Low Power Wide Area Network Market Size Hit USD 59.42 Billion at a CAGR of 52.91% in 2028 | LORIOT (Switzerland), Semtech Corporation (California)
The major contributing factor for the growth of the market for low power wide area network can be the growth of IoT/M2M. The majority of the enterprises today use IoT/M2M services to automate and manage communications between multiple devices. Market Size – USD 1.99 Billion in 2020, Market Growth - CAGR of 52.91%, Market Trends – rise of advanced technologies, such as smart cities and smart buildings. The Low power wide area network market is expected to grow from USD 1.99 Billion in 2020 to USD 59.42 Billion by 2028, at a CAGR of 52.91% during the forecast period. Increasing usage long range connectivity between devices, increasing adoption of advanced technologies like, IoT and M2M, lesser power consumption, lesser technology cost, increasing demand for connectivity in various industries, rise of advanced technologies, such as smart cities and smart buildings, and emergence of smart and intelligent devices are some of the driving factors of the market. The issues faced by