Richmond, Dec. 20, 2023 (GLOBE NEWSWIRE) -- According to a research report "LoRa and LoRaWAN IoT Market”, by Product (Hardware, Platforms, Services), Application (Asset Tracking, Industrial IoT, Smart Cities, Smart Agriculture and Livestock Management, Smart Buildings, Smart Healthcare, Other Applications), End User (Retail, Manufacturing, Transportation & Logistics, Agriculture, Healthcare, Energy & Utilities, Government & Public Safety, Enterprise, Residential, Travel & Hospitality, Other End Users), and Region - Global Forecast to 2030".
Global LoRa and LoRaWAN IoT Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 5.5 Billion |
| Market size value in 2030 | USD 46.4 Billion |
| CAGR (2023-2030) | 35.6% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Product, Application, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on LoRa and LoRaWAN IoT Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
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.
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
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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.
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