5G is gaining “more traction” in vertical industries like manufacturing, warehousing and logistics and the market should still exceed $5.2bn in 2027
Worldwide revenues for private LTE and 5G infrastructure will reach $5.2 billion in 2027, according to a new forecast from International Data Corporation (IDC). This represents a compound annual growth rate (CAGR) of 21% over the 2023–2027 forecast period.
In 2022, worldwide market revenues for both LTE and 5G was just over $1.9 billion.
Patrick Filkins, Research Manager, IoT and Telecom Network Infrastructure at IDC, commented, “The private cellular networks market continues to show promise, as both LTE and 5G are being rolled out to address enterprise and industrial challenges.
“Notably, LTE remains a key contributor across both the utilities and mining sectors to provide mobile coverage over large grids. However, 5G is starting to see more traction within the manufacturing, warehousing, and logistics verticals, where we expect the bulk of growth to occur over the forecast period.”
The report, Private LTE/5G Wireless Infrastructure Forecast, 2023-2027, forecasts revenues for RAN, core and transport.