The LTE base station system market is expected to achieve growth of 17.3 percent CAGR during the forecast period to reach $65.5 billion by 2023.

A recent report from Ovum and 5G Americas said LTE subscriber base will reach 4.93 billion in 2022 from 2.55 billion in 2017.

The growth drivers in the global LTE base station market are higher network traffic during working hours, and need for faster data transmission, especially in the urban areas.

Growth of smart city projects, integrating digital technologies and M2M communications to support connected solutions in various developing regions and development of LTE / 5G technology would add to the market opportunities, according to a report in Research and Markets.

Ericsson, Huawei Technologies, Nokia and ZTE are the main telecom equipment vendors active in the worldwide LTE base station market.