The new study — Low Power IoT: Impact Analysis, Vertical Assessment & Forecasts 2019-2024 — undertaken by Juniper Research found that the number of cellular low power Internet of Things connections will reach 156 million by 2024, growing from 4 million in 2019.
And the report argues that decreasing costs of these connections, including LTE-M and NB-IoT, will attract new IoT network users who require low cost solutions.
Juniper says, 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 research identified smart cities as a sector primed for disruption by low power IoT technologies - highlighting 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,” said 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.”