Selbyville, Delaware, March 28, 2023 (GLOBE NEWSWIRE) --
The LoRaWAN market valuation is estimated to account USD 60 billion by 2032, as reported in a research study by Global Market Insights Inc.
Increasing adoption of LoRaWAN in the field of smart waste management and asset management is a key driver behind the market expansion. In asset management, a LoRaWAN network designed for asset tracking can offer enhanced visibility as well as control over the assets, reducing loss and theft, and improving the operational efficiency. Smart waste management systems also rely on LoRaWAN to reduce operational costs by streamlining waste collection routes and scheduling collection only when necessary.
According to the European Commission, smart waste collection initiatives in existing neighborhoods have resulted in a 71% reduction in CO2 emissions by enabling a 90% reduction in waste collection traffic, and 66% reduction in unsorted waste.
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LoRaWAN market from the smart building applications is set to reach USD 10 billion by 2032, due to the increasing adoption of IoT in both residential and commercial construction. LoRaWAN network based IoT is a key component of today’s smart building solutions and numerous firms are focusing on product innovations in the field to tap into the revenue stream. The wireless connectivity enabled trough LoRaWAN eliminates the need for extensive wiring in buildings, which greatly reduces installation costs and construction time.
LoRaWAN market size from healthcare segment will witness over 45% CAGR between 2023 and 2032, led by the potential scope of remote patient monitoring enabled by the technology. LoRaWAN has the ability to deliver continuous remote patient monitoring services that can allow for timely intervention and early detection of potential health risks. The technology’s capabilities especially stand to benefit patients suffering from chronic diseases or people who need constant medical attention. The numerous remote healthcare initiatives launched in response to the COVID-19 pandemic are also likely to support market growth.
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Europe LoRaWAN market is expected to hold 20% revenue share by 2032, impelled by the regions numerous smart city initiatives. The rapidly growing significance of IoT-enabled smart building and public infrastructure services is promoting strong product adoption. Many smart building infrastructures in the region are adopting LoRaWAN technology components to deliver better operational efficiencies. Back in 2021, London, alongside five European partner cities, triggered an investment of over €250 million (US$302.8 million) across smart technologies as a part of the Sharing Cities programme.
Prominent participants operating across the LoRaWAN market include KPN, Orange, Everynet, Cisco System Inc., LORIOT AG, Kerlink, Meshed, Microchip Technology Inc., National Narrowband Network Co. (NNNCo.), Worldsensing, and TEKTELIC Communications Inc. Moving ahead, the competitive scenario of the market is likely to be outlined by more frequent instances of partnerships and collaborations.
Back in November 2022, LORIOT teamed up with leading IoT hardware provider, Speed Studio, to reinforce LoRaWAN connectivity across the globe. The Speed Studio creates IoT solutions ranging from edge to cloud. Meanwhile, LORIOT delivers IoT developers the choice of LoRaWAN native network through its products.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 LoRaWAN market 3600 synopsis, 2018-2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Component trends
2.5 Deployment trends
2.6 Application trends
2.7 End-use trends
Chapter 3 LoRaWAN Market Industry Insights
3.1 Impact of COVID-19
3.1.1 North America
3.1.2 Europe
3.1.3 Asia Pacific
3.1.4 LATAM
3.1.5 MEA
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.3.1 End-node providers
3.3.2 Gateway providers
3.3.3 Network server providers
3.3.4 Application server providers
3.3.5 End-users
3.3.6 Profit margin analysis
3.3.7 Vendor matrix
3.4 Patent analysis
3.5 Key initiative and news
3.6 Technology & innovation landscape
3.6.1 IoT
3.6.2 5G
3.6.3 Hybrid Chipsets
3.7 Number of LoRaWAN end-node and gateway deployed
3.8 Regulatory landscape
3.8.1 3GPP Release 13
3.8.2 IEEE 802.15.14-2015 Standard for Low-Rate Wireless Networks
3.8.3 LoRaWAN R1.0 Open Standard
3.8.4 Information Security Technology - Personal Information Security Specification
GB/T 35273-2017
3.8.5 Secure India National Digital Communications Policy 2018 – Draft
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Increasing investments toward smart cities
3.9.1.2 Increasing penetration of Industry 4.0
3.9.1.3 Increasing demand for long-range wireless connectivity around the world
3.9.1.4 The growing adoption of LoRa gateways and sensors in the manufacturing industry
3.9.1.5 Growing adoption of LoRaWAN in asset management and smart waste management
3.9.2 Industry pitfalls & challenges
3.9.2.1 Increasing concerns related to data security
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
