Market Research Future published a research report on “Low Power Wide Area Network (LPWAN) Market Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Low Power Wide Area Network Global Market – Overview
Low Power Wide Area Network (LPWAN) is a type of network and the prevailing technology choice for building IoT networks, worldwide, allowing long range communication at a low-bit rate. LPWAN offers a very compelling mix of long range, low power consumption and secure data transmission.
As a result, its market is growing pervasively. Moreover, some of the major factors such as the Increasing number IoT/M2M applications and rising need of long-range connectivity between devices are escalating the market on the global platform.
Recognizing the huge traction, the market perceives currently and gauging the potential of the market to grow in the future; Market Research Future (MRFR), in its recently published market study report asserts that the global Low Power Wide Area Network Market will reach approximately 75 BN USD, posting a magnificent CAGR of around 72% throughout the forecast period (2017 – 2023).
LPWAN technology finds its integration in a range of application areas such as the cars, manufacturing equipment, street lights, home appliances, and wearable devices. Additional factors fostering the growth of the LPWAN market include the increasing demand for low cost and low power consumption of LPWAN technology and growing demand for LPWAN services from various end users.
Moreover, the market proliferation of smart & connected devices alongside the penetration of smart wearable devices such as smart watches, smart bands, and smart glasses drives the market growth. Furthermore, the proliferation of IoT and IIoT across the industries alongside the rapid industrialization is impacting the market growth positively.
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Increasing market penetration of web-based applications and government funding towards secured and centrally connected network provide impetus to the market growth to an extent. Besides, the growing number of enterprises and the increasing uptake of cloud-based services by these enterprises support the market growth. Also, the growing connecting workforce solutions, augmenting uptake of BYOD policy in the rising number of organizations, and the increasing demand for high-speed data services substantiate the market growth.
Some of the prominent players in the global low power wide area network market are Semtech Corporation (U.S.), LORIOT (Switzerland), NWave Technologies (London), SIGFOX (France), WAVIoT (U.S.), Cisco Systems (U.S.), Actility (France), Weightless SIG (U.K), Senet, Inc. (U.S.), AT&T Inc. (Germany), Huawei Technologies Co. Ltd. (China), Ingenu (U.S.), Link Labs Inc. (U.S.), Qualcomm Inc. (U.S.), Telefonica SA (Spain) and Vodafone Group Plc. (U.K).
Global Low Power Wide Area Network Market – Segmentation
The report has been segmented into six key dynamics for the convenience;
Global Low Power Wide Area Network (LPWAN) Market – Regional Analysis
The European region dominates the global low power wide area network (LPWAN) market followed by North America and Asia Pacific region, respectively. Factors impacting the growth of the regional market include the technological advancements and proliferation of intelligent connected devices among others. Moreover, the presence of a well-established infrastructure fosters market growth, allowing faster implementation of advanced technologies.
North America is a hub for a large number of enterprises and early adopter of innovative technology, and hence, offers a favorable platform to the low power wide area network (LPWAN) to evolve significantly. The region perceives a higher growth in terms of advancements in technology, manufacturing processes operations, and industrial infrastructure. Resultantly, the market in this region is increasing rapidly. Also, factors such as the presence of major market players, rising mobile workforces, and a spurting demand for high-speed data services are some of the key driving forces behind the growth of the regional market.
The Asia Pacific region has become another lucrative market for LPWAN following the North American market closely. The market in the APAC is growing significantly due to the factors such as the increasing opportunities in the developing countries which are inclined toward automation, adopting increasingly cloud services.
Moreover, the market proliferation of mobile devices, wide adoption of cloud-based solutions among SME & large enterprises, and developments in the IT sector are some of the major factors fostering the growth of the regional market. Additionally, the increasing numbers of prominent players in this market drive the market growth continually innovating and presenting cost-effective secured low power LPWAN solutions.
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