The major contributing factor for the growth of the market for low power wide area network can be the growth of IoT/M2M. The majority of the enterprises today use IoT/M2M services to automate and manage communications between multiple devices.
Low Power Wide Area Network Market Size – USD 1.99 Billion in 2020, Market Growth – CAGR of 52.91%, Market Trends – rise of advanced technologies, such as smart cities and smart buildings.
The Low power wide area network market is expected to grow from USD 1.99 Billion in 2020 to USD 59.42 Billion by 2028, at a CAGR of 52.91% during the forecast period. Increasing usage long range connectivity between devices, increasing adoption of advanced technologies like, IoT and M2M, lesser power consumption, lesser technology cost, increasing demand for connectivity in various industries, rise of advanced technologies, such as smart cities and smart buildings, and emergence of smart and intelligent devices are some of the driving factors of the market.
The issues faced by enterprises data security concerns, no governance of low power wide area network (LPWAN) services, increasing data traffic due to increasing internet usage and no LPWAN standards. These may be the major restraining factor for the low power wide area network market.
Players will require increased investments to tackle these restraints and facilitate growth in the coming years. This report comprises drivers, restraints, opportunities, and challenges pertaining to the Low power wide area network market; and extensive value chain analysis, patent analysis, analysis of the current manufacturing capability and technology status, commercialization potential in different devices, along with market size forecasts till 2026.
The report “Low power wide area network market by connectivity technology (SIGFOX, LoRaWAN, weightless and others), technology service (managed services and professional Services), network deployment (public sector and private sector), end user application (smart waste management, smart buildings, smart gas and water metering, smart streetlights, smart parking, livestock monitoring and others), Industry Vertical (agriculture, smart logistic and transportation,, healthcare, industrial manufacturing, oil and gas, consumer electronics and others), and Geography – Global Forecast 2026” is available now to Reports and Data customers and can also be purchased directly at: https://www.reportsanddata.com/report-detail/low-power-wide-area-network-market
Key players with in Low power wide area network market are LORIOT (Switzerland), Semtech Corporation (California), NWave Technologies (London), WAVIoT (Texas), SIGFOX (France), Ingenu (San Diego), Link Labs (Maryland), Weightless SIG, and Senet, Inc. (Portsmouth).
Further key findings from the report suggest
- The Low power wide area network market is expected to grow from USD 1.99 Billion in 2020 to USD 59.42 Billion by 2028, at a CAGR of 52.91% during the forecast period.
- The major contributing factors for the growth of the market for Low power wide area network can be increasing usage long range connectivity between devices, increasing adoption of advanced technologies like, IoT and M2M, lesser power consumption, lesser technology cost, increasing demand for connectivity in various industries, rise of advanced technologies, such as smart cities and smart buildings, and emergence of smart and intelligent devices.
- The Low power wide area network market is segmented by technology service into managed services and professional services. Managed services mostly dominate the market with a market share of approximately USD 0.8 Billion in the base year, since they leverage partnerships with prime satellite and mobile networks to offer high-end managed services to end user application providers, system integrators, and end user clients.
- The Low power wide area network market is segmented by network deployment into public sector and private sector. Public sector is to witness highest growth, at a CAGR of 53.1% in the forecast period, since it is used by government enterprises, for instance, municipal corporation focuses on developing their services such as, trash, parking, streetlights, water meters and leak detectors, and more.
- The Low power wide area network market is segmented by end user application into smart waste management, smart buildings, smart gas and water metering, smart streetlights, smart parking, livestock monitoring and others. Smart gas and water metering dominates the market with a market share of approximately USD 0.14 Billion in the base year, since LPWAN helps the segment in greater standardization between different smart meter manufacturers and vendors.
- The Low power wide area network market is segmented by industry vertical into agriculture, smart logistics and transportation, healthcare, industrial manufacturing, oil and gas, consumer electronics and others. Oil and gas segment is expected to witness the highest growth at a CAGR of 53.4% in the forecast period, since the technology will provide the segment with benefits such as plant automation, process optimization, supply chain optimization, increased safety, integrated business processes, and corporate social responsibility.
- The Low power wide area network market is segmented by geography into North, America, Europe, Asia Pacific and Rest of the World. The APAC region is expected to grow at the highest CAGR of 54.1% during the forecast period, since it is rapidly adopting M2M communication end user applications, which adds to the growth of Low power wide area network market in this region.
For the purpose of this report, the market has been segmented on the basis of transaction mode, payment nature, payment location, purchase type, Industry vertical industry vertical and regional analysis.
- Technology Service Outlook (Revenue, USD Million; 2018–2028)
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- Managed Services
- Professional Services
- Network Deployment Outlook (Revenue, USD Million; 2018–2028)
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- Public Sector
- Private Sector
- End user application Outlook (Revenue, USD Million; 2018–2028)
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- Smart waste management
- Smart buildings
- Smart Gas and Water Metering
- Smart Streetlights
- Smart Parking
- Livestock Monitoring
- Others
- Industry vertical Outlook (Revenue, USD; 2018-2026)
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- Agriculture
- Smart Logistic and Transportation
- Healthcare
- Industrial Manufacturing
- Oil and Gas
- Consumer Electronics
- Others
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- Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- Europe
- Asia Pacific
- RoW
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The post Low Power Wide Area Network Market is Expected to Reach USD 59.42 Billion By 2028 appeared first on Market O Graphics.
