LoRa and LoRaWAN IOT Market Size & Share, by Offering (Hardware, Platform, Services); Application (Smart Cities, Industrial IoT, Smart Healthcare); End User (Retail, Manufacturing, Healthcare, Energy & Utilities, Residential) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5913
  • Published Date: Mar 22, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

LoRa and LoRaWAN IOT Market size is estimated to reach USD 48 Billion by the end of 2036, growing at a CAGR of 37% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of LoRa and LoRaWAN IOT was USD 7 Billion. LoRaWan technology is standardized across the world and accepted by people worldwide due to which hardware and network providers have grown and formed a strong ecosystem. According to a recent report published in 2022, Public LoRaWAN networks have shown a growth of 66% from the last three years.

LoRa and LoRaWAN IOT provide safe and secure communication which makes it best for businesses where data integrity and privacy are deprecatory concerns. Security is a basic requirement in various IoT applications.


LoRA and LoRaWan IOT Market
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LoRa and LoRaWAN IOT Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Demand for Low-Range and Low Power Consumption: Due to the rapid growth of IoT, the requirement for cost-effective and scalable solutions is growing, and there has been increasing demand for low-range and wide-area connectivity networks. Moreover, this growth in IoT networks is directed by efficient and definitive communication between devices and the cloud, majorly in agriculture, logistics, industrial automation, and smart cities. Various wireless technologies such as NB-IoT, LoRaWAN, and Sigfox have come out to meet this demand. After the introduction of these technologies, businesses have started investing in the Internet of Things sector.
  • Batteries Operated Devices for Energy Conservation: Most IoT devices are operated by batteries and are required to save power in order to ensure battery long life. Devices operated by batteries are considerably suitable for LoRaWAN as they consume very little power. This feature is very helpful in circumstances where the device must run for a long time continuously without changing of batteries again & again. LoRaWan needs long-range communication between a large number of devices that require very low power and that accumulate data in small amounts. According to a recent report, if we use LoRaWAN sensors in batteries then if the battery level goes down by 20% it will be indicated to us by sending a notification or by email.

Challenges

  • Problem to Operate Devices in Coordination: Various types of devices, platforms, and applications are available in the Internet of Things ecosystem which makes it difficult to arrange smooth communication among different LoRa and LoRaWAN devices and networks. This problem limits the expansion and adoption of LoRa and LoRaWAN technology.
  • Security is a crucial concern in IoT technologies. Large-scale IoT network businesses using LoRa and LoRaWAN may face problems with network security, and data privacy, and there are chances of cyberattacks or illegal access to data.

LoRa and LoRaWAN IOT Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~37%

Base Year Market Size (2023)

~ USD 7 Billion

Forecast Year Market Size (2036)

~ USD 48 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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LoRa and LoRaWAN IOT Segmentation

Offering (Hardware, Platform, Services)

The hardware segment in the LoRa and LoRaWAN IOT market is estimated to gain the largest revenue share of about 48% in the year 2036. The segment growth can be attributed to the components of hardware acting as the building blocks for constructing the infrastructure physically of LoRa and LoRaWAN networks. The components of this network include LoRa transceivers, sensors, gateways, and end devices which are important for ensuring low power and long-range communication between devices. The framework within which the entire IoT ecosystem is built is hardware.

Application (Smart Cities, Industrial IoT, Smart Healthcare)

The smart cities segment in the LoRa and LoRaWAN IOT market is estimated to gain a significant share of about 55% in the year 2036. Smart Cities segment comprises a wide range of IoT devices which includes environmental sensors, water quality motors, smart streetlights, and parking sensors. These different devices make urban operations sustainable and efficient. LoRa and LoRaWAN technology work as the backbone for communication by connecting IoT devices and sensors in huge numbers, these devices are installed in the whole city which progressively boosts the growth of the LoRa and LoRaWAN IOT market. According to a recent report published in 2021, around USD 20 trillion benefits will be generated after establishing smart cities by 2026.

Our in-depth analysis of the global LoRa and LoRaWAN IOT market includes the following segments:

          Offering

  • Hardware
  • Platform
  • Services

           Application

  • Smart Cities
  • Industrial IoT
  • Smart Healthcare

          End User

  • Retail
  • Manufacturing
  • Healthcare
  • Energy & Utilities
  • Residential

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LoRa and LoRaWAN IOT Industry - Regional Synopsis

North American Market Forecast

The North America LoRa and LoRaWAN IOT market is anticipated to hold the largest with a share of about 33% by the end of 2036. The market growth in the region is also expected on account of the technological advancements taking place in the region. North America has shown a rapid growth of IoT across the world, LoRa and LoRaWAN technology have gained a notable grip with a wide distribution of networks across different industries. LoRa and LoRaWAN are energy efficient and consume less power which helps the region to concentrate on green technologies. These technological advancements in the region have motivated technology providers to offer cost-effective and innovative solutions in the LoRa and LoRaWAN IoT markets. As per the recent report published in 2019 states that the USA LoRaWAN frequency spectrum has a total of 64 uplink channels that are available (125 kHz each) (channels 0-63) starting at 902.3 MHz which increases every 200 kHz up to 914.9 MHz.

European Market Analysis

Europe LoRa and LoRaWAN IOT market is estimated to be the second largest, registering a share of about 25% by the end of 2036. The market’s expansion can be attributed majorly to the substantial investments made in the IoT sector. This region has adopted IoT technology very early and invested in smart city initiatives, agriculture, and industrial automation. These investments resulted in the growth of LoRaWAN networks to support these applications. Moreover, regulatory frameworks that promote IoT technology and wireless communication were set up by different European countries as LoRa and LoRaWAN align well with the regulations. Various initiatives were launched by the European government such as funding for IoT projects to support the development and deployment of IoT technology.

Research Nester
LoRA and LoRaWan IOT Market size
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Companies Dominating the LoRa and LoRaWAN IOT Landscape

top-features-companies
    • Cisco Systems, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Semtech Corporation
    • Orange SA
    • Robert Bosch GmbH
    • Advantech Co., Ltd.
    • Ezurio
    • Senet
    • Kerlink
    • Exosite
    • Datacake GmbH

In-the-news

In The News

  • Orange a multinational corporation leading in telecommunications, has displayed secure, open and software focused connectivity at Mobile World Congress 2024 by expressing their ideas of multiple ecosystems mainly in the field of 5G and Artificial Intelligence. It has also elaborated the how they have used an open approach and prowess to connect the largest sports event happening in the world.
  • Senet, Inc., a dominant provider of cloud-based software and services platforms that allows global connectivity and demand for the Internet of Things (IoT). Healthcare sector has incorporated the methane detection equipment manufacturer, developer and service provider to the natural gas industry. They were working together to manufacture such products that can detect leakage pf natural gas, consulting services, and oversee LoRaWAN network services in order to provide various services to natural gas stakeholders in the United States.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5913
  • Published Date: Mar 22, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for low range and low power consumption and batteries operated devices for energy conservation are the major factors driving the growth of the LoRa and LoRaWAN IOT market.

The market size of LoRa and LoRaWAN IOT Market is anticipated to attain a CAGR of 37% over the forecast period, i.e., 2024-2036.

The major players in the market are Cisco Systems, Inc.Semtech Corporation, Orange SA, Robert Bosch GmbH, Advantech Co., Ltd., Ezurio, Senet, Kerlink, Exosite, Datacake GmbH, and others.

The hardware segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
LoRa and LoRaWAN IOT Market Report Scope
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