A report published by the IMARC Group found that Private LTE market size is projected to increase a total of over 2.5x by 2032. According to publicly available information, the group found that the current size of the market is $5.6 billion and is projected to rise to $14.6 billion by 2032. The relatively new industry is supposed to grow at a blistering 11.2% average rate per year leading to 2032. The group found that there are several factors at play that contribute to private wireless’ quick growth. 

One was the growth in the telecommunication industry at large. Grand View Research found that the industry as a whole is due to grow 6.2% annually through 2030. They cite an increase in mobile subscribers, more demand for high-speed data connection, and the growing demand for managed services (such as Microsoft Teams) as driving the growth. Private LTE itself is potentially able to help drive this growth, as it can handle cell service and mitigate switch-offs of service. 

Another factor is the fact the industry continues to keep building on prior success, with more artificial intelligence (AI) and Internet of Things (IoT) options available for consumers. While these are both still relatively new options, their novelty and usefulness will continue to affect growth. AI as an industry is currently $184 billion according to Bergur Thormundsson, a full $50 billion larger than in 2023. By 2030, the industry is supposed to be worth $826 billion, a rapid increase of nearly 4.5x the current value. 

More information is available for purchase through researchandmarkets.com. There are breakups of industry verticals, by regions, and an overview of the competitive landscape. Private LTE works hand in hand with other key industries, allowing growth to build on itself. The use of AI and growth in the telecommunication industry will both augment and shape the future of private wireless as much as the industry itself will. To return to locallte.com, click here.