The MulteFire market is projected to grow from USD 455 million in 2020 to USD 2,119 million by 2025, at a CAGR of 36.0%. Digital transformation in almost all industries and enterprises increases the demand for more scalable and better network connectivity. In the coming years, the MulteFire market growth is likely to be fueled by the rising demand for highly efficient wireless connectivity networks by enterprises who want to completely control their network connectivity and provide multi-carrier support at the same time.
Moreover, over the last decade, mobile data traffic is continually increasing due to the growing number of mobile subscribers all over the world, particularly smartphone users who prefer connecting their devices to faster networks, which leads to the consumption of high network bandwidth. Based on growth estimates for data traffic and high adoption of advanced technologies by most of the industry players, new approaches need to be made available for mobile broadband and critical communication applications so that escalating demands of end users can be fulfilled. Hence, the growing requirement for cost-efficient and high-capacity networks is another factor contributing to the growth of the MulteFire market.
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Among all MulteFire technology-based devices, small cells are expected to account the largest share of the overall MulteFire market in 2020. Small cells are an integral part of the telecom network. Growing adoption of advanced technologies such as LTE or 5G, rising mobile data traffic on existing networks, and increasing demand for higher bandwidth spectrum are a few major factors boosting the demand for small cell networks.
Industrial application is expected to hold the largest share of the MulteFire market in 2020. MulteFire is an important technology for many industrial players who are continuously focusing on using cost-effective and reliable private networks as it does not require any licensed spectrum or an anchor tenant. Dedicated equipment are used for private LTE networks based on MulteFire technology; these networks can be managed locally and offer better control over data. These networks help industrial facilities to maintain consistently high performance and manage productivity at predictable levels. In addition, these networks are easy to deploy and offer high-quality services, along with the ability to customize the network according to industrial-specific needs. These factors boost the adoption of MulteFire technology for industrial applications.
North America is expected to dominate the MulteFire market during the forecast period. MulteFire market players will have lucrative opportunities due to the support provided by North American and European governments to modernize production facilities by adopting Industry 4.0 solutions. Therefore, players from these regions are focusing on investing in the development of innovative products. For instance, in 2018, Nokia announced a MulteFire small cell for industries, enterprises, smart cities, and mobile service providers.
