The global LTE and 5G Broadcast market is expected to reach USD 807 million by 2024 from USD 464 million in 2019 at a CAGR of 11.7% during 2019–2024. The LTE broadcast technology is based on 3GPP’s evolved Multimedia Broadcast Multicast Service (eMBMS), the global standard for video broadcast on mobile networks. The technology enables the same content to be simultaneously sent to a large number of users and hence results in more efficient use of network resources. Similarly, 5G Broadcast technology is enhanced via the 3GPP group with Release 14 and 15 as further enhanced multimedia broadcast multicast service (FeMBMS). Like LTE broadcast, 5G technology can further enhance the mobile experience and offer users with limitless media consumption.
5G broadcast to grow at a higher CAGR during the forecast period. The 5G broadcast was enhanced via the 3GPP group with Release 14 and 15 as Further Enhanced Multimedia Broadcast Multicast Service (FeMBMS). The 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 of consumers for premium content such as live sports events, the market for 5G broadcast is expected to grow at a very high rate.
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Among all the end-use applications, the connected car end-use industry to grow at a highest CAGR. LTE Broadcast can be used to offer in-car entertainment and services. It can also be used to provide location-based service updates in real time, such as traffic reports, lodging information, map updates, and nearby restaurants. Moreover, it can be used to provide update regarding the available parking spots in a certain area. It is capable of delivering voluminous content, Live TV, and files to moving devices. The LTE and 5G broadcast market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is the strong driving force behind the global rise in LTE subscriptions. It accounts for two-thirds of all LTE subscriptions worldwide. According to operators in APAC, the manufacturing sector offers the most revenue potential for 5G. Top drivers in APAC to deploy 5G are lower total cost of ownership, greater efficiency, and flexibility in harnessing resources including spectrum, fiber, and radio network and support for new revenues. Key players are tapping these opportunities by setting new trends in the industry. Product launches and developments; partnerships, collaborations, agreements, and joint ventures; and acquisitions are the major strategies adopted by the key players to increase the market share.
