Long Term Evolution (LTE) Global Market Report 2024

The long term evolution (LTE) market size has grown exponentially in recent years. It will grow from $38.56 billion in 2023 to $47.33 billion in 2024 at a compound annual growth rate (CAGR) of 22.8%. The expansion observed in the historical period can be ascribed to factors such as the surge in data volume, increased spectrum availability, widespread adoption of smartphones, the prevalence of IP-based architecture, and the proliferation of mobile broadband connectivity.

The long term evolution (LTE) market size is expected to see exponential growth in the next few years. It will grow to $106.69 billion in 2028 at a compound annual growth rate (CAGR) of 22.5%. The projected expansion in the upcoming period is driven by factors such as the rising adoption of 5G integration, industrial IoT, and massive machine type communication (mMTC), along with the acceptance of open RAN (Radio Access Network) architectures. Additionally, sustained focus on energy-efficient LTE networks contributes to this growth. Noteworthy trends anticipated in the forecast period encompass advanced antenna technologies and massive MIMO (Multiple Input, Multiple Output), the coexistence and migration of 5G, evolution in voice and multimedia services, integration of artificial intelligence and automation, and the refinement of network slicing.

The surging demand for high data usage is anticipated to be a driving force behind the growth of the long-term evolution (LTE) market. As data usage continues to escalate, fueled by the popularity of streaming services, online gaming, social media, messaging, and the rise of remote work and learning, the need for advanced mobile communication technologies becomes paramount. Long-term evolution (LTE) stands out by providing substantially higher data speeds compared to its predecessors, such as 3G. This enables LTE networks to efficiently manage increased data traffic, accommodating a larger number of concurrent users without significant slowdowns or congestion. For instance, data from February 2023 revealed that the total number of internet users in the UK reached 66.11 million, indicating a growth of 224 thousand (+0.3%) between 2022 and 2023. This statistic underscores the escalating demand for high data usage, consequently propelling the growth of the long-term evolution (LTE) market.

In the dynamic landscape of the long-term evolution (LTE) market, major companies are strategically investing in advanced solutions to enhance user experiences, improve network efficiency, reduce costs, and support emerging technologies. One notable advancement is the adoption of voice-over LTE (VoLTE) technology. VoLTE facilitates voice calls over high-speed 4G LTE networks, offering superior call quality and enriched multimedia services. This integration within the LTE market represents a crucial leap forward, addressing the evolving communication needs by delivering superior voice quality and expanded multimedia capabilities over high-speed networks. For example, in March 2024, Tele2 AB, a Sweden-based telecommunications company, globally launched VoLTE for IoT customers. This technology is designed to optimize global coverage, leveraging future-proof network technology to provide higher voice quality and faster data services for enhanced communication experiences in the Internet of Things (IoT) domain. VoLTE features high-quality calls, efficient spectrum utilization, extended battery life, reliable services, and compatibility for conference calls, simplifying network management and developer accessibility.

In June 2023, private cellular networks, particularly 5G, Hewlett-Packard Enterprise, a US-based information technology company, acquired Athonet. This acquisition positions Hewlett-Packard Enterprise to revolutionize private networking by streamlining and expediting the deployment of private 5G. Athonet, based in Italy, is recognized for providing LTE services through its mobile core network solutions.

Major companies operating in the long term evolution (lte) market are Samsung Electronics Co. Ltd., Microsoft Corporation, China Mobile Communications Corporation, Verizon Communication Inc., American Telephone and Telegraph Company Incorporated (AT&T), Deutsche Telekom AG, Huawei Technologies Co. Ltd., T-Mobile US Inc., LG Uplus Corp., Vodafone Inc., NTT DoCoMo Inc., Cisco Systems Inc., Qualcomm Incorporated, Telefónica S.A., Broadcom Corporation, Telefonaktiebolaget LM Ericsson, KT Corporation, ZTE Corporation, Bharti Airtel Limited, SK Telecom Co. Ltd., Nokia Solutions and Networks Oy, Juniper Networks Inc., Alcatel-Lucent S.A., MetroPCS Communications Inc.

North America was the largest region in the long term evolution market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the long term evolution (lte) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the long term evolution (lte) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Long-Term Evolution (LTE) is a wireless broadband communication standard developed for mobile devices and data terminals, aiming to provide high-speed data transmission capabilities to mobile devices and networks. This standard is specifically designed to deliver efficient and high-speed data transfer rates, characterized by low latency. LTE enables users to engage in various data-intensive activities on their devices, such as browsing the internet, streaming media, conducting video chats, and running other applications that require substantial data usage.

LTE devices encompass a range of essential tools for businesses, including smartphones, tablets, vehicles, wearables, and gaming consoles. Smartphones, characterized by their portability and multifunctionality, integrate communication, computing, and multimedia features. They leverage technologies such as LTE-TDD, LTE-Advanced, and LTE-FDD, finding applications in video on demand, voice over LTE, high-speed data services, defense and security, among others. These devices cater to diverse industries such as oil and gas, mining, transportation, manufacturing, telecommunications, and IT, serving the needs of enterprises, consumers, and various end-users.

The long term evolution (LTE) market research report is one of a series of new reports that provides long term evolution (LTE) market statistics, including long term evolution (LTE) industry global market size, regional shares, competitors with a long term evolution (LTE) market share, detailed long term evolution (LTE) market segments, market trends and opportunities, and any further data you may need to thrive in the long term evolution (LTE) industry. This long term evolution (LTE) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The long-term evolution (LTE) market consists of revenues earned by entities by providing services such as high-speed data transmission, voice-over LTE technology, video calling and conferencing, location-based services, and roaming services. The market value includes the value of related goods sold by the service provider or included within the service offering. The long-term evolution (LTE) market also includes sales of fixed wireless access (FWA) devices, USB (Universal Serial Bus) dongles and data cards, LTE-enabled wearables, user equipment, and home subscriber server tools, and LTE SIM (Subscriber Identity Module) cards. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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