There is a growing demand for information and communications technologies by consumers and organizations that are reliant on advanced networking solutions. While the fixed network infrastructure is moving to gigabit services and beyond as a standard, wireless networks are also moving towards that direction with the latest 4G LTE (News - Alert) and the highly anticipated 5G by the end of the decade. According to Persistence Market Research (PMR), the need for next generation communications solutions that depend on wireless technology is pushing the global 4G LTE devices market to grow at a robust pace until 2024.
In the report, PMR predicts this market will experience a compound annual growth rate (CAGR) of 13.1 percent during the forecast period, resulting in a market value of $926.1 billion by 2024, which is almost triple the $344.8 billion of 2016.
The demand for 4G LTE devices is being driven from end users that are accessing rich media communications and services, including video conferencing, hosted cloud solutions, streaming videos, gaming and more. Therefore, the devices have to handle these capabilities with features such as low network latency rate, better battery backup, and screen resolution. And this is increasing the demand for 4G LTE devices.
For network operators it means investing in technologies that are capable of delivering these next generation communications services with investments in network solutions such as SDN and NFV to deliver more efficient networks as more devices get connected in the smart cities and homes we will be living in.
If the forecast is to come to fruition, it will take collaboration between public and private sectors to deploy the necessary infrastructure and regulatory policies that will encourage the growth.
Regarding this particular issue, PMR said, “Device manufacturers at international and domestic levels are playing an important role in the global 4G (LTE) devices market by innovating in different ways. For instance, manufacturers are collaborating with network providers to provide a better service and make it more affordable for their customers. Government initiatives in some regions to encourage deployment of advanced network data consumption is impacting the global 4G (LTE) devices market positively.”
In the report, the global 4G LTE devices market was segmented into device type such as smartphones and tablets, pricing, distribution channel and region.
The Asia-Pacific and North America regions are expected to register the highest growth rates in the eight year period of the forecast, with the former expected to generate $315.0 billion between 2016 and 2024 and the latter remaining in second position because of the high penetration rate that exists there.
Some of the leading companies that will be providing the hardware and software to provide next generation communications include, Apple, Samsung, ZTE, Huawei, Lenovo, ASUSTeK., Xiaomi and LG Electronics (News - Alert).
Edited by Alicia Young