Dublin, July 11, 2023 (GLOBE NEWSWIRE) -- The "LoRa and LoRaWAN IoT Market by Offering (Hardware, Platforms, and Services), Application (Smart Cities, Industrial IoT, Smart Healthcare), End User (Retail, Manufacturing, Healthcare, Energy & Utilities, Residential) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The LoRa and LoRaWAN IoT market is estimated at USD 5.6 billion in 2023 and is projected to reach USD 25.5 billion by 2028, at a CAGR of 35.3% from 2023 to 2028
Various key players in the ecosystem have led to a competitive and diverse market. Government initiatives to establish smart cities are expected to drive the adoption of the LoRa and LoRaWAN IoT market in the future.
By hardware, system on chip segment to hold the largest market size during the forecast period.
System on Chip (SoC) is a type of hardware component commonly used in LoRaWAN IoT devices, which integrates multiple components, including microprocessors, memory, and communication interfaces, onto a single chip. SoC technology is popular in the IoT industry as it offers a compact, cost-effective, and low-power solution for building connected devices.
These SoCs are specifically designed for LoRaWAN communication and enable IoT devices to connect to LoRaWAN networks and transmit data. Many semiconductor manufacturers are investing in developing SoC solutions specifically designed for the IoT market.
Based on end users, the transportation and logistics segment is expected to register the fastest growth rate during the forecast period.
The transportation and logistics industries embrace LoRa and LoRaWAN IoT technologies to transform operations and drive efficiency. LoRa and LoRaWAN offer valuable advantages, including long-range connectivity, low power consumption, and the ability to connect numerous devices simultaneously.
By leveraging these technologies, transportation and logistics companies can implement a wide range of IoT applications that optimize processes, enhance safety, and streamline operations. For example, real-time tracking and monitoring of assets, vehicles, and shipments become feasible through LoRa and LoRaWAN.
The Asia Pacific registered the highest growth rate during the forecast period.
Asia Pacific comprises nations with rapid technological development, such as China, Japan, and India. Asia Pacific is home to several developing countries that are experiencing rapid urbanization. This offers enormous business opportunities for LoRa and LoRaWAN IoT vendors, even while presenting grave challenges for sustainable development.
Singapore implemented a nationwide LoRaWAN network, enabling applications such as smart lighting, waste management, and environmental monitoring, significantly improving operational efficiency and sustainability in the city-state. Ans in Australia, LoRa and LoRaWAN have been instrumental in deploying smart agriculture solutions for optimizing irrigation and crop management.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 275 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $5.6 Billion |
| Forecasted Market Value (USD) by 2028 | $25.5 Billion |
| Compound Annual Growth Rate | 35.3% |
| Regions Covered | Global |
Premium Insights
- Growing Adoption of Connected Devices for Efficient Communication and Data Exchange to Drive Market
- Hardware Segment to Dominate Market During Forecast Period
- Managed Services Segment to Account for Higher CAGR During Forecast Period
- Support & Maintenance Segment to Lead Market During Forecast Period
- Asset Tracking Segment to Achieve Highest CAGR During Forecast Period
- Manufacturing Segment to Lead Market During Forecast Period
- Smart Cities and Manufacturing Segments to Account for Significant Market Shares in 2023
Market Dynamics
Drivers
- Rising Demand for Low-Power, Long-Range Wide-Area Network Connectivity
- Growing Demand for IoT Applications
- Increasing Focus on Cost Efficiency
Restraints
- Data Security and Privacy Concerns
Opportunities
- Increasing Smart City Initiatives Worldwide
- Rising Adoption of Intelligent Devices
Challenges
- Lack of Governance
Industry Trends
Brief History of Lora and Lorawan Iot
- 2010: Foundation of Cycleo
- 2012: Invention of Lora
- 2015: Invention of Lorawan
Future Landscape of Lora and Lorawan IoT Market
- Lorawan Technology Roadmap Till 2030
- Short-Term Roadmap (2023-2025)
- Mid-Term Roadmap (2026-2028)
- Long-Term Roadmap (2028-2030)
Ecosystem/Market Map
- Lora and Lorawan IoT Hardware Providers
- Lora and Lorawan IoT Platform Providers
- Lora and Lorawan IoT Service Providers
- Lora and Lorawan IoT Network Server Providers
- Lora and Lorawan IoT System Integrators
- Lora and Lorawan IoT End-users
Classification of End Devices in Lora and Lorawan Iot
- Class A
- Class B
- Class C
Business Models in Lorawan Iot
- Device Sales Model
- Subscription Model
- Platform as a Service (Paas) Model
- Value-Added Reseller (Var) Model
- Hybrid Model
Lora and Lorawan IoT Architecture/Framework
- End Nodes
- Gateway
- Network Server
- Application Server
Technology Analysis
Adjacent Technologies
- Zigbee
- Cellular Iot
- Cloud Computing
- Sigfox
- Ble
- Lte-M
Related Technologies
- Wi-Fi
- Nb-Iot
Best Practices for Lora and Lorawan IoT Devices
- Eliminating Unnecessary Join Requests
- Limiting Transmission Length, Payload Size, and Duty Cycle
- Using Adaptive Data Rate (ADR) for Stationary Devices
- Using Over-The-Air Activation (Otaa)
- Trends/Disruptions Impacting Buyers/Clients' Businesses
Case Study Analysis
- Case Study 1: Machinemax's IIoT Solution Helped Shell Collect Heavy Machinery Data and Boost Efficiency
- Case Study 2: Gmn Offered Farmers 24X7 Insights by Deploying IoT Solutions from Sensoterra
- Case Study 3: Advantech and Pace Provided General Mining Wellfield with Cost-Friendly System Connecting to Scada
- Case Study 4: Nwave Technologies' Solution Helped Harrogate Improve Parking Experiences
- Case Study 5: Digital Matter Helped Agwan Farmers Locate and Control Physical Assets of Farms
Company Profiles
Major Players: Business Overview, Products/Solutions/Services Offered, Recent Developments, Analyst's View)
- The Bosch Group
- Cisco
- Orange Sa
- Comcast Corporation
- Semtech
- Nec Corporation
- Tata Communications
- Aws
- Advantech
- Sk Telecom
- Murata
- Senet
- Digi International
- Multitech
- Laird Connectivity
Startups/SMEs
- Kerlink
- Actility
- Sensoterra
- Nwave Technologies
- Rakwireless
- Thethings.Io
- Datacake
- Milesight
- Loriot
- Exosite
- Orbiwise
For more information about this report visit https://www.researchandmarkets.com/r/d1kkp
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