnessed an average year-on-year growth rate of 8.7% from 2018 to 2022. The recent survey report shows that its global market valuation reached USD 709.5 million by the end of 2022.
The most profitable factors driving demand for LTE and 5G technologies are rising smart device sales and a growing emphasis on smart cities.
Emerging economies in the Asia Pacific are focusing on developing smart cities, which is expected to impel the adoption of LTE & 5G in the years to come.
For instance, the Indian government in July 2019 announced US$ 1.2 billion to develop smart cities in the country. Likewise, the initiative is also expected to bring in nearly US$ 1.9 billion in the form of investments by private organizations.
Such developments and investments are expected to offer LTE & 5G providers substantial revenue opportunities.
On the other hand, several industries ranging from oil & gas to manufacturing and utility to mining, are upscaling their investments in technologies to expedite industrial processes that need higher bandwidth.
On these lines, the adoption of private LTE & 5G is also to invigorate the market of LTE and 5G.
| Category | By Spectrum |
|---|---|
| Top Segment | Long-term Evolution Frequency Division Duplex (FDD LTE) |
| Market Share in Percentage | 64.8% |
| Category | By Release |
|---|---|
| Top Segment | Rel 8 |
| Market Share in Percentage | 37.9% |
Principal Consultant
The Dearth of Modern Gadgets that are 5G Compatible is a Big Barrier to the Penetration of LTE and 5G Technology.
Reluctance to transition away from legacy infrastructure is projected to limit market growth. From the consumer side, although the world has mostly upgraded to 4G, there are still regions that lag on the technological front.
Most of the devices that are currently in use are not compatible with leveraging the advantages of 5G technology, and an upgrade or purchase of novel devices is expensive.
Likewise, the existing network infrastructure in the large-scale enterprise cannot support the high data rates.
As upgrading to 5G requires an investment on the consumer side, it is likely to hold back the growth of the market to a certain extent.
| Regional Market Comparison | North America |
|---|---|
| Global Market Share in Percentage | 28.7% |
| Regional Market Comparison | Europe |
|---|---|
| Global Market Share in Percentage | 22.3% |
North America and the Asia Pacific are expected to lead the race in the LTE & 5G market owing to increased spending on technologies in the region, coupled with the presence of key market players.
High expenditures by governments of emerging economies such as Mexico, India, Indonesia, and Brazil are expected to boost market growth in Latin America and the Asia Pacific.
| Regional Market Comparison | United States |
|---|---|
| Global Market Share in Percentage | 19.1% |
| Regional Market Comparison | Germany |
|---|---|
| Global Market Share in Percentage | 10.4% |
| Regional Market Comparison | Japan |
|---|---|
| Global Market Share in Percentage | 6.8% |
| Regional Market Comparison | Australia |
|---|---|
| Global Market Share in Percentage | 3.2% |
Likewise, Western European countries such as Germany, France, and the United Kingdom are also expected to remain prominent regional markets for the LTE & 5G market.
The growth of the European region is attributed to high spending by enterprises on network infrastructure developments coupled with growing expenditure by players on research.
| Regional Markets | United Kingdom |
|---|---|
| CAGR (2023 to 2033) | 10.2% |
| Regional Markets | China |
|---|---|
| CAGR (2023 to 2033) | 12.9% |
| Regional Markets | India |
|---|---|
| CAGR (2023 to 2033) | 11.3% |
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As a result of the pandemic, market players are utilizing the time to prepare for the massive deployment in the years to come. Moreover, players continue to invest significantly to enhance their services.
On these lines, in 2017 and 2018, Huawei Technologies, a private LTE & 5G network ecosystem, invested nearly US$ 1.4 billion in 5G product development.
KT, Verizon Wireless, China Unicom, Telstra, Reliance (Jio), Qualcomm, Samsung Electronics, Huawei, Cisco, and ZTE are other companies leading the market.
Recent Developments by the LTE and 5G Service Providers
Samsung developed the first 5G smartphone in 2020 and launched it in March that year. This was a leading breakthrough in the development of 5G smartphones, later followed by many technology companies worldwide.
May 2021 saw the official standardization of 5G by the International Telecommunication Union (ITU), demonstrating a turning point in the evolution of 5G technology.
| Attributes | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Market Analysis | USD million or USD billion for Value |
| By Spectrum |
|
| By Release |
|
| By Region | North America;Latin America;Europe;Asia Pacific;Japan;The Middle East and Africa |
| Key Players |
|
The global market size may achieve US$ 2,167.1 million by 2033.
In 2023, the market is expected to be around US$ 774.8 million.
From 2018 to 2022, the global market advanced at a CAGR of 8.7%.
China’s industry is predicted to exhibit a CAGR of 12.9% in 2023.
Rel 8 segment is going to possess a significant market share of 37.9%.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Spectrum 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Release 6.1. Rel 8 6.2. Rel 9 6.3. Rel 10 6.4. Rel 11 6.5. Rel 12 6.6. Rel 13 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Alcatel-Lucent 17.2. Ericsson 17.3. Huawei Technologies 17.4. Nokia Solutions and Networks 17.5. AT&T INC. 17.6. Motorola Solutions Inc. 17.7. NTT DOCOMO Inc. 17.8. Samsung Electronics Co. Ltd. 17.9. China Mobile 17.10. Verizon Communications 18. Assumptions & Acronyms Used 19. Research Methodology
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LTE and 5G Market
