Omdia’s recent research has revealed that the Low Power Wide Area Network (LPWAN) IoT connections landscape is predominantly controlled by NB-IoT and LoRa, which together comprised 87% of total connections in 2023.
This trend is expected to persist, with these two technologies projected to account for 86% of all LPWAN connections by 2030. NB-IoT’s substantial growth is primarily driven by its popularity in China, while LoRaWAN leads in most other regions. Both technologies are well-suited for the mid-range IoT applications currently in demand, ensuring their continued dominance in the LPWAN market. LoRa is anticipated to remain the preferred choice for private IoT connections, whereas NB-IoT will grow through cost-effective implementations, with both technologies set for ongoing success through 2030.
Commenting on the growth of LPWAN connections, Shobhit Srivastava, Senior Principal Analyst at Omdia stated, “Although NB-IoT is the leading LPWAN technology, over 90% of its connections are in China. Outside China, LoRaWAN remains the leading LPWAN connectivity technology due to years of unchallenged growth and momentum. LoRaWAN, with its alliance-driven approach, boasts a mature ecosystem that allows customers to choose from a range of partners and application-specific experts. Its future success is assured by its differentiated offerings. Newer LPWAN technologies like Wi-SUN and Mioty are also growing, following the successful alliance model that LoRa initially championed to develop an ecosystem.”
While LoRaWAN and NB-IoT are fierce competitors in today’s market (and are expected to continue through the forecast period), there is ample room for both protocols to succeed. LoRaWAN is now focusing on high-growth areas, such as smart buildings, smart homes, and asset tracking.
Srivastava added: “NB-IoT will gain momentum in Europe after starting in 2023 as several service providers deploy satellite-based NB-IoT connectivity to address coverage gaps in remote areas. This, along with certain government regulations, will bolster NB-IoT growth in the region.
“By the end of 2023, China still accounted for nearly 90% of global NB-IoT connections. The Chinese government and the three national mobile operators continue to advocate for widespread NB-IoT adoption supported by Chinese chipset vendors. As Chinese vendors introduce affordable modules in Europe and South America, the technology will see further growth. NB-IoT use cases remain largely confined to stationary applications with the most popular being smart meters and utilities (water/gas/electricity) and connected spaces (smart cities).”
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