According to FMI’s Global Enterprise report, the global LTE and 5G market was worth just US$507.3 million in 2018. Meanwhile, the use of LTE and 5G services is growing dramatically worldwide, growing at an average rate of 8.7% annually from 2018 to 2022. A recent report suggests that by the end of 2022, the global deployment of 5G and LTE could reach approximately US$709.5 million.
The sector is expected to generate a substantial revenue of USD 774.8 million in 2023, demonstrating rapid and noteworthy expansion. With a projected CAGR of 10.8% between 2023 and 2033, adoption of LTE and 5G services is likely to grow rapidly in the coming years. Based on FMI forecasts, the overall valuation of global adoption of LTE and 5G technologies could reach USD 2,167.1 million by 2033.
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Increasing consumer demand for faster and more reliable connectivity is driving the adoption of LTE and 5G services around the world. The rise in smartphones and other connected devices is a major contributor to the adoption of LTE and 5G services.
As more users adopt mobile technology and use data-intensive apps, the demand for faster, more reliable connectivity solutions is growing. With faster speeds and lower latency, LTE and 5G services have become the go-to choice for people looking for a smooth, high-quality mobile experience.
To cater to a larger consumer base, service providers have expanded their reach by concentrating on populated urban and rural areas. Widespread adoption of LTE and 5G services has strengthened the market across emerging economies. In addition, federal government investments aimed at meeting the infrastructure requirements for the deployment of LTE and 5G services have also played a key role.
Key Takeaways from the Global LTE and 5G Market Research Report
- With a global business share of 19.1%, the United States led the global market revenue share in 2022. Modern communications infrastructure, widespread adoption of LTE and 5G technologies, and a competitive market environment all contribute to the strong market position of the United States.
- Europe’s leading telecommunications companies and technology innovators are based in Germany. With a revenue share of 10.4% in the global market, Germany made a notable contribution in 2022.
- Asia-Pacific countries have seen a significant increase in the adoption of LTE and 5G services in recent years, driven by growing government support. China, for example, is expected to grow at 12.9% annually from 2023 to 2033.
Competitive Landscape of LTE and 5G Market Players
The top market players include Alcatel-Lucent, Ericsson, Huawei Technologies, Nokia Solutions and Networks, AT&T, Motorola Solutions, NTT DoCoMo, Samsung Electronics, China Mobile, and Verizon Communications, etc. In recent years, these top service providers in the LTE and 5G market have expanded their commercial activities, further intensifying the competition.
Rapid digital transformation, rising consumer expectations, and the development of network technology are expected to lead to a more diverse market outlook in the future. For example, Qualcomm and Ericsson partnered in 2016 to develop 5G technology.
They are investing heavily in infrastructure development, deploying cutting-edge networks and enhancing existing networks to accommodate faster and more powerful data transfer speeds. For example, China Mobile announced in June 2017 that it had successfully tested 5G technology in a real-world environment.
Recent developments by LTE and 5G service providers
Samsung developed its first 5G smartphone in 2020 and launched it in March of the same year. This was a pioneering breakthrough in 5G smartphone development, which was then followed by many other technology companies around the world.
The official standardization of 5G by the International Telecommunication Union (ITU) in May 2021 marked a turning point in the evolution of 5G technology.
Key Market Players
- Alcatel-Lucent
- Ericsson
- Huawei Technologies
- Nokia Solutions and Networks
- AT&T Inc.
- Motorola Solutions Japan, Ltd.
- 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 Multiplexing (TDD LTE)
By release:
- Release 8
- Release 9
- Release 10
- Release 11
- Release 12
- Release 13
By region:
- North American Market
- Latin American Market
- European Market
- East Asian Market
- South Asia Pacific Market
- Middle East and Africa (MEA) Market
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Future Market Insights, Inc. (ESOMAR Accredited, Stevie Award Winner, Member of the Greater New York Chamber of Commerce) offers deep insights into the driving forces behind market demand. FMI is a leading global provider of market intelligence, advisory services, consulting, and events for the packaging, food & beverage, consumer technology, healthcare, industrial, and chemical markets. With a large team of 400+ analysts worldwide, FMI offers global, regional, and local expertise on a variety of sectors and industry trends across 110+ countries. Join us as we celebrate 10 years of providing trusted market insights. As we reflect on 10 years of accomplishments, we continue to lead with integrity, innovation, and expertise.
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