Low Power Wide Area Network (LPWAN) Market to Reach Valuation of USD 675.74 Billion by 2028 - Increasing Demand in Machine to Machine & Internet of Things (IoT) Networks is Driving the Market

Vantage Market Research

Jan 11, 2022

In terms of revenue, the Global Low Power Wide Area Network (LPWAN) market is expected to reach USD 675.75 Billion by 2028, growing at a CAGR of 65% from 2022 to 2028. Industries and commercial offices require long-range connectivity with less cost; here Low Power Wide Area Network comes into play. The rising adoption of the Internet of Things (IoT) & Machine Machine network and low power consumption is expected to generate revenue from Low Power Wide Area Network (LPWAN) market.

Key Findings

  • Under the connectivity technologies segment, the Sig Fox sub-segment is anticipated to dominate the segment for the Low Power Wide Area Network market and grow at a substantial CAGR owing to the wide demand for developed LPWANs in the market.

  • Professional services sub-segments held a significant market share in 2021. This is owing to the increasing use by cloud domain organizations.

  • North America is the largest regional segment. This region is growing due to the high potential of growth in the industrial and Information technology sector.

Some of the key players dominating the Low Power Wide Area Network market include - 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).

Low Power Wide Area Network (LPAWN) is not considered to be a single network but a group of various low-power wide-area network technologies that take many shapes and forms. Sig Fox is one of the most and widely developed LPWAN globally present. Low Power Wide Area (LPWA) technology emerged as a term in 2013. This new technology is well suited to the specific needs of machine-to-machine (M2M) and IoT devices. The majority of IoT devices, especially those in smart city and industrial sectors do not require the same speed and bandwidth as consumer cellular devices. However, they do need the longevity of traditional LTE cellular networks. LPWA technology gained prominence as the preferred choice for IoT applications in 2015 when the GSMA wireless industry association defined a series of LPWA Network (LPWAN) standards to help network operators meet the specific cost, coverage, and power consumption needs of IoT applications. These are a few factors that are driving the Low Power Wide Area Network (LPWAN) market.

Asia Pacific is expected to grow at the fastest CAGR in coming years due to increasing demand in the Low Power Wide Area Network market in the industrial and commercial IT sector. China being the fastest-growing electronic industry and India coping up with tremendous potential in the information technology industry are the key reasons for the Low Power Wide Area Network market to flourish.