The Long Term Evolution Market was valued at USD 10.78 billion in 2020 and is expected to reach USD 91.04 billion by 2026 and work at a CAGR of 42.69% over the forecast period 2021-2026. The continuous proliferation of smartphones across the world has increased the average data consumption by an average man, which has increased the need for LTE services, driving the market.
- Many businesses across the world have been growing and so is the need for data, owing to the digitization of every aspect of the business. Telecommunication companies are making enormous investments in new and advanced wireless technologies and they are also looking for better applications to provide payoffs.
- Moreover, smaller businesses have also cited the lack of better connectivity in terms of data services, which is one of the restraining factors for the growth of businesses, which increases the need for high-speed data connectivity.
- Furthermore, businesses have been increasingly deploying BYOD in the work environments to ease the hassles of work for the employees. Owing to such trends, the need for better data connectivity and speed has increased, which drives the growth of LTE services.
- Also, the development of new mobile applications that provide video calls, video streaming, and many other real-time applications, has increased the need for high-speed mobile internet, driving the market forward.
Key Market Trends
VoLTE Application to Witness High Growth
- VoLTE services deliver voice calls in the same channel as data calls, which eliminates the need for a different channel for voice calls. These services provide efficient use of the spectrum, richer and reliable service, and clear call experience.
- Many recent technological advancements have been contributing to the popularization and adoption of such services in developing countries, such as India. Moreover, the recent launch of Reliance Jio 4G network in India has been a contributing factor to the growth of VoLTE services in the country.
- South Korea has also become the first country, which has migrated to a fully interconnected VoLTE service with the help of GSMA, ministry of science, ICT, and future planning. This trend is expected to continue further in the future, owing to various applications.
- With the increasing 4G coverage, the market is expected to witness further growth across major regions of the world.
Asia-Pacific to Witness the Fastest Growth
- Long-term evolution (LTE) is relatively a new form of technology in this region as compared to other regions and this region has lesser internet penetration compared to other mature markets, indicating a big opportunity for LTE vendors.
- Moreover, smartphone penetration in growing economies in this region has grown exponentially in recent years and is expected to grow in the coming few years, which drives the market in this region.
- Furthermore, changing customer preferences and rising demand for high-speed mobile broadband in the Asia-Pacific region has created a huge potential in the APAC market. Also, telecom operators in this region have planned a huge number of LTE installations in these developing countries.
- Rapid urbanization, fast industrial growth, and advancement in communication technology are also some of the important factors leading the way for advanced wireless networks and solutions in this region.
The long-term evolution (LTE) market is competitive, owing to the presence of large competitors both in the domestic and international markets. The market is consolidated and the key strategies adopted by the major players are product innovation, mergers, acquisition, and partnerships. Some of the major players in the market are AT&T Inc., Verizon Communication Inc, and Qualcomm Inc., among others.
- September 2018 - Verizon, Nokia, and Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, reached peak data speeds of 1.45 gigabits per second (Gbps) on LTE in a live commercial environment using six channel carrier aggregation, a key LTE Advanced technology. Carrier aggregation combines multiple channels of the spectrum to provide greater efficiency for data sessions transmitting over wireless networks.
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