Low Power Wide Area Network Market - Forecast (2024 - 2030)
Low Power Wide Area Network Market Size is forecast to reach $4030 Million by 2030, at a CAGR of 12.70% during forecast period 2024-2030. The market growth is attributed to the factors such as increased adoption of IoT, M2M systems, increased need for long-range connectivity between these systems, rising penetration of 5G and other wireless technology and others. Moreover, the exponential growth in smart city infrastructure is expected to stimulate development in the market.?
Owing to the introduction of cloud-based technologies, demand for the financial analytics system is growing. Cloud driven technologies support stable data management and produce result-oriented production. However, these programs improve the efficiency of the business by upgrading details in real-time. The rising deployment of Narrowband IOT and Sigfox technologies in Wireless Sensor Networks will also propel the market growth.
Report Coverage
The report: “Low Power Wide Area Network market – Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Low Power Wide Area Network market.
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By Technology type: Licensed Spectrum, Extended Coverage GSM (LTE-M, NarrowBand-IoT, Others), Unlicensed Spectrum (Ultra-Narrow Band (Weightless-W,-N,-P; Sigfox), LoRa/LoRaWAN, IEEE 802.11ah, Random Phase Multiple Access (Ingenu), Others)
By Deployment model: On premise, Cloud
By Application: Smart Gas and Water Metering, Asset tracking, Smart Buildings, Smart Parking, Precision Agriculture, Smart Waste Management, Livestock Monitoring, Wireless Sensor Networks and Others
By End Users: Healthcare, Agriculture, Logistics and Transportation, Manufacturing, Utilities, Consumer Electronics, Government and Public Sector and Others
By Geography: North America (U.S, Canada, Mexico), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, South Korea, Australia and Others), South America (Brazil, Argentina and others), and ROW (Middle East and Africa)
Key Takeaways
?Low Power Wide Area Network Market Segment Analysis - By Technology type
NB-IoT technology type segment is anticipated to hold the highest growth rate at 15.1% during the forecast period 2024-2030. The increasing ecosystem of the IoT network will create demand for networks that can provide access to IoT devices that need low latency and low data transmission speeds, such as smart water metres. NB-IoT technology increases the power efficiency of these instruments and satisfies the challenging specifications for coverage.?
NB-IoT is perceived to be the potentially less costly alternative, since it avoids the need for a gateway. Usually, most infrastructures provide gateways that collect sensor data and then connect with the main server. Sensor data is therefore sent directly to the primary server with NB-IoT. Huawei, Ericsson, Qualcomm and Vodafone are all aggressively involved in commercial NB-IoT technologies.
Low Power Wide Area Network Market Segment Analysis - By Deployment Model
Cloud deployment model held the highest market share of Low Power Wide Area Network in 2020 at 53% share. Moreover, it is anticipated to witness the significant market growth during the forecast period 2021-2026. Customers choose cloud services for fast integration of the IoT and wireless networks. Enterprises can significantly reduce the timeline for deployment by following the cloud deployment model and handling cloud-enabled LPWAN servers and gateways with ease.?
LPWAN businesses also offer cloud services that allow consumers to easily access IoT sensor-generated data and allow service providers to control the LPWA network. In June 2018, The Occam Technology Group partnered with Google Cloud to offer LoRaWAN's OccamSmart Network Server Stack running on the Google Cloud Platform. In this way, companies minimise costs and deploy LoRaWAN communities within the global framework of Google Cloud. Such product developments enhance the market growth.
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Low Power Wide Area Network Market Segment Analysis - By Geography
North America region held the highest market growth in 2020 at 37%. The market growth is attributed to the factors such as technological advancements, increasing demand for energy efficient devices and increasing demand for high speed communication in the region. The region also has a well-established infrastructure which allows easy implementation of advanced technologies and provides better connectivity.?
North America, which has prominently taken the lead? on various technological developments such as smart homes, smart cities, Internet of Things (IoT), big data and consumer electronics; has emerged as the nucleus for Low Power Wide Area Network market demand. Moreover, APAC region is anticipated to witness the significant market growth during the forecast period 2021-2026. The market growth is owing to growing digitization, industrialisation technological developments, growing data centres and others.?
Digitization provides fresh opportunities for exploiting emerging technology and adapting quickly to developments in the industry, with network infrastructure serving a significant role. Furthermore, the introduction of Industry 4.0 technologies fuel the growth of IOT smart technology frameworks which in turn drives the market growth of LPWAN.
Low Power Wide Area Network Market Drivers
Rising penetration of 5G
Globally, internet usage has increased, as well as the growing use of modern wireless technologies. Advanced broadband infrastructure including 3G, 4G and 5G is anticipated to be commonly adopted in the future. In most areas of the world service networks in telecommunications are continuously developing. Technological advancements including secure phone communications, mission crucial LTE, sophisticated terrestrial trunked radio networks and others is anticipated to boosts the market growth.
Growing implementation of IOT
IoT helps products and services to be more customized. This mean that the products and services can be much more oriented on the desires and expectations of the consumer. IoT helps businesses to collect large volumes of consumer data in real time, enabling a more personal view of the client. Thus, LPWAN technologies such as NB-IOT are being increasingly deployed in wireless sensor networks, remote monitoring and other IOT use cases.
Low Power Wide Area Network Market Challenges
Security concerns
Security represents an IoT communication challenging task. Owing to its long range communication and relatively limited transfer time, IoT broadens the attack scope. -Each system inside the network is a potential vulnerability point and each hardware has its own protection mechanism to ensure safe communication.
Low Power Wide Area Network Market Landscape
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Low Power Wide Area Network market. As of 2020, the market for Low Power Wide Area Network market is consolidated with the top players including Link Labs, Ingenu, LORIOT, Nwave, Orange, Qualcomm, Semtech, Senet, Sigfox, Vodafone, WavIoT, and Verizon and among others.
Acquisitions/Technology Launches/Partnerships
Key Market Players:
The Top 5 companies in the Low Power Wide Area Network Market are: