LPWAN Market 2019: Tremendous Growth Predicted at CAGR of 60.3% During The Forecast Period
The globalÂ LPWAN MarketÂ was valued at USD 1.9 billion in 2018 and is expected to reach USD 71.6 billion in 2026, growing at a CAGR of 60.3% during the forecast period.
The globalLPWAN Marketwas valued at USD 1.9 billion in 2018 and is expected to reach USD 71.6 billion in 2026, growing at a CAGR of 60.3% during the forecast period.Technological advancements in terms ofnew material developmentwhich is coupled with ever increasing need forlabour safetyare some of the major factors driving the globalLPWANmarket.
LPWAN is a type of wireless telecommunication wide area network. It is essentially developed to offer long-range communications by using a low bit rate among connected devices. The global LPWAN market growth is primarily driven by the increasing adoption of low power wide area network technologies, which are inclusive ofLoRa, NB-IoT, and LTE-M. These network technologies offer a wide range of connectivity options to various businesses. Some of the key benefits offered by low power wide area networks are broad network coverage, better device battery life and compatibility with various devices. LPWAN networks are finding increasing applications among multiple industrial sectors owing to their integration with the internet of things use cases. The popular application domains include medical and healthcare, manufacturing, agriculture, logistics, and utilities among others.
However,concerns regarding data security and limited packet size are the major restraint in the market during the forecast period.
Based oncomponent, theLoRaWANsegmentis expected to grow at thesignificantCAGRof around48% during the forecast period
Based onservice,theprofessional servicesegmentis anticipated to showcase tremendous growth rate during forecast period. This growth is attributed togrowing adoption of internet of things in SMEs as well as large scale industries.
Based onapplication,thesmart buildingssegmentis anticipated to showcase tremendous growth rate during forecast period.
Based onend useindustry, theconsumer electronicssegment came out as aleadingsectorfor theglobalLPWANmarket by accounting more than21% of the total market, in 2018
On the basis of region,North Americaregion which is fuelled by growth inoil and gassegment,accounted largest market sharegloballybycontributingmore than32% share in 2018
InMay 2019, France based LPWAN providerArgon Consultingmade an announcement regardingits collaboration with Guerlainto develop a newapproach to acceleratesupply flowswhich isbased onSigfoxIoT technology and international 0G network.
InMay 2018,Invoxia(France) introduced an innovative wearable to track pets by using LPWAN technology. This device has been made in partnership withWamiz,a community website.
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