Rising Focus on Smart Cities will Drive the LTE and 5G Market to Grow at a Prolific CAGR of 10.9% During the Forecast Period of 2022-32. Get Insights by Future Market Insights, Inc.

Source: Yahoo, originally by Future Market Insights

NEWARK, DE / ACCESSWIRE / October 25, 2022 / The global LTE and 5G market is expected to demonstrate significant growth by registering a robust CAGR of 10.9% from 2022-2032. The swift adoption of 5G and LTE networks enables consumers to capitalize on a wide range of facilities including internet, multimedia, voice conversations over Internet Protocol (VOIP), video telephone, and mobile TV. As a result of this, these networks cater to a lot of industries that offer many lucrative opportunities in the target market. Valued at US$ 640 Mn in 2021, the LTE and 5G market is projected to expand strongly over the forecast period.

Benefits like higher upload and download rates, shorter reaction time, improved safety with layered data encryption, and superior coverage in comparison to 4G will drive the prospects of the 5G network. This network's overall speed, reliability, and user-friendly roaming abilities are projected to cause mass adoption of the technology in the near future.

The increasing focus on the development of smart cities in emerging economies in the Asia Pacific will further aid the escalating adoption of LTE & 5G in the next few years. Favorable government initiatives like that of the Indian government which announced in July 2019 to invest US$1.2 Bn in the development of smart cities across the country. Similarly, this initiative is also set to bring in almost US$ 1.9 Bn in the form of investments by different private organizations. Developments and investments like this are likely to present notable revenue opportunities to LTE & 5G providers.

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