Low Power Wide Area Network Market Size & Share 2023 to 2032
Market Size by Component (Platform [Narrowband IoT, Long Term Evolution for Machines, LoRaWAN, Sigfox, Weightless], Services [Professional Service, Managed Service]), Deployment Model, Application, End Use.
Report ID: GMI674
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Published Date: November 2022
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
LPWAN Market Size
LPWAN Market size surpassed USD 5 billion in 2022 and is anticipated to grow at around 50% CAGR from 2023 to 2032. The adoption of IoT and other embedded devices continues to surge, driving telecom operators to commercialize low power wide area (LPWA) networks.
The lack of uniformity in standards may thus limit their applicability in industrial sectors, where carrier-grade reliability is a prerequisite. Furthermore, service quality issues associated with unlicensed solutions may hinder industry expansion. Despite these challenges, the growing investment in R&D and commercialization of LTE-M and NB-IoT infrastructures will create lucrative growth opportunities for LPWAN providers.
LPWAN Market Analysis
The low power wide area network market from the platform component segment will register more than 50% growth rate through 2032. An increase in IoT connections across industry verticals, such as utilities, retail, transportation, manufacturing, and healthcare, will stimulate the deployment of LPWAN technologies. These platforms can support connected devices that require long-range, low power consumption, and less costs.
The cloud deployment model will exhibit about 55% gains up to 2032. The need for the simplification of IoT implementation to meet business needs is among the major drivers for cloud-based LPWAN demand. The adoption of LPWAN technologies in such devices further increases the complexity of managing multimodal LPWANs and designing IoT applications. Factors such as these thus support the advancement of cloud-based virtual LPWA networks to efficiently manage multimodal communications.
In terms of the application, the smart parking segment held over 10% of the LPWAN market share in 2022, owing to the efficient management of parking assets through LTE-M and NB-IoT technologies. NB-IoT technology, especially, is gaining momentum in this application as it can support long-battery life and provide wide area coverage.
The low power wide area network market from the agriculture end-use segment is set to depict nearly 55% growth through between 2023 and 2032, due to the increasing adoption of AI and IoT technologies for the efficient management of farming operations. Farmers have been applying these technologies in livestock monitoring, fish farming, vehicle tracking on farms, and fuel storage monitoring. In addition, the increasing reliance on smart agriculture practices and IoT installations will accelerate the use of LoRA and other LPWAN technologies in the agriculture sector.
The Europe LPWAN market size is set to cross USD 80 billion by 2032, given the rapid digital transformation and the popularity of smart manufacturing. Regional governments are also emphasizing the implementation of smart cities equipped with smart traffic control systems, parking systems, buildings, fire detection systems, and water metering. Since these projects are reliant on the use of IoT devices, the steady rise in smart city development efforts across Europe is likely to promote the adoption of LPWAN networks for their long-range and low-power capabilities.
Impact of COVID-19 Pandemic
The COVID-19 outbreak has asserted unprecedented impacts on global healthcare systems, public services, and the economy. However, IoT technology has brought new opportunities for establishing a new normal with use cases in remote device maintenance, COVID-19 testing, and other healthcare applications. Additionally, with the mounting consumption of connected devices to remotely monitor health progress, the deployment of LPWANs will rise to operate IoT networks at greater efficiency.
LPWAN Market Share
Some of the major players operating in the low power wide area network market is
These market participants are focusing on strategies including mergers and acquisitions to expand their presence in the industry.
This LPWAN market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
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Market, By Component
Market, By Deployment Model
Market, By Application
Market, By End-use
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
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Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →