Low Power WAN Market Global Size, Share, Emerging Trends, Business Growth, Gross Margin Analysis, Competitive Landscape, Segmentation and Regional Forecast 2023 | COVID-19 Impact
Low power wide-area networks (LP-WAN) are networks which offer long range communication at low bandwidth rates. Integration of the network in wearable devices, home appliances, manufacturing equipment, and street lights owing to penetration of internet of things (IoT) and machine-to-machine (M2M) can provide new opportunities for the market. The global LP-WAN market report by Market Research Future (MRFR) asserts the various drivers and challenges which play a notable role in shaping the market size and growth trajectory for the period of 2017 to 2023 (forecast period). The COVID-19 pandemic and its impact on the market is noted in the report.
The global low power wide area network market is expected to grow at a stupendous CAGR of 72% during the forecast period. The need for long range connectivity between devices and the rise of remote work and bring-your-own-devices are main drivers of the market. Applications in machine-to-machine (M2M) and investments by players for development of low power consuming devices can fare well for the market.
Development of LP WAN for industry giants for connecting enterprise, municipal, and commercial applications and funding by investment firms are projected to bolster market demand till 2023. The huge demand from utility and energy sectors for scaling wireless networks can be a lucrative opportunity to the low-power wide area network market.
The global low power wide area network (WAN) market share is segmented by connectivity technology, service, network deployment, application and vertical. Based on the connectivity technology, the market is segmented into SIGFOX, LoRaWAN, Weightless and others.
Based on the service, the market is segmented into professional services and managed services. The services segment is expected to witness significant growth during the forecast period. It is further classified into professional services and managed services. The latter is expected to grow at the highest rate during the forecast period. Managed services help the companies in developing strategies in order to manage the technology at a lower cost.
Based on the network deployment, the market is divided into public sector and private sector.
Based on the application, the market is segmented into smart buildings, smart gas and water metering, smart streetlights, smart parking, smart waste management, livestock monitoring, and others. The smart gas and water metering application is deemed to dominate the market demand over the forecast period due to launch of broadband protocols and standards.
By vertical, the market is segmented into smart logistics and transportation, oil and gas, healthcare, agriculture, industrial manufacturing, consumer electronics, and others.
The global low power wide area network market is studied in Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW). It has been observed that Europe is estimated to account for the largest share of the market, whereas APAC is projected to grow at the fastest rate during the forecast period. The growth of the market in Europe is attributed to technological advancements and increased adoption of connected devices across various industry verticals. Preference of cloud platforms for lowering overhead costs and a dip in spending of equipment and personnel can drive regional market growth.
NWave Technologies, Cisco Systems, Link Labs Inc., Weightless SIG, Vodafone Group Plc., Actility, Huawei Technologies Co. Ltd., AT&T Inc., Semtech Corporation, Telefonica SA, WAVIoT, Ingenu, SIGFOX, Qualcomm Inc., LORIOT, and Senet, Inc. are key players of the global low power WAN market. Recently, Senet received funding from Fisk Ventures, an investment firm, for developing devices which can transfer data over LP networks with ease.
Also Read: http://www.marketwatch.com/story/business-process-outsourcing-bpo-services-market-size-share-demand-analysis-current-trends-sales-revenue-future-prospects-key-players-and-covid-19-analysis-2021-02-11