Low Power Wide Area Network Market Size, Growth, Share, Merger, Competitive Analysis, Regional Outlook with Industry Forecast To 2023 | Corona-Virus Impact
The global low power wide area network market is projected to witness a rapid growth during the forecast period owing to increasing emergence of connected devices and increasing benefits of the internet of things. Moreover, increasing demand for low power wide area network across various industry verticals such as agriculture, smart logistics and transportation, healthcare, industrial manufacturing, oil and gas and consumer electronics is driving the growth of the global market.
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 market growth is segmented on the basis of the connectivity technology, service, network deployment, application and vertical. The network deployment segment is classified private sector and public sector. However, the private sector sub segment is expected to occupy a larger share of the market whereas, the public sector sub segment is expected to grow at a higher CAGR during the forecast period. This is owing to the increasing smart city initiatives and growing need to improve citywide services like parking, streetlights, water meters and many 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.
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