LoRa and LoRaWAN IoT Market

[294 Pages Report] The global LoRa and LoRaWAN IoT market size is projected to grow from USD 8.0 billion in 2024 to USD 32.7 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 32.4%  during the forecast period. The affordability and scalability of LoRa and LoRaWAN technologies drive their growth in the IoT market. Thanks to its simple hardware requirements and efficient communication protocols, LoRa technology's ability to enable the development of low-cost IoT devices and sensors is pivotal. This affordability expands the accessibility of IoT solutions across various industries and applications, particularly benefiting those with budget constraints or limited resources. Furthermore, LoRaWAN's scalable architecture facilitates the deployment of massive IoT networks, accommodating thousands to millions of devices. This scalability is crucial for IoT applications requiring widespread coverage and large-scale deployment, such as smart cities, industrial automation, and supply chain management. As a result, the combination of low-cost device development and scalable network deployment capabilities positions LoRa and LoRaWAN as key enablers for driving IoT adoption across diverse sectors, fueling their continued growth and market penetration.

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Driver:  Rising demand for low-power, long-range, wide-area network connectivity

As the number of connected devices explodes, the need for efficient communication solutions such as LPWANs also increases. Many governments are backing smart city initiatives and infrastructure projects, often relying on LPWANs. Improvements in LPWAN technologies, including LoRaWAN and NB-IoT, promise better range, data rates, and security. The low-power, long-range, and wide-area coverage offered by LPWANs helps to address a critical need in the expanding world of IoT. This technology is poised to play a vital role in connecting devices and enabling innovative applications across various industries. Sensors monitoring traffic flow, parking availability, and environmental conditions can all benefit from LoRaWAN connectivity. It also helps to monitor soil moisture, crop health, and irrigation systems in remote fields.

Restraint: Interoperability issues

Interoperability issues in the LoRa and LoRaWAN IoT market refer to the challenges businesses face when their devices, such as sensors or gateways, can't easily communicate or work together due to differences in how they're made or programmed. This can happen because different companies may interpret or use the technology differently. When devices from one company don't "talk" well with those from another, it can slow down or stall IoT projects, making it harder for businesses to expand or switch suppliers. It's like trying to make pieces from different puzzle sets fit together—they might not align perfectly, causing frustration and extra work for businesses.

Opportunity: Increasing smart city initiatives worldwide

LoRaWAN technology provides connectivity, scalability, cost-effectiveness, real-time data insights, and environmental sustainability, contributing to the growth of smart city initiatives. LoRaWAN provides better coverage and insights for smart city applications, making it ideal for connecting a wide range of IoT devices and sensors over a large area. These insights are used to make informed decisions and improve city services. Additionally, LoRaWAN provides efficient energy consumption and reduces carbon footprint, contributing to environmental sustainability.

Governments worldwide are increasingly investing in smart city initiatives leveraging LoRaWAN IoT to improve the quality of life for citizens and make cities more sustainable and efficient. The EU has funded several LoRaWAN-based smart city projects, such as the CityFlows project in Amsterdam, which uses LoRaWAN-enabled sensors to monitor and manage urban traffic flow. The US Department of Transportation's Smart City Challenge funded several cities to develop smart city solutions for transportation. Additionally, the National Institute of Standards and Technology (NIST) has developed a Smart City Framework that provides guidelines and best practices for developing smart city solutions. The Chinese government's Smart City 3.0 initiative includes the development of smart city solutions for transportation, energy, and public safety. The Chinese government has invested heavily in LoRaWAN infrastructure to deploy over 600,000 LoRaWAN base stations by 2025.

Challenge: Lack of governance

LoRaWAN faces challenges due to a lack of governance, as there are no universally enforced rules or standards for LoRaWAN devices and networks. Different LoRaWAN networks might use varying frequencies, data rates, and protocols, making it difficult for devices to connect and share data across different networks. These issues can hinder the growth and adoption of LoRaWAN in the long run. 

The lack of governance in LoRaWAN IoT can also lead to privacy concerns. LoRaWAN devices can collect sensitive data, such as location data and personal information, which can be used for unauthorized purposes if not properly secured. As LoRaWAN networks and devices become more prevalent, there is a growing need for regulatory compliance. However, the lack of governance in LoRaWAN IoT can make it difficult to enforce regulations and standards, leading to potential legal and ethical issues.

Ecosystem Of LoRa and LoRaWAN IoT Market

The prominent players in the LoRa and LoRaWAN IoT market include The Bosch Group (Germany),  Cisco (US), Orange SA (France), and Comcast Corp. (US) and so on.  These companies have been operating in the market for several years and possess a diversified product portfolio and state-of-the-art technologies with a well-established geographic footprint.

"By application, asset tracking segment to hold the largest market size during the forecast period.”

LoRa-based asset tracking solutions offer hospitals and healthcare facilities a powerful tool to enhance operational efficiency and patient care delivery. By providing real-time visibility into the location and availability of critical resources like beds, medical equipment, and staff, these solutions enable healthcare providers to optimize resource utilization and streamline workflow processes. For instance, staff can quickly locate available equipment or personnel, reducing delays in patient care and improving response times during emergencies. Moreover, the ability to monitor asset utilization trends over time allows for proactive resource allocation and planning, ensuring that resources are allocated efficiently to meet patient demand. This not only enhances patient flow management and reduces wait times but also contributes to overall patient satisfaction by providing a smoother and more responsive healthcare experience. Additionally, by minimizing the risk of asset loss or misplacement, LoRa-based asset tracking solutions help hospitals save costs associated with asset replacement and improve compliance with regulatory requirements, ultimately fostering a safer and more efficient healthcare environment.

“Healthcare segment is expected to have the fastest growth rate during the forecast period.” 

In the realm of healthcare, LoRaWAN's capability to enable remote patient monitoring solutions revolutionizes the way vital signs are collected and managed. By leveraging LoRaWAN, healthcare providers can seamlessly collect critical patient data in real time, including heart rate, blood pressure, and glucose levels, without the need for patients to physically visit healthcare facilities. This remote monitoring approach empowers healthcare professionals to detect potential health issues early, allowing for proactive intervention and timely medical care. As a result, patients benefit from improved health outcomes, reduced risks of complications, and enhanced quality of life. Moreover, by minimizing the need for frequent hospital visits, LoRaWAN-based remote patient monitoring solutions alleviate the burden on healthcare facilities, reduce healthcare costs, and optimize resource allocation. Ultimately, the integration of LoRaWAN into remote patient monitoring systems not only enhances patient care but also contributes to the overall efficiency and sustainability of the healthcare ecosystem.

“North America to have the largest market size during the forecast period.”

In North America, the Industrial Internet of Things (IIoT) is witnessing a significant surge in adoption across industries, driven by the compelling advantages it offers. Industries are increasingly leveraging IIoT solutions to enhance operational efficiency, streamline supply chains, and implement predictive maintenance strategies. In this landscape, LoRa and LoRaWAN technologies play a pivotal role by providing cost-effective connectivity solutions for industrial sensors and devices. These technologies enable real-time monitoring and control of manufacturing processes, asset tracking, and logistics management, thereby facilitating streamlined operations and optimized resource utilization. Moreover, governmental support at the federal, state, and local levels further accelerates the adoption of IoT initiatives, including grants, incentives, and regulatory frameworks. This support fosters investment in IoT infrastructure and encourages widespread adoption of LoRa and LoRaWAN technologies across various sectors, propelling the region's IoT ecosystem towards further growth and innovation.

LoRa and LoRaWAN IoT Companies:

The major players in the LoRa and LoRaWAN IoT market are The Bosch Group (Germany),  Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US),NEC Corporation (Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and enhancements, and acquisitions to expand their LoRa and LoRaWAN IoT market footprint.

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Scope of the Report

This research report categorizes the LoRa and LoRaWAN IoT market to forecast revenues and analyze trends in each of the following submarkets:

Based on Offering:

• Hardware
  • Sensors
  • System on Chip
  • Networking Gateways
  • Other Hardware (Actuators, External Antennas, And Servers)
• Platforms
• Services
  • Professional Services
    • Consulting
    • Deployment & Integration
    • Support & Maintenance
  • Managed Services

Based onNetwork Deployment:

• Public Network
• Private Network
• Hybrid Network

Based on Application:

• Asset Tracking
• Industrial IoT
• Smart Cities
• Smart Buildings
• Smart Utilities
• Smart Healthcare
• Smart Agriculture & Livestock Management
• Other Applications (Space Utilization and Disaster Management & Emergency Response)

Based on End User:

• Manufacturing
• Transportation & Logistics
• Energy & Utilities
• Agriculture
• Government & Public Safety
• Healthcare
• Retail
• Residential
• Other End Users (Travel & Hospitality, Construction & Mining, Education, and Sports)

By Region:

• North America
  • United States (US)
  • Canada
• Europe
  • United Kingdom (UK)
  • Germany
  • France
  • Italy
  • Spain
  • Nordic countries
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia & New Zealand
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC Countries
    • Kingdom of Saudi Arabia (KSA)
    • United Arab Emirates (UAE)
    • Rest of GCC Countries
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

Recent Developments

• In January 2024, LORIOT signed a partnership agreement with SYSCOM to extend the LoRaWAn ecosystem in Latin America. The partnership enabled both companies to expand their reach globally and collaborate on end-to-end solutions, fulfilling the growing IoT solutions demand in the Latin American region.
• In July 2023, MachineQ, a subsidiary of Comcast Corporation, launched new active RFID asset tracking tags for indoor positioning, along with a new IoT occupancy monitoring solution, which is an extension of its hybrid Bluetooth Low Energy (BLE) and LoRaWAN real-time location system (RTLS) combo-solution. The tags provide real-time location, sub-room level accuracy, and long battery life and are suitable for applications such as asset tracking in various fields
• In May 2023, Cisco and NTT announced a collaboration to develop and deploy joint solutions to enhance operational efficiencies and sustainability goals. The companies will deliver solutions that combine NTT’s Managed Services expertise, automation capabilities at the edge, and management of complex IT environments with Cisco’s IoT capabilities, including LoRaWAN.

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