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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~37% |
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Base Year Market Size (2023) |
~ USD 7 Billion |
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Forecast Year Market Size (2036) |
~ USD 48 Billion |
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Regional Scope |
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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:
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Offering |
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Application |
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End User |
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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.
Author Credits: Abhishek Verma, Hetal Singh
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