“LTE and 5G Broadcast Market is expected to reach USD 1,072 million by 2026 from USD 642 million in 2021, at a CAGR of 10.8% during 2021-2026 period.
Major players in the market are:Qualcomm (US), Samsung Electronics (South Korea), Huawei (China), Cisco (US), Ericsson (Sweden), ZTE (China), Nokia (Finland)
The rapid growth of the global LTE and 5G broadcast market is attributed to the some of the driving factors such as increasing LTE and 5G mobile subscribers with surging penetration of smartphones, growing popularity of on-demand content and seamless mobile data services and growing need for massive connectivity of devices due to evolution of IoT.
5G technology to hold largest market share during forecast period in the LTE and 5G broadcast market
5G technology to account for the largest market size for the two technologies in the LTE and 5G broadcast market. 5G broadcast creates an opportunity for TV broadcasters and content providers to widen their reach to customers, as the technology allows them to address mobile devices directly. With the increasing demand for premium content, e.g., live sports events, the market for 5G broadcast is expected to grow at a very high rate.
Use of LTE and 5G broadcast technology for connected cars is expected to witness the highest growth rate during the period 2021 and 2026
The market is coming up with new LTE broadcast services, including the trial by Japanese operator KDDI. The trial involved using eMBMS in two connected car applications – the first involved broadcasting a status alert from one car to the network and back through eMBMS to many other cars and users. The other application was to enable real-time mapping and navigation information. It is expected that potential applications for LTE broadcast and 5G broadcast will continue to grow with the technology leading to high market growth for connected cars.
APAC to hold largest share of LTE and 5G broadcast market during forecast period
The APAC holds the largest share in the global LTE and 5G broadcast market. The major factors driving market growth include the significant developments in the field of 5G technology by the countries like China, South Korea, Japan and Australia as well as the larger number mobile users with an increasing penetration of 5G. APAC is witnessing rapid migration toward next-generation devices and technologies. High inclination among consumers to adopt new technologies drives the market in this region. Moreover, the presence of telecom giants such as Huawei (China), KT (South Korea), Telstra (Australia), Reliance Jio (India), NTT Docomo (Japan), ZTE (China), and China Unicom (China) has led to the development of the telecommunication industry through constant innovations in new technologies and high R&D expenditure.