The global Private LTE and 5G market is forecast to grow at over 10 percent CAGR to $3.4 billion by 2024, according to a Mobile Experts report.

Industry verticals including mining, oil & gas, utility, government, manufacturing and others, are considering private LTE investment due to the demand for industrial automation driven by IoT sensors and analytics.

The majority of private cellular equipment will be based on LTE rather than 5G over the next five years.

“We expect 5G to take an increasing share of the global private cellular market when 5G URLLC features in 3GPP Release 16 come to market,” Principal Analyst Kyung Mun said.