Semtech Corporation (SMTC - Free Report) recently announced that the company’s Low power, high Range (LoRa) devices and wireless radio frequency technology will be put to use in Ineo-Sense’s Clover-Core series of sensor products for tracking assets in manufacturing sites.
LoRa Technology enables long-range connectivity of Internet of Things (IoT) devices and aids in connecting sensors to the cloud. Moreover, this technology helps in real-time communication of data and analytics to enhance efficiency and productivity.
Ineo-Sense is a developer of intelligent and autonomous sensors for Internet of Things (IoT) applications. With the aid of Semtech, Ineo-Sense intends to create asset tracking sensor products that will be used in Lauak Group’s assembly sites in France.
More on the Headlines
Per a deal between Ineo-Sense and Lauak Group, Ineo-Sense will provide LoRa-enabled asset tracking sensors that will be integrated into Lauak’s manufacturing containers.
These sensors will help track the containers that are constantly in transit throughout large manufacturing facilities, in turn reducing production lead time and enhancing efficiency.
In recent years, the asset tracking market has witnessed substantial economies of scale improvements due to inexpensive connectivity, and Machine-to-Machine (M2M) communications equipment and services.
Marc Pegulu, Vice President of IoT for Semtech’s Wireless and Sensing Products Group said, “According to industry research, the asset tracking market is expected to grow 27.1 billion by 2023 and LoRa is positioned to be the ideal platform for this industry.”
As Semtech’s LoRa technology has been selected by Ineo-Sense to create its sensor products for tracking assets, Semtech is sure to benefit from this growing asset tracking market in the near future.
IoT Market Growth Prospects
Internet of Things (IoT) devices have been gaining significant traction in recent times. These have been successful in making an impact across all end markets.
Per IOT Analytics, the number of active IoT devices is expected to grow from 7 billion in 2018 to 10 billion and 22 billion by 2020 and 2025, respectively, including devices on the consumer and enterprise side.
Presently, LoRaWAN networks are operating in more than 50 countries. The company expects the LoRaWAN open protocol to reach more countries in the near term. Industry experts expect four out of every 10 long-range IoT connections to be powered by LPWAN, with LoRaWAN being the dominant player.
Semtech is well poised to cater to the growing demand in this domain on the back of robust product portfolio and strong IoT capabilities.
Zacks Rank & Stocks to Consider
Currently, Semtech carries a Zacks Rank #5 (Strong Sell). Some better-ranked stocks in the broader technology sector include eBay (EBAY - Free Report) , Ctrip.com International, Ltd. (CTRP - Free Report) and ASOS plc (ASOMY - Free Report) , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Long-term earnings growth for eBay, Ctrip.com and ASOS is currently projected at 9.53%, 23% and 8%, respectively.
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