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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Communication infrastructure, core network technology, and deployment location have all been used to segment the LTE Advanced Pro market. By 2023, tiny cells are predicted to have the greatest share of the communication infrastructure industry. The growing number of structures in cities has obstructed telecom signals, resulting in poor service quality and a negative customer experience. A huge amount of data is expected to be transmitted between devices. Reliable network connectivity is required to manage such massive volumes of data at fast speeds, and small-cell antenna systems will play a key role in ensuring that the communication process runs smoothly.
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.
North America had the greatest share of the worldwide LTE Advanced Pro market in 2017, out of all the regions. In terms of the adoption and implementation of LTE Advanced Pro services and applications, North America has emerged as a leading market. The need for wireless cellular networks is expected to be high in urban areas, residential areas, and rural areas, among other places. Between 2018 and 2023, the market in RoW is predicted to develop at the fastest CAGR, followed by APAC. The adoption of new technologies and improvements by enterprises across various sectors is credited with the market's growth in APAC. The region has become a magnet for large-scale investments and company expansion potential.
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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).