As per the report titled ‘Low Power Wide Area Network (LPWAN) Market Size By Component (Platform [Narrowband IoT {NB-IoT}, Long Term Evolution for Machines {LTE-M}, LoRaWAN, Sigfox, Weightless], Services [Professional Service, Managed Service]), By Deployment Model (On-premise, Cloud), By Application (Smart Gas and Water Metering, Asset tracking, Smart Buildings, Smart Parking, Precision Agriculture, Smart Waste Management, Livestock Monitoring), By End Use (Healthcare, Agriculture, Logistics and Transportation, Manufacturing, Utilities, Consumer Electronics, Government and Public Sector), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, Sweden, Australia & New Zealand (ANZ), China, India, Japan, South Korea, Southeast Asia, Brazil, Mexico, Argentina, Colombia, Chile, Israel, UAE, Saudi Arabia, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019-2025’, available with Market Study Report, global low power wide area network (LPWAN) market is projected to exceed USD 65 billion by the year 2025.
 

Rising preference for unlicensed and licensed low power wider area technologies to improve network coverage, extend devices’ battery life, and lower the costs is driving the growth of low power wider area network (LPWAN) market. Increasing adoption of IoT for applications such as smart water meters, smart transportation, and precision agricultures is augmenting the demand for reliable connectivity solutions that can connect multiple and remote devices cost-efficiently. This factor coupled with favorable government initiatives towards the development of smart cities will impel the market growth over the forecast timeline.
 

Increasing investments in 5G technology along with its implementation across the globe will present new opportunities for growth in the coming years. Incorporation of mobile IoT technologies such as NB-IoT and LTE-M due to their cost-effective wide area coverage, along with the deployment of licensed cellular LPWAN by major players like Airtel and Vodafone will further expand the business landscape.
 

Based on the component, narrowband IoT (NB-IoT) segment is expected grow with 90% CAGR during the forecast period, owing to rising popularity of IoT network ecosystems. NB-IoT component fulfills the requirement of small data transfer for IoT devices and enhances power consumption.
 

Elaborating the service spectrum, professional services segment of low power wide area network market is anticipated to hold 64% share by the end of 2025. The growth can be credited to various technical and advisory services offered by the vendors to meet the needs of evolving business space. Technical assistance and network planning through consulting and support solutions are encouraging use of these services for an easy deployment of LoRa networks.
 

Moving to the deployment model, cloud segment is presumed to expand with a CAGR of 68% during the study phase, owing to growing consumer inclination towards cloud platform due to short deployment time. Easy manageability of cloud-enabled LPWAN servers & gateways is favoring segmental share.
 

Speaking of the application scope, LPWAN market share from smart parking application is anticipated to exhibit a growth rate of 68% during 2019-2025. Increasing demand for NB-IoT technology owing to its extensive coverage to support communication between numerous sensors installed in parking bays is supporting the segment growth. Assured parking space and minimal waiting time will bolster the demand for LPWA networks for smart parking.
 

By end-use terrain, utilities segment is expected to account for 17% market share in 2025. Surging preference for smart meter connectivity, remote monitoring, and predictive maintenance, especially in power and oil & gas companies, are enhancing the deployment of LPWAN technologies. High performance and enhanced operational efficiencies are the key benefits driving the product demand across utility sector.
 

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As per the regional analysis, LPWAN market in Asia Pacific is estimated to record a growth rate of 68% during the estimated timeframe. Growing adoption of IoT solutions across various industry verticals such as manufacturing, agriculture, logistics, and utilities is driving the regional market growth. The government India and China have introduced initiatives such as ‘Make in India’ & ‘Made in China 2025’ to encourage the adoption of IoT across manufacturing industries, hence supplementing the growth of APAC LPWAN market in the forthcoming years.
 

Prominent players of low power wide area network market are Actility, Kerlink, Ingenu Inc., LORIOT.IO, Sigfox, Semtech Corporation, AT&T Inc., Huawei Technologies Co., Ltd, Cisco Systems, Inc., Qualcomm Technologies, Inc., Vodafone Group Plc, and Verizon Communications Inc.