The low-power wide area networks (LPWAN) market is expected to grow by $109.76 billion during 2021-2025, expanding at a CAGR of almost 58%, according to Technavio. The report throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect.
Low cost and power consumption of LPWAN technology to drive growth
LPWAN technology reduces power requirements, provides a longer range, and lowers operational costs compared to traditional mobile networks. LPWAN requires less bandwidth and can have more devices in a large coverage area than consumer mobile technologies.
In addition, the low-power wide area network technology is much cheaper compared to mobile network and is designed to penetrate the walls of buildings by enabling reliable indoor connectivity. These benefits have increased the use of LPWAN technology in industrial IoT, civic, and commercial applications.
All these factors are expected to significantly contribute to the growth of the global low-power wide area networks market during the forecast period.
Is there any relief during this pandemic?
The increased penetration of mobile-computing devices will have a positive impact on the market and contribute to its growth significantly over the forecast period.
This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Increased penetration of mobile-computing devices
The adoption of mobile computing devices such as smartphones, tablets, and other smart devices is increasing significantly across the globe. The rise in smartphone adoption has subsequently increased the number of mobile applications on leading platforms such as iOS and Android.
This has increased the dependency on the internet by organizations to cater to their growing business and personal needs. This is increasing the demand for improved connectivity, which, in turn, is expected to foster the growth of the LPWAN market during the forecast period.
“Increase in development of smart cities and rising adoption of IoT will further boost market growth during the forecast period”, says a senior analyst at Technavio.