These are two different cellular technologies that run on the cellular network. They’re both designed to be used for low-powered devices that have relatively low bandwidth requirements. So, in a way, they are competing standards, but in most places today you will find support for either or both. And they do have some slight differences in their capability that might make you lean one way or the other, but if you were going to build a cellular-based IoT device that didn’t need high bandwidth, then one of those two technologies would probably be the way to go.
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