Introduction of Industry 4.0 Technologies Fuel the Growth of IoT Smart Technology Frameworks Which in Turn Drives the Growth of LPWAN Market.
Hyderabad, INDIA - July 22, 2021 /MarketersMedia/ —
The Global Low Power Wide Area Network Market is forecast to reach $2.5 billion by 2026, growing at a CAGR of 12.7% from 2021 to 2026. 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.
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 2021-2026. 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.
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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.
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.
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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
In February 2019, Haxiot, the industry leader in LoRaWANTM-based end-to - end IoT solutions , announced the release of its new edge computing solution that enables seamless integration with industrial gateway vendors such as Technologic Systems to provide connectivity, device management, wireless Low Power Wide Area ( LPWA) data transformation.
In February 2019, XTERCONNECT announced today the launch of a new range of professional LoRaWANTM gateways. The flagship models GTW410-L and GTW410-L4G are advanced professional indoor gateways engineered to meet the growing needs of the LPWAN market.
Key Takeaways
Low Power Wide Area Network (LPWAN) is quickly evolving as a game-changer in IOT applications, particularly for NB-IOT assessing most of the cellular network's limitations (e.g., high power, coverage gaps). LPWAN has specific features that render it especially appealing for the rising number of implementations around numerous industries, including infrastructure, logistics and transport, agriculture and smart cities.
North America region dominated the global Low Power Wide Area Network market in 2020 owing to the presence of advanced technologies, large number of manufacturers and the increasing demands for better connectivity network.
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Source URL: https://marketersmedia.com/low-power-wide-area-network-market-forecast-to-reach-25-billion-by-2026/89038013
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Release ID: 89038013
