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LoRa and LoRaWAN IoT Market
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LoRa and LoRaWAN IoT Market , By Product (Hardware, Platforms, Services), Application (Asset Tracking, Industrial IoT, Smart Buildings, Smart Healthcare, Other Applications), End User and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits - Forecast 2024-2032
Industry : Information Technology | Pages : 188 Pages | Published On : Apr 2024
Market Overview
LoRa (Long Range) technology and its networking protocol, LoRaWAN (Low Power Wide Area Network), enable long-range, low-power communication for Internet of Things (IoT) devices. This facilitates efficient and cost-effective connectivity, making it ideal for various industries and applications. The LoRa and LoRaWAN IoT market has witnessed significant growth in recent years, driven by the increasing adoption of IoT solutions across various industries. LoRa technology, known for its long-range communication capabilities and low power consumption, has become a preferred choice for IoT deployments.
As demand for efficient and scalable IoT connectivity solutions rises, the LoRa and LoRaWAN market is poised for expansion. Industries such as smart agriculture, smart cities, industrial automation, and logistics leverage LoRaWAN's ability to connect a multitude of devices over extended distances while conserving energy. Key factors contributing to the market's growth include the rising demand for long-range, low-power communication, the proliferation of smart devices, and the need for cost-effective and scalable IoT connectivity solutions. The deployment of LoRaWAN networks enables seamless connectivity for a wide range of applications, fostering the development of innovative IoT solutions.
LoRa and LoRaWAN IoT Market Size
![Graph](https://www.marketdigits.com/assets/images/graph1.png)
Report | Details |
---|---|
Market Size Value | USD 5.6 billion by 2024 |
Market Size Value | USD 39.0 billion by 2032 |
CAGR | 32.00% |
Forecast Period | 2024-2032 |
Base Year | 2023 |
Historic Data | 2020 |
Segments Covered | Product, Application, End-user and Region |
Geographics Covered | North America, Europe, Asia Pacific, and RoW |
Major vendors in the global LoRa and LoRaWAN IoT Market: Cisco, NEC Corporation, Tata Communications, Semtech, Orange SA, Advantech, Comcast, AWS, Bosch, Murata, Laird Connectivity, Kerlink, Senet, Actility, Sensoterra, DIGI International, Nwave Technologies, RAKwireless, thethings.io, Datacake, MultiTech, Milesight, LORAIOT, Exosite, OrbiWise and Others.
Rising demand for low-power, long-range wide area network connectivity
The escalating demand for low-power, long-range wide area network (LoRaWAN) connectivity stands out as a pivotal driver propelling the growth of the LoRa and LoRaWAN IoT market. In an era where the Internet of Things (IoT) has become ubiquitous, the need for efficient and reliable connectivity solutions has intensified, especially in applications requiring extended reach and minimal energy consumption. The driver is rooted in the distinctive capabilities of LoRa technology, which excels in providing extensive communication range while operating on low power. This combination is particularly advantageous for IoT devices deployed in remote or inaccessible locations, such as agricultural fields, industrial facilities, or urban infrastructure. The rising adoption of smart agriculture, industrial automation, and smart city initiatives underscores the importance of LoRaWAN's ability to establish connectivity over large distances without compromising energy efficiency.
Market Dynamics
Drivers:
- Rising demand for low-power, long-range wide area network connectivity
- The low infrastructure costs associated with LoRaWAN networks
Opportunities:
- Increase in smart city initiatives worldwide
- The expansion of Industry 4.0
Collaborations between LoRaWAN and emerging 5G networks
Collaborations between LoRaWAN and emerging 5G networks present a significant opportunity for the LoRa and LoRaWAN IoT market, combining the strengths of both technologies to create a powerful and versatile ecosystem for connectivity. The synergy between LoRaWAN's long-range, low-power capabilities and 5G's high-speed, low-latency communication opens doors to a wide range of applications across industries. In this collaboration, LoRaWAN can serve as a complement to 5G, providing a cost-effective and energy-efficient solution for connecting a massive number of low-power IoT devices. This is particularly beneficial in scenarios where widespread, decentralized sensor networks are required, such as in smart agriculture, environmental monitoring, and industrial IoT. The integration of LoRaWAN with 5G enables a hybrid approach, combining the coverage and efficiency of LoRaWAN with the high-speed, low-latency capabilities of 5G for more data-intensive applications.
The market for LoRa and LoRaWAN IoT is dominated by North America.
North America is poised to maintain its dominance in the LoRa and LoRaWAN IoT market, holding the largest market size throughout the forecast period. The region's leadership is attributed to a confluence of factors that position it as a key hub for IoT innovation and adoption. The United States and Canada, in particular, play instrumental roles in steering this market dominance. In the United States, robust technological infrastructure, a mature IoT ecosystem, and widespread adoption of smart city initiatives contribute to the region's prominence. Major cities across the U.S. leverage LoRaWAN technology to enhance connectivity for applications ranging from smart utilities to intelligent transportation systems. The country's commitment to advancing Industry 4.0 and the Industrial Internet of Things (IIoT) further fuels the demand for LoRa-based solutions in manufacturing and logistics. Canada, with its growing emphasis on IoT for sustainable development and smart infrastructure, also significantly contributes to North America's dominance. The expansive geography of both countries necessitates long-range communication solutions, making LoRaWAN's capabilities particularly appealing.
The Manufacturing Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based on End-user the LoRa and LoRaWAN IoT market is segmented into retail, manufacturing, transportation & logistics, agriculture, healthcare, energy & utilities, government & public safety, enterprise, residential, travel & hospitality, and other end users. The manufacturing industry stands out as a dominating segment in the LoRa and LoRaWAN IoT market, showcasing a robust adoption of these technologies to revolutionize operational processes. LoRaWAN's long-range and low-power capabilities are particularly well-suited to address the connectivity needs of the manufacturing sector, offering a scalable and cost-effective solution for deploying a multitude of IoT devices within industrial environments. In manufacturing, the integration of LoRa and LoRaWAN facilitates real-time monitoring and control of machinery, predictive maintenance, and efficient asset tracking. These technologies enable the creation of a connected ecosystem where sensors and devices communicate seamlessly, providing valuable data insights that enhance overall efficiency and productivity. From optimizing supply chain logistics to improving equipment performance, LoRaWAN's capabilities play a pivotal role in driving operational excellence.
Segmentations Analysis of LoRa and LoRaWAN IoT Market: -
- By Product:
- Hardware
- Platforms
- Services
- By Application:
- Asset Tracking
- Industrial IoT
- Smart Cities
- Smart Agriculture and Livestock Management
- Smart Buildings
- Smart Healthcare
- Other Applications
- By End User:
- Retail
- Manufacturing
- Transportation & Logistics
- Agriculture
- Healthcare
- Energy & Utilities
- Government & Public Safety
- Enterprise
- Residential
- Travel & Hospitality
- Other End Users
- By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Peru
- Rest of Latin America
- Europe
- Germany
- France
- Italy
- Spain
- U.K.
- BENELUX
- CIS & Russia
- Nordics
- Austria
- Poland
- Rest of Europe
- Asia Pacific
- North America
-
- China
- Japan
- South Korea
- India
- Thailand
- Indonesia
- Malaysia
- Vietnam
- Australia & New Zealand
- Rest of Asia Pacific
-
- Middle East & Africa
-
- Saudi Arabia
- UAE
- South Africa
- Nigeria
- Egypt
- Israel
- Turkey
- Rest of MEA
Recent Developments
- In April 2023, Public network support for Internet of Things (IoT) systems based on the LoRaWAN standard was released by AWS IoT Core for LoRaWAN (in preview). With the help of Everynet's publicly accessible LoRaWAN networks—a renowned LoRaWAN network operator known for its carrier-grade networks—this update enables users to easily connect their IoT devices to the cloud. Customers may easily register their devices with the cloud and choose public network support using the AWS IoT console by using AWS IoT Core for LoRaWAN. They can start getting data from their registered LoRaWAN devices in their AWS accounts in a couple of minutes.
- In January 2023, Sierra Wireless and Orange entered a partnership to provide enhanced connectivity to its users and bolster Smart Connectivity services.
Answers to Following Key Questions:
- What will be the LoRa and LoRaWAN IoT Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers in the LoRa and LoRaWAN IoT Market?
- What are the main forces behind worldwide LoRa and LoRaWAN IoT Market? Which companies dominate LoRa and LoRaWAN IoT Market?
- Which companies dominate LoRa and LoRaWAN IoT Market? Which business possibilities, dangers, and tactics did they embrace in the market?
- What are the global LoRa and LoRaWAN IoT industry's suppliers' opportunities and dangers in LoRa and LoRaWAN IoT Market?
- What is the LoRa and LoRaWAN IoT industry's regional sales, income, and pricing analysis? In the LoRa and LoRaWAN IoT Market, who are the distributors, traders, and resellers?
- What are the main geographic areas for various trades that are anticipated to have astounding expansion over the LoRa and LoRaWAN IoT Market?
- What are the main geographical areas for various industries that are anticipated to observe astounding expansion for LoRa and LoRaWAN IoT Market?
- What are the dominant revenue-generating regions for LoRa and LoRaWAN IoT Market, as well as regional growth trends?
- By the end of the forecast period, what will the market size and growth rate be?
- What are the main LoRa and LoRaWAN IoT Market trends that are influencing the market's expansion?
- Which key product categories dominate LoRa and LoRaWAN IoT Market? What is LoRa and LoRaWAN IoT Market’s main applications?
- In the coming years, which LoRa and LoRaWAN IoT Market technology will dominate the market?
Reason to purchase this LoRa and LoRaWAN IoT Market Report:
- Determine prospective investment areas based on a detailed trend analysis of the global LoRa and LoRaWAN IoT Market over the next years.
- Gain an in-depth understanding of the underlying factors driving demand for different LoRa and LoRaWAN IoT Market segments in the top spending countries across the world and identify the opportunities each offers.
- Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
- Identify the major channels that are driving the global LoRa and LoRaWAN IoT Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
- Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global LoRa and LoRaWAN IoT Market.
- Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top LoRa and LoRaWAN IoT Market providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.
TOC
Table and Figures
Methodology:
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This methodology is built upon the integration of all seven research methodologies developed by MarketDigits, a renowned global research and consulting firm. By leveraging the collective strength of these methodologies, we are able to deliver a 360° view of the challenges, trends, and issues impacting your industry.
The first step of our 360° Research Methodology™ involves conducting extensive primary research, which involves gathering first-hand information through interviews, surveys, and interactions with industry experts, key stakeholders, and market participants. This approach enables us to gather valuable insights and perspectives directly from the source.
Secondary research is another crucial component of our methodology. It involves a deep dive into various data sources, including industry reports, market databases, scholarly articles, and regulatory documents. This helps us gather a wide range of information, validate findings, and provide a comprehensive understanding of the industry landscape.
Furthermore, our methodology incorporates technology-based research techniques, such as data mining, text analytics, and predictive modelling, to uncover hidden patterns, correlations, and trends within the data. This data-driven approach enhances the accuracy and reliability of our analysis, enabling us to make informed and actionable recommendations.
In addition, our analysts bring their industry expertise and domain knowledge to bear on the research process. Their deep understanding of market dynamics, emerging trends, and future prospects allows for insightful interpretation of the data and identification of strategic opportunities.
To ensure the highest level of quality and reliability, our research process undergoes rigorous validation and verification. This includes cross-referencing and triangulation of data from multiple sources, as well as peer reviews and expert consultations.
The result of our 360° Research Methodology is a comprehensive and robust research report that empowers you to make well-informed business decisions. It provides a panoramic view of the industry landscape, helping you navigate challenges, seize opportunities, and stay ahead of the competition.
In summary, our 360° Research Methodology is designed to provide you with a deep understanding of your industry by integrating various research techniques, industry expertise, and data-driven analysis. It ensures that every business decision you make is based on a well-triangulated and comprehensive research experience.
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