Thursday, 05 September 2019 00:24

Low-power IoT service revenues climbing to US$2.6b by 2024

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Service revenues from low-power IoT technologies will exceed US$2.6 billion by 2024, rising from only US$290 million in 2019, a growth of 800% over the next 5 years, according to a new report.

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 low investment cost of unlicensed spectrum networks, enabled by cost-effective network devices, will drive adoption to exceed 160 million connections by 2024 and, 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.

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.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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