LTE & 5G broadcast market forecast to hit $1.8 billion by 2029
The Global LTE and 5G Broadcast Market is expected to be valued at USD $1.8 billion by the end of 2029, growing at a compound annual growth rate of 9.9% from 2021 to 2029, according to a recent study by Adroit Market Research. This significant growth is anticipated due to the rapid combining of Long Term Evolution (LTE) and fifth-generation (5G) mobile networks into a single system, allowing for high-speed, low-latency data transfer over large distances.
LTE and 5G Broadcast technology make use of advanced multiple-input multiple-output (MIMO) antenna systems to provide improved performance, better coverage, and an enhanced user experience. The technology is ideal for websites and streaming services, allowing broadcast of large volumes of data in real-time using a single frequency channel. Additionally, it can effectively transfer content for various applications, including streaming video, audio, and other multimedia content, as well as live events broadcasting.
The market expansion is attributed both to quick digitalisation occurring in various end-use sectors and to increased usage of mobile communication technologies. The increased use of connected devices such as smartphones and smart home appliances that rely on scalable broadcasting technologies and Internet of Things (IoT) is also driving the demand for LTE and 5G broadcasting. Likewise, further investment by the government in LTE and 5G networks, supportive government policies for the digital revolution and booming low-cost mobile video services, urbanisation and intensive R&D efforts are significant factors propelling the industry.
The ongoing COVID-19 pandemic that has compelled many office workers to work from home, resulting in a surge in demand for high-definition video conferencing, has been a key driver for the market. Streaming service providers have also seen a heightened need for data streaming following restrictions as a result of the pandemic.
A notable factor driving market growth is the surging demand for high-speed internet services and the pressing need to decrease latency in communication networks. This demand is driven by mass public enthusiasm for streaming websites and services and a public desire for reliable, speedy mobile networks. Thus, advancements in technology such as MIMO and the availability of high-bandwidth spectrum have created attractive opportunities in this sector.
LTE and 5G broadcasting technologies have the potential to greatly expand customer reach for content providers and television broadcasters as they provide direct access to mobile devices, bypassing the need for a SIM card. The capability to provide ultra-high-speed internet whilst working with several other networks presents network operators with significant opportunities for business expansion.
Geographically, North America contributes the most to the global economy and was the first region to provide 5G data services commercially. The growth of the North American market is being further accelerated by the growing demand for low latency data communication as well as the increasing production of advanced, hardware-driven connected IoT devices. Major network service providers in the US, including Comcast, Verizon, and AT&T, are keenly testing the seamless rollout of 5G broadband services across the country, contributing to the spurt in demand for ultra-high-speed internet access amidst the ongoing global pandemic.
