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The global 4g Lte Hotspot Market is estimated to be valued at US$1.18 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
4G LTE hotspot devices or portable Wi-Fi hotspots allow users to access internet using a 4G LTE wireless network. They are compact devices that create a personal Wi-Fi hotspot anywhere there is 4G LTE coverage. Majority of these devices support multiple devices connections simultaneously through a single 4G LTE network subscription. People use 4G LTE hotspots for applications such as video streaming, online gaming, audio/video calls and transferring large files on the go via mobile networks. In recent times, 4G LTE hotspots have gained significant prominence owing to increasing usage of internet-enabled smart devices such as smartphones, tablets, and laptops.
Market key trends:
The growth of 4G LTE hotspot market is primarily driven by rising adoption of internet-enabled connected devices among consumers and proliferation of high-speed internet infrastructure worldwide. As per statistics, the number of connected IoT devices is expected to surpass 25 billion globally by 2030. Growing mobility requirements of consumers and demand for ubiquitous high-speed connectivity is another factor fueling the demand for 4G LTE hotspots. In addition, operators are focusing on technology migrations to high speed 5G networks, which is anticipated to further accelerate the deployment of 4G LTE hotspots to facilitate faster data transfer and superior connectivity experience. On the other hand, emergence of alternate connectivity solutions such as Wi-Fi 6E could offer competitive threat to 4G LTE hotspots in future years. However, widespread availability and compatibilty of 4G LTE networks worldwide will continue to support market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as significant capital is required to build infrastructure and compete with the top players. However, threats can come from new disruptive technologies.
Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have a choice of brands and models to choose from but switching costs are low.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are a few major suppliers of components like chipsets and connectivity modules globally.
Threat of new substitutes: The threat of new substitutes is high as broadband connectivity, fiber, and 5G could replace the need for 4G LTE hotspots in the future.
Competitive rivalry:The competition is intense among the top players to dominate market share.
Key Takeaways
The global 4g Lte Hotspot market is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing mobile data consumption globally. Rising usage of bandwidth-heavy applications like video streaming, online gaming, etc. on mobile devices are driving the adoption of mobile hotspots.
Regional analysis
The North America region dominates the 4g Lte Hotspot market currently due to high mobile internet penetration and demand for fast connectivity. However, Asia Pacific region is expected to grow at the fastest rate during the forecast period with China, India, and Japan being the major markets. This can be attributed to rising disposable income, increasing investments towards building telecom infrastructure, and growing mobile subscriber base in the region.
Key players
Key players operating in the 4g Lte Hotspot market are Verizon, AT&T, T-Mobile, FreedomPop, Samsung, Internet on the Go, Sprint, Huawei, D-Link, and TP-Link. Top players are focusing on expanding their portfolio through advanced product launches to attain dominant market position. For instance, Huawei launched a 4G portable Wi-Fi device with long battery life and high-speed connectivity.
