The Low Power Wide Area Network (LPWAN) market is predicted to grow at a 12.6 per cent CAGR by 2026, according to Low Power Wide Area Network Market by Connectivity Technology, Deployment Model, Application and Geography – Global Forecast up to 2026 report.
LPWAN, a wireless wide area network technology mainly for connecting devices with low-bandwidth connectivity, aiming for efficiency of range and power, is swiftly emerging as a game-changer in IoT applications, evaluating most of the cellular network’s limitations, for instance, high power coverage gaps.
LPWAN has particular characteristics which render it incredibly captivating for the increasing number of implementations among various industries, such as logistics and transport, infrastructure, agriculture, and smart cities.
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The increased demand for low power wide area network technology is ascribed to the features such as less power consumption and safe data transmission. Additionally, with the evolution of cloud-based technologies, the demand for financial analytics systems has increased. Cloud-driven technologies favour stable data management and generate result-oriented production.
However, these programs enhance the business’s efficiency by improving real-time details, which has majorly accelerated the market growth. A critical factor that is likely to hamper the low power wide area network market growth is the issue associated with privacy and security.
On the basis of connectivity technology, the NB-IoT or narrowband internet of things technology segment is expected to hold a major market share. The IoT network’s rising ecosystem will generate demand for networks that will offer access to IoT devices that require low latency and low data transmission speeds, such as smart water meters. Moreover, NB-IoT technology increases the power efficiency of these instruments and meets the challenging specifications for coverage.
The cloud deployment model has the greatest share in the market as per the deployment mode since most customers deploy cloud services to integrate the internet of things quickly. Enterprises can majorly diminish the deployment timeline when following the cloud deployment model and managing the cloud-based LPWAN servers and gateways with ease.
As in the application market, the smart gas and water metering segment has witnessed the market’s highest growth rate. The gas meters transfer readings to the gateway with the help of a low power wide area network and depicts the output in a cloud web-based interface. Vendors operating in this market provide several wireless network options to allow IoT connectivity for smart gas & water meters.
According to the regional market for low power wide area networks, the North America region held a substantial market share. This region’s market driving factors are the high adoption of advanced technologies, rising demand for energy-efficient devices, and increasing high-speed communication requirements in this region.
Furthermore, the increasing implementation of the IoT in various applications worldwide is majorly driving the global market. Since the IoT assists in products and services being more personalized, the products and services can be much more based on consumers’ desires and expectations. IoT helps businesses gather huge volumes of consumer information in real-time, allowing a more personal perspective of the client.
