Press release
LTE Advanced 5G Market is projected to expand at a CAGR of 36% by the end of 2029
In line with this, the global LTE advanced and 5G market was valued at US$ 9.5 Bn in 2018 and is projected to expand at a CAGR of 36% over the forecast period (2019-2029).
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Key Takeaways of LTE Advanced and 5G Market Study
Growing partnerships between telecom network equipment and service providers to streamline LTE advanced and 5G projects are generating new revenue streams.
LTE advanced and 5G is providing new capabilities to evolve existing services, and is unleashing new use cases that helps in extending application boundaries of businesses and industries such as smart manufacturing, cloud AR/VR, connected automotive, connected energy, smart cities, and many more.
Asia Pacific excluding Japan is expected to create potential growth opportunities, owing to increasing investments in telecom infrastructure, rising digitalization, and growing number of public-private partnerships.
"As the LTE advanced and 5G market is constantly becoming diverse and competitive, rising expansion of the digital ecosystem in and around the telecom sector is generating immense openings for governments and businesses to deploy LTE advanced and 5G services and solutions, and benefit from emerging use cases," says a PMR analyst.
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Partnerships and Business Alliances Key to Market Growth
Key players in the LTE advanced and 5G market are continuously focusing on entering into partnerships with telecom service providers of countries around the globe to foster new innovations and revenue growth. These partnerships and collaborations are helping businesses and industries reach new growth avenues by unlocking emerging use cases generated through LTE advanced and 5G.
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For instance, in October 2019, Huawei and Sunrise entered into a partnership to pave the way for 5G innovation in various verticals, and drive the commercialization of 5G in Switzerland.
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Some of the key players in the LTE advanced and 5G market are Ericsson, Huawei Technologies Co., Ltd., Nokia, ZTE Corporation, Samsung Electronics Co., Ltd., and Qualcomm Technologies, Inc.
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