LPWAN Market Size Predicted Tremendous Growth at CAGR of 60.3% During The Forecast Period 2018-2026

The global LPWAN Market 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. Technological advancements in terms of new material development which is coupled with an ever-increasing need for labor safety are some of the major factors driving the global LPWAN market.

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 of LoRa, 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.

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However, concerns regarding data security and limited packet size are the major restraint in the market during the forecast period.

Key Findings:
-Based on components, the LoRaWAN segment is expected to grow at a significant CAGR of around 48% during the forecast period
-Based on service, the professional service segment is anticipated to showcase a tremendous growth rate during the forecast period. This growth is attributed to the growing adoption of the internet of things in SMEs as well as large-scale industries.
-Based on the application, the smart buildings segment is anticipated to showcase a tremendous growth rate during the forecast period.
-Based on end-use industry, the consumer electronics segment came out as a leading sector for the global LPWAN market by accounting for more than 21% of the total market, in 2018
-On the basis of region, the North America region which is fuelled by growth in the oil & gas segment accounted largest market share globally by contributing more than 32% share in 2018

Recent News:
-In May 2019, France-based LPWAN provider Argon Consulting made an announcement regarding its collaboration with Guerlain to develop a new approach to accelerate supply flows which are based on Sigfox IoT technology and international 0G network.
*In May 2018, Invoxia (France) introduced an innovative wearable to track pets by using LPWAN technology. This device has been made in partnership with Wamiz, a community website.

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