Rapid Digitization to Boost Low Power Wide Area Network (LPWAN) Market
The Low Power Wide Area Network (LPWAN) Market is expected to reach USD USD 675.74 Billion billion by 2028, growing at a CAGR of 65%% from 2022 to 2028. Low Power Wide Area Network is a type of wireless wide area network technology that is designed to interconnect low-bandwidth and battery-powered devices with low bit rates over long ranges. LPWAN offers unique characteristics that make it particularly desirable for the growing number of implementations in a variety of industries, including infrastructure, logistics and transportation, agriculture, and smart cities.
Telecommunications service networks are constantly evolving in most parts of the world. Secure phone communications, mission-critical LTE, advanced terrestrial trunked radio networks, and other technological advances are expected to drive market expansion. Global internet usage is increasing, as is the use of current wireless technology. In the future, advanced broadband infrastructure such as 3G, 4G, and 5G are expected to be widely used. IoT enables more personalized products and services. IoT enables businesses to capture massive amounts of consumer data in real-time, allowing for a more personalized perspective of the customer. As a result, LPWAN technologies such as NB-IoT are rapidly being used in wireless sensor networks, remote monitoring, and other IoT applications. Although the slow pace and restrictions in developing nations might cause a passive effect on the Low Power Wide Area Network Market, it is bound to unfold. Digitization opens up new chances for using developing technologies and fast reacting to industrial advances, with network infrastructure playing an important role. Furthermore, the introduction of Industry 4.0 technologies fuels the rise of IoT smart technology frameworks, which in turn fuels the growth of the LPWAN market.
The Low Power Wide Area Network Market is segmented based on many factors such as technologies into SIFFOX, LoRaWAN, weightless, and others. Wide area network with low power market is being utilized in the house appliance for common as well as private usage for industries all over the world, making by type segmentation in terms of professional and managed services. While considering the network deployments, it is divided into a public sector and private sector. The Low Power Wide Area Network market is also segmented based on its application into smart waste management, smart buildings, smart gas, and water metering, smart parking, livestock monitoring, and others. Agriculture, smart logistics and transportation, healthcare, industrial manufacturing, oil and gas, consumer electronics are the primary vertical segments of Low Power Wide Area Network.
The Low Power Wide Area Network Market is expanded over North America, Europe, Asia Pacific, Latin America, Middle East, and Africa regions. North America had the greatest market growth rate in 2020, at 41.2%%. The region's market expansion is attributable to factors such as technical improvements, rising need for energy-efficient gadgets, and rising demand for high-speed connectivity. The region also has a well-established infrastructure, which makes sophisticated technology easier to adopt and provides a greater connection. North America has emerged as the hub for Low Power Wide Area Network market demand, having largely taken the lead on different technological advances such as smart homes, smart cities, Internet of Things (IoT), big data, and consumer electronics. The growing IoT network ecosystem will drive demand for networks that can connect IoT devices that require low latency and data transfer speeds, such as smart water meters.
Partnerships and acquisitions, as well as product launches, are the primary strategies employed by industry participants in the Low Power Wide Area Network market. The market for low power wide area networks is concentrated as of 2021, with the major companies being - LORIOT (Switzerland), Semtech Corporation (California), NWave Technologies (London), WAVIoT (US), SIGFOX (France), Ingenu (US), Actility (France), Weightless SIG, Link Labs (US), and Senet, Inc. (Portsmouth), Vodafone (U.K.), and Orange (France).
Browse the full Report - Low Power Wide Area Network Market by Technology Type (SIGFOX, LoRaWAN, Weightless, Others), by Deployment Model (On premise, Cloud), by Application (Industrial, Smart Buildings, Smart Parking, Precision Agriculture), by End Users (Healthcare, Agriculture, Logistics and Transportation, Manufacturing, Government), by Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)