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Low Power Wide Area Network Market to reach $582 Billion, Globally, by 2032 at 53.4% CAGR: Allied Market Research
Factors such as the increase in demand for smart city initiatives and real-time monitoring primarily drive the growth of the low power wide area network market. However, security concerns with limited bandwidth hamper the market growth. Moreover, isurge in demand for smart agriculture is expected to provide lucrative opportunities for the market growth during the forecast period.
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By technology, the LoRaWAN segment held the major share in 2022, garnering more than two-fifths of the global low power wide area network market revenue, owing to the growing need for low-cost, low-power connectivity solutions, which LoRaWAN technology offers, as IoT devices and applications are used more widely. However, the NB-IoT segment is expected to showcase the fastest CAGR of 56.5% during the forecast period, owing to the advent of smart cities, smart homes, and smart transportation. NB-IoT technology fills this demand by allowing objects to connect to the internet using current cellular networks.
By application, the smart building segment contributed to the highest share in 2022, accounting for around one-third of the global low power wide area network market revenue, owing to the rise in the demand for control systems and sensor-based devices in smart buildings. On the other hand, the smart waste management segment would also showcase the fastest CAGR of 57.7% throughout the forecast period, owing to the increase in need for new solutions for better waste management.
By end user, the industrial manufacturing segment accounted for nearly one-fourth of the global low power wide area network market share in 2022, and is expected to rule the roost by 2032, owing to the demand for low power WAN solutions in industrial manufacturing for various advantages. The healthcare segment, however, would display the fastest CAGR of 58.6% throughout the forecast period, owing to technological advancements on the internet of things (IoT), cloud computing, and wireless body area networks (WBAN).
By region, North America garnered the highest share in 2022, holding more than one-third of the global low power wide area network market revenue in 2022, and is projected to retain its dominance by 2032, due to the rise in demand for mobile and wearable devices. Also, people in North American nations such as the U.S. and Canada are investing a bigger percentage of their earnings on smartphones and network infrastructure. The Asia-Pacific region would also portray the fastest CAGR of 57.4% during the forecast period, owing to factors such as urbanization, industrialization, the rise in need for automation, and digitalization.
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Leading Market Players
The report analyzes these key players in the global low power wide area network market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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