Global LTE Base Station System Market to Reach $71,977 Million by 2023
According to a recent report published by Allied Market Research, titled, "LTE Base Station System Market by Product Type and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global LTE base station system market was valued at $21,824 million in 2016, and is projected to reach at $71,977 million by 2023, growing at a CAGR of 18.6 percent from 2017 to 2023.
In 2016, the TDD-LTE segment accounted for the highest revenue share in the LTE base station system market. Rise in demand for high-speed broadband services, increase in consumer awareness of IoT applications, such as connected homes and automobiles, and growth of overall telecom market drive the market. However, factors such as stringent norms for telecom operators in some countries and lack of availability of compatible devices hamper the LTE base station system market growth to a certain extent.
Residential and SOHO dominated the global market in 2016, and is expected to remain dominant during the forecast period, owing to the increase in demand for high data transfer rate from customers. Furthermore, the enterprise segment is expected to grow at the highest CAGR during the forecast period.
The global LTE base station system market was led by the North America segment in 2016, and the segment is projected to maintain its dominance during the forecast period. However, the Asia-Pacific segment is expected to witness the highest growth, owing to the growth in adoption of LTE base station system by many telecom operators to provide high-speed broadband services.
