The overall LTE Advanced Pro market is estimated to be valued at USD 150.0 million in 2018 and is expected to reach USD 8,017.5 million by 2023, at a CAGR of 121.6% from 2018 to 2023. Major drivers for this market are as follows: LTE Advanced Pro delivering higher bitrates in a cost-efficient manner; improved efficiency with additional functionality; reduced latency and optimized connectivity; and growing demand for improved network coverage.
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The LTE Advanced Pro market has been segmented on the basis of communication infrastructure, core network technology, and deployment location. In terms of communication infrastructure, small cell is expected to hold the largest share of the market by 2023. The increasing number of buildings in cities has led to obstruction in telecom signals and is leading to poor quality of services and degraded customer experience. It is estimated that a large volume of data will be transferred between devices. To handle such large volumes of data at high speed, reliable network connectivity is imperative, and small-cell antenna systems will play an integral role in carrying out the communication process efficiently.
By core network technology, the LTE Advanced Pro market for NFV is expected to grow at the highest CAGR during the forecast period. For network operators to handle such huge data, increasing network capacity is a major challenge. NFV can play a critical role in overcoming this challenge. NFV promises to ease the load by granting service providers the flexibility to move network functions from dedicated appliances to generic servers.
Of all the major deployment locations, urban areas held the largest share of the LTE Advanced Pro market in 2017. Need for enhanced network capacity and coverage in locations such as city center zones, subways, and stadiums, which are always populated with a large number of occupants, are a major driver for the growth of the market in urban areas.
The LTE Advanced Pro market for the retail stores deployment is expected to grow at the highest CAGR between 2018 and 2023. Retail malls often face limited data coverage issue. High demand for accurate data and information flow at high speed in retail automation will drive the growth of the LTE Advanced pro network in retail stores.
Of all the regions, North America held the largest size of the global LTE Advanced Pro market in 2017. North America has emerged as a prominent region in terms of the adoption and implementation of LTE Advanced Pro services and applications. It is anticipated to witness strong demand for wireless cellular network across urban areas, residential areas, and rural areas, among others. The market in RoW is expected to grow at the highest CAGR between 2018 and 2023 followed by APAC. The growth of the market in APAC is attributed to THE adoption of new technologies and advancements by organizations functioning across various sectors. The region has become the center of attraction for major investments and business expansion opportunities.
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Key players in the LTE Advanced Pro market are Huawei (China), Nokia Networks (Finland), Ericsson (Sweden), Samsung Electronics (South Korea), ZTE (China), NEC (Japan), Cisco Systems (US), Qualcomm (US), and Intel (US).