Published By : 19 Jul 2016 | Published By : QYRESEARCH
The rising demand for mobile data and broadband services have led to a significant need for a spectrally efficient technology. Thus, LTE was born. LTE or long term evolution, and also known as 4G LTE has emerged as a wireless communication standard for high speed data for use in mobile phones and data terminals. The use of LTE technology helps cut down tremendous costs per gigabyte.
According to a report published by Transparency Market Research, the global LTE market will rise from US$10.47 bn in 2012 to US$610.71 bn by 2019, expanding at a whopping CAGR of 78.6% from 2013 to 2019.
Rapid development of Smart Devices to Propel LTE Demand
The rapid developments of smart devices is causing a need for an efficient wireless communication technology. Smart devices and their innovations are pushing the demand for high quality of services, thus LTE demand is growing. The large scale adoption of LTE in Asia Pacific is expected to further propel the market for LTE. Increased adoption of public safety LTE is also boosting the growth of the LTE market across the globe.
However, the global LTE market is expected to be restricted by compatibility issues. The under-development of roaming on LTE network is another factor that is acting as a challenge for the growth of the LTE market across the globe.
Asia Pacific to Witness Incredible Growth in LTE Market
The LTE market in North America led in 2012 owing to the lower price of LTE as compared to 3G network. The LTE market in Asia Pacific is expected to grow at a huge CAGR in the coming years owing to the high demand from China, India, Japan, and South Korea. Moreover, planned large-scale adoption of LTE in Asia Pacific is expected to be the reason behind the growth of the market in the region.