Semtech To Boost Presence In Smart City Space WithSeoul Deal
Zacks Investment Research | Dec 22, 2019 09:39PM ET
Semtech Corporation (NASDAQ:SMTC) is leaving no stone unturned to bolster footprint in the booming IoT space on the back of robust Low power, high Range (LoRa) devices and the LoRaWAN protocol.
This is evident from its latest move of joining forces with the Seoul Metropolitan Government. Per the deal, the company’s LoRa technology will be leveraged to enhance Seol’s citywide network for Internet of Things (IoT) applications.
This deal is part of a larger plan by the Seol government to increase connectivity offerings and create hyper-connected cities by 2022. It also plans to create a municipal Wi-Fi network that will be accessible to everyone from anywhere within the city’s limits.
To make this plan effective, the government of Seol plans to deploy up to 1,000 LoRaWAN-based gateways by 2022. We note that LoRa aids in seamless deployment of IoT devices.
Consequently, the move is likely to boost the adoption rate of the company’s LoRa technology, which in turn will drive the top line.
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