Publication date: 29 Jun 2023
Economic and Industry Headwinds Driving Slower-Than-Expected Growth in Private LTE and 5G Space; Market Still Expected to Eclipse $5.2 Billion in 2027, According to IDC
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NEEDHAM, Mass., June 29, 2023 – Worldwide revenues for private LTE/5G infrastructure will reach $5.2 billion in 2027, according to a new forecast from International Data Corporation (IDC). This represents a compound annual growth rate (CAGR) of 21% over the 2023–2027 forecast period. Worldwide market revenue for both LTE and 5G in 2022 was just over $1.9 billion.
"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," said Patrick Filkins, research manager, IoT and Telecom Network Infrastructure.
The report, Private LTE/5G Wireless Infrastructure Forecast, 2023-2027 (IDC #US50863623), presents IDC's annual forecast for the private LTE/5G wireless infrastructure market. Revenue is forecast for RAN, core, and transport. The report also provides a market overview, including drivers and challenges for technology suppliers, communications service providers, systems integrators, and cloud providers participating in the market.
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International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world's leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights.