Private LTE/5G infrastructure revenues to reach $US5.2 billion worldwide
In a recent forecast released by International Data Corporation (IDC), it was projected that global revenues for private LTE/5G infrastructure would surge to $US5.2 billion by 2027. This robust growth reflects a compound annual growth rate (CAGR) of 21 per cent during the forecast period spanning from 2023 to 2027. The worldwide market revenue for both LTE and 5G in 2022 amounted to just over $US1.9 billion.
Private cellular networks have emerged as a promising solution to address enterprise and industrial challenges, driving the market’s expansion. LTE continues to play a significant role, particularly in the utilities and mining sectors, where it provides mobile coverage across vast grids. However, the advent of 5G is garnering increasing momentum in verticals such as manufacturing, warehousing, and logistics. IDC anticipates that the bulk of the market’s growth will occur within these sectors throughout the forecast period.
Patrick Filkins, Research Manager for IoT and Telecom Network Infrastructure at IDC, emphasized the market’s potential, stating, “The private cellular networks market continues to show promise, as both LTE and 5G are being rolled out to address enterprise and industrial challenges. Notably, LTE remains a key contributor across both the utilities and mining sectors to provide mobile coverage over large grids. However, 5G is starting to see more traction within the manufacturing, warehousing, and logistics verticals, where we expect the bulk of growth to occur over the forecast period.”
The forecast from IDC underscores the increasing demand for private LTE/5G infrastructure, driven by the need for secure and reliable connectivity within various industries. The anticipated growth in market revenue signifies the transformative potential of private cellular networks and their ability to reshape enterprise operations in the coming years.
Tags: Global revenuesIDC
