The global market for 4G LTE (News - Alert) devices should experience a compound annual growth rate of 13.1 percent between 2016 and 2024, according to a new study by Persistence Market Research.
LTE’s better battery backup, low network latency, and screen resolution are attracting customers to this newish cellular technology, the research firm says. The affordability and convenience of LTE data packages are also helping spur adoption, it adds.
The report segments the 4G LTE device market by device type, distribution channel, pricing, and region.
“Globally, the single brand store distribution channel segment is expected to witness significant growth over the forecast period as compared to the multi-brand store and online distribution channel segments, which are expected to witness relatively flat growth rates over the forecast period,” according to Persistence Market Research. “In terms of value, the low price range segment in the Asia Pacific 4G (LTE) devices market accounted for 37.6 percent share in 2015. The developing countries in this region showcase the huge potential for low-end 4G (LTE) smartphones and tablets due to the advancements in network infrastructure.”
Although we’ve been hearing a lot lately about 5G, the information above helps illustrate that – as Mike Murphy, CTO for North America at Nokia (News - Alert) recently told me – “LTE still has quite a bit of gas left in the tank.”
Indeed, the cellular industry continues to introduce new and improved iterations for 4G. For example, in August Verizon (News - Alert) announced plans to roll out LTE Advanced across the U.S.
“LTE Advanced can refer to all sorts of improvements to LTE, and the only real common factor is that they’re all backwards-compatible with other LTE technology,” explains Chris Mills in an Aug. 29 BGR story. “In this case, it refers to combining multiple channels to send mobile data as quickly as possible. Verizon is claiming a 50 percent faster peak speed for its technology.”