The FMI report on enterprises worldwide states that in 2018, the global market for LTE and 5G had a meagre worth of US$ 507.3 million. On the other hand, the usage of LTE and 5G services increased dramatically on a worldwide scale, averaging 8.7% annual growth between 2018 and 2022. By the end of 2022, the worldwide adoption of 5G and LTE may be valued at around US$ 709.5 million, according to a recent report.
The sector is expected to generate a substantial income of US$ 774.8 million in 2023, demonstrating rapid and noteworthy expansion. With a forecast 10.8% CAGR between 2023 and 2033, the uptake of LTE and 5G services might increase quickly in the years to come.Based on FMI’s forecast, the overall valuation for the global adoption of LTE and 5G technology could reach US$ 2,167.1 million by 2033.
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The growing consumer demand for faster and more reliable connectivity is the leading region for the proliferation of LTE and 5G services worldwide. The increase in smartphones and other connected devices has greatly aided the rise of LTE and 5G services.
The demand for quicker and more reliable connection solutions has increased as more users adopt mobile technology and depend on data-intensive apps. With their faster speeds and reduced latency, LTE and 5G services have become the go-to options for people looking for smooth, high-quality mobile experiences.
To serve a larger consumer base, service providers have expanded their coverage by concentrating on urban and rural regions with more people. This widespread acceptance of LTE and 5G services has strengthened the market across emerging economies. In addition, federal investments aimed at meeting the infrastructure requirements for adopting LTE and 5G services have also played a crucial role.
Key Takeaways from the Global LTE and 5G Market Study Report
- With a global business share of 19.1%, the United States had a revenue share of the global market in 2022. The modern telecommunications infrastructure, broad adoption of LTE and 5G technologies, and a competitive market environment all contribute to its strong market position.
- Key telecommunications firms and technological innovators of Europe are based in Germany. With a revenue share of 10.4% in the global market, Germany was a remarkable contributor in 2022.
- Asia Pacific countries have been growing remarkably in the adoption of LTE and 5G services in recent years with the growing support of their respective governments. China, for instance, is poised to witness an annual growth rate of 12.9% from 2023 to 2033.
Competitive Landscape for the LTE and 5G Market Players
Alcatel-Lucent, Ericsson, Huawei Technologies, Nokia Solutions and Networks, AT&T, Motorola Solutions, NTT DOCOMO, Samsung Electronics, China Mobile, and Verizon Communications are some top market players. In recent years, these top service providers in the LTE and 5G markets have expanded their commercial activities, intensifying the competition further.
Rapid digital transformations, rising consumer expectations, and network technology developments are expected to diversify the market outlook further in the coming days. For instance, Qualcomm and Ericsson partnered to create 5G technology in 2016.
They have invested significantly in infrastructure development, deploying cutting-edge networks and enhancing current ones to accommodate faster and more capable data transfer rates. For instance, China Mobile declared in June 2017 that it had successfully tested 5G technology in a real-world setting.
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.
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Key Market Players
- Alcatel-Lucent
- Ericsson
- Huawei Technologies
- Nokia Solutions and Networks
- AT&T INC.
- Motorola Solutions Inc.
- NTT DOCOMO Inc.
- Samsung Electronics Co. Ltd.
- China Mobile
- Verizon Communications
Segmentation:
By Spectrum:
- Long-term Evolution Frequency Division Duplex (FDD LTE)
- Long-term Evolution Time Division Multiplex (TDD LTE)
By Release:
- Rel 8
- Rel 9
- Rel 10
- Rel 11
- Rel 12
- Rel 13
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia & Pacific Market
- The Middle East and Africa (MEA) Market
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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