TOP TAKES is IoT Sources’ filtered content channel, bringing you the most important breaking news and notable events surrounding the Internet of Things. Today’s post originated from: globenewswire.com.
NEW YORK, Feb. 19, 2018 (GLOBE NEWSWIRE) — Worldwide: New Report at Market Reports Center estimates that the market will further grow at a CAGR of approximately 30% between 2018 and 2021, eventually accounting for more than $5 Billion by the end of 2021.
With the standardization of capabilities such as MCPTT (Mission-Critical PTT) by the 3GPP, LTE is increasingly being viewed as an all-inclusive critical communications platform for the delivery of multiple mission-critical services ranging from PTT group communications to real-time video surveillance, and organizations across the critical communications industry from public safety agencies to railway operators are making sizeable investments in private LTE and 5G-ready networks.
By providing authority over wireless coverage and capacity, private LTE and 5G networks can ensure guaranteed connectivity, while supporting a wide range of applications and usage scenarios. Small-scale private LTE and 5G-ready networks are also beginning to be deployed in industrial IoT (Internet of Things) settings where LTE and 5G can fulfill the stringent reliability, availability and low latency requirements for connectivity in industrial control and automation systems, besides supporting mobility for robotics and machines.
In addition, with the emergence of capabilities such as multi-operator small cells and shared/unlicensed spectrum access schemes, the use of private LTE and 5G networks in enterprise buildings, campuses and public venues for localized connectivity is expected to grow significantly over the coming years.
How much growth can we expect in Market?
Expected to surpass $2.5 Billion in annual spending by the end of 2018, private LTE and 5G networks are increasingly becoming the preferred approach to deliver wireless connectivity for critical communications, industrial IoT, enterprise & campus environments, and public venues. Report estimates that the market will further grow at a CAGR of approximately 30% between 2018 and 2021, eventually accounting for more than $5 Billion by the end of 2021.
