A new study from Juniper Research found that service revenues from low power IoT technologies will exceed $2.6 billion by 2024; rising from only $290 million in 2019, a growth of 800% over the next 5 years.
Low power IoT technologies include low-priced wireless connections that deliver low bandwidth and power saving features suited to asset monitoring.
Cellular Low Power IoT Technologies to Grow 3,400% over Next 5 Years
The new research, Low Power IoT: Impact Analysis, Vertical Assessment & Forecasts 2019-2024, found that the number of cellular low power IoT connections will reach 156 million by 2024; growing from 4 million in 2019. It argues that decreasing costs of these connections, including LTE-M and NB-IoT, will attract new IoT network users who require low cost solutions.
However, the research found that networks using an unlicensed spectrum, such as Sigfox and LoRa, will provide stern competition to cellular low power IoT technologies. The low investment cost of unlicensed spectrum networks, enabled by cost-effective network devices, will drive adoption to exceed 160 million connections by 2024. In response, it urged low power IoT service providers to offer existing cellular technologies, such as 4G and 5G, in tandem with low power IoT alternatives to maximise the capabilities of IoT networks.
Smart Cities Sector to Reach 50 million Low Power IoT Connections by 2024
The research identified smart cities as a sector primed for disruption by low power IoT technologies. It highlighted use cases such as smart traffic monitoring, smart parking and connected refuse collections, as those which will benefit from low cost wireless connectivity.
“The concept of a smart city has been hindered by the substantial investment required and lack of clarity on securing a return on this investment”, remarked research author Sam Barker.
“These low cost IoT technologies enable stakeholders to secure this return on investment earlier and take full advantage of the smart city proposition”.