Private LTE/5G Infrastructure Market to Boom with 43.4% CAGR by 2024
The market for private LTE/5G infrastructure is set to boom, with a predicted CAGR of 43.4% from 2019 to 2024. This growth is driven by the need for enhanced connectivity in various sectors, particularly manufacturing, logistics, transportation, and utilities. Organisations are already deploying private LTE, with some starting to adopt private 5G.
The IDC report highlights that mission-critical verticals require 'always on' connectivity with redundancy and dedicated resources. These sectors, such as manufacturing and logistics, need robust networks to prevent significant operational disruptions. Meanwhile, traditional enterprise verticals require deterministic wireless networking, but with lower redundancy needs.
Private LTE/5G infrastructure can utilise dedicated spectrum and infrastructure, providing unique SIM identifiers for private devices. This market is projected to grow from $945 million in 2019 to a staggering $5.7 billion by 2024. The growth is fuelled by the increasing interest in private LTE/5G solutions, thanks to the availability of more spectrum for enterprise use and the advent of commercial 5G.
Industrial verticals are focusing on process and industrial automation for Industry 4.0, making private LTE/5G infrastructure a crucial investment. As the market expands, organisations can expect enhanced connectivity, automation, and IoT integration, driving operational efficiency and innovation.
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