4G devices market to treble over 8 years
Amount spent on 4G mobiles globally set to hit $926 billion by 2024 according to report
The 4G mobile devices market will be worth $926 billion by 2024, almost trebling in value from 2015, according to Persistence Market Research.
The market is currently worth $344.8 billion but substantial growth is expected to be driven by improving technology on 4G devices, increased 4G penetration and more attractive data packages being offered by carriers.
Government schemes in some regions that are driving the development of 4G deployment, along with partnerships between phone manufacturers and operators, are all impacting the market positively, the analysts claim.
The 4G devices market in both the Asia Pacific and North American markets are expected to see high growth rates, according to Persistence’s figures. Asia Pacific will create an incremental opportunity of $315 billion by 2024, with its market share growing from 35.9% to 47.4% value by 2024, becoming the biggest market, with North America second.
Persistence Market Research said: “Consumers are increasingly becoming inclined towards technological advancements in networking solutions and are adopting devices that operate smoothly and with intelligent features.
"The features in devices such as low network latency rate, better battery backup, and screen resolution are attracting consumers to switch to 4G (LTE) devices thus fueling the demand for 4G (LTE) devices worldwide.
“Convenience, affordability, and attractive data packages offered by network operators in collaboration with device manufacturers are factors encouraging consumers to try 4G (LTE) devices. This, in turn, is increasing the penetration of 4G (LTE) devices globally.