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LTE and 5G Broadcast: Transforming Communication in 2024
According to The Business Research Company's, The long term evolution (LTE) and 5G broadcast market size has grown rapidly in recent years. It will grow from $0.83 billion in 2023 to $0.94 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to growing need for fast internet connectivity, growing expansion of the internet of things (IoT), rising consumer's demand for premium content, rising application of multimedia services across emerging economies.
The long term evolution (LTE) and 5G broadcast market size is expected to see rapid growth in the next few years. It will grow to $1.53 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to surging penetration of smartphones, benefits offered by LTE & 5G broadcast infrastructure, the development of narrow-band IoT (NB-IoT) in 3gpp. Major trends in the forecast period include rapid technological advancements, digital innovation, advancement in the broadband speed, Strategic collaboration initiatives.
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Market Drivers and Trends:
The increasing penetration of smartphones is expected to propel the growth of the long-term evolution (LTE) and 5G broadcast market going forward. Smartphones are handheld electronic devices that combine the functionalities of a traditional mobile phone with those of a computer. The increasing penetration of smartphones is due to internet connectivity, digital platforms, and mobile workforce capabilities. LTE improved coverage and reliability over 3G, and 5G takes this further by utilizing a mix of spectrum bands that can cover larger areas and penetrate buildings better. Improved reliability and coverage make smartphones more functional in more places, encouraging higher adoption rates in rural and underdeveloped regions. For instance, in March 2023, according to a report published by Cybercrew, a UK-based company developing and providing cybersecurity solutions, the percentage of UK households using smartphones reached 91.43% in 2021, which is projected to increase to 93.8% by 2026. Therefore, the increasing penetration of smartphones drives the LTE and 5G Broadcast market.
Major companies operating in the long-term evolution (LTE) and 5G broadcast market are developing technological solutions, such as the 5G Fixed Wireless Access (FWA) platform, to gain a competitive edge in the market. The 5G Fixed Wireless Access (FWA) platform is a technology that provides fast internet access to homes, businesses, and other places using 5G wireless networks. For instance, in February 2021, Qualcomm Incorporated, a US-based software and wireless services company, introduced the new Qualcomm 5G FWA platform, driven by the Snapdragon X65 5G Modem-RF System, which allows mobile operators to offer fixed broadband to homes and businesses via their 5G networks. The Qualcomm 5G FWA Platform gen two reference design speeds up the production of 5G fixed wireless devices, offering consumers faster, more reliable internet with up to 10 Gigabit 5G peak speeds.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Verizon Wireless, AT&T Inc., China Mobile Ltd., Huawei Technologies Co. Ltd., China Telecom Corporation Limited, Intel Corporation, T-Mobile USA Inc., China United Network Communications Limited, Cisco Systems Inc., Qualcomm Incorporated, America Movil S.A.B. de C.V., NTT Docomo Inc., NEC Corporation, Telefonaktiebolaget LM Ericsson, Nokia Corporation, KDDI Corporation, KT Corporation, ZTE Corporation, Telstra Group Limited, Telstra Corporation Limited, SK Telecom Co. Ltd., Keysight Technologi Inc., Rohde & Schwarz GmbH & Co. KG, Reliance Limited, Sierra Wireless, Spinner GmbH, Enensys Technologies SA, Athonet srl, EXPWAY
Long Term Evolution (LTE) And 5G Broadcast Market 2024 Key Insights:
• The long term evolution (LTE) and 5G broadcast market size is expected to see rapid growth in the next few years. It will grow to $1.53 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%.
• Smartphone Ubiquity Boosts LTE And 5G Broadcast Market Growth
• Key Players Drive LTE and 5G Broadcasting Market Growth through 5G Fixed Wireless Access Innovations
• North America was the largest region in the long term evolution (LTE) and 5G broadcast market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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