Low Power WAN Market to Show Incredible Growth at a CAGR of 53.4%, Expected to Reach $582 Billion by 2032

According to a new report published by Allied Market Research, titled, "Low Power Wide Area Network Market, by Technology, by Application, by End User : Global Opportunity Analysis and Industry Forecast, 2023-2032".

The low power wide area network market was valued at $8.2 billion in 2022, and is estimated to reach $582 billion by 2032, growing at a CAGR of 53.4% from 2023 to 2032.

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Low-power wide-area network (LPWAN) refers to a specific type of network that enables low bit-rate, long-distance communication. It is a wireless technology that connects low-power devices over considerable distances at slow data speeds. Devices that need a lot of battery life and can send data over large distances are expected to benefit from low-cost, low-power, and wide-area connection provided by LPWANs. In addition, decline in LPWAN technology costs is anticipated to drive the market for low power wide area network growth. A specific type of network that guarantees long-distance connectivity at a low bit rate is known as a low-power wide-area network (LPWAN).

LPWAN outperforms the available technology for building global IoT networks. The rise in need for long-distance connectivity between devices and the expansion of IoT/M2M application usage are the main factors anticipated to propel the growth of the low power wide area network market during the forecast period. The market for low power wide area networks is also expected to develop as a result of decline in power usage. In addition, decline in LPWAN technology costs is predicted to restrain the market for low power wide area networks. The market for low power wide area networks, on the other hand, is anticipated to develop slowly during the forecast period due to increase in data traffic.

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Competitive Analysis:
The competitive environment of Low Power WAN Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Low Power WAN Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
Semtech Corporation
Loriot Ag
Nwave
Sigfox
Waviot
Actility
Ingenu Inc.
Link Labs
Senet
ATandT Intellectual Property and Many More

By region, North America is anticipated to account for the largest share of the low power WAN market growth during the forecast period, owing to presence of a substantial industrial base in the U.S., government initiatives to promote innovation, and large purchasing power. The growth is primarily concentrated in the U.S. Companies owing to rise in demand for mobile and wearable devices and growing need for IoT devices in North America is one of the main potentials for LPWAN. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period, owing to factors such as urbanization, industrialization, rise in need for automation and digitalization. IoT applications in industries including smart cities, agriculture, logistics, and healthcare are perfect for LPWAN technology.

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The pandemic led to reduced demand for LPWAN solutions in some industries such as retail, hospitality, and transportation, which have been severely impacted by lockdowns and travel restrictions, thus resulting in lower revenue and profitability for LPWAN vendors. The pandemic disrupted the global supply chain, causing delays and shortages in the delivery of components and equipment needed for LPWAN solutions.

This resulted in higher costs and lower productivity for LPWAN vendors. COVID-19 caused economic uncertainties, which affected the investment decisions of customers and investors in low power wide area network market analysis, which resulted in lower investment and slower growth for LPWAN vendors. Furthermore, the pandemic led to a shift in customer priorities, with a greater focus on cost-effectiveness, sustainability, and contactless solutions. LPWAN vendors need to adapt to these changing priorities to remain competitive and relevant in the market.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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