New York, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Overview
The Global LoRa and LoRaWAN IoT Market size is expected to reach USD 11.2 billion by 2024 and is further anticipated to reach USD 183.9 billion by 2033 at a CAGR of 36.5% from 2024 to 2033.
The global LoRa and LoRa and LoRaWAN IoT market is developing robustly, driven by way of the need for long-range, low-energy communication in sectors like smart agriculture and asset tracking. A key player in this market consists of Semtech, Cisco, and Actility who are enhancing their offerings through research, development & partnerships.
North America and Europe lead due to advanced tech ecosystems, while Asia-Pacific is set for significant growth, fueled by urbanization, smart city projects, & supportive government initiatives.
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Important Insights
- Market Size: The market value is expected to reach USD 183.9 billion in 2033, in comparison to its base value of USD 11.2 billion in 2024 at a CAGR of 36.5%.
- Market Definition: LoRa is a long-range, low-energy wireless communication technology, while LoRaWAN is a network protocol that supports wide-area IoT applications. Together, they enable devices to operate over extensive distances with minimal energy consumption.
- By Component Analysis: Hardware is expected to exert its dominance in the component segment with a 43.7% market share by the end of 2024.
- By Network Architecture Analysis: Public LoRaWAN networks are expected to dominate in this segment with the highest market share in 2024.
- By End User Analysis: The manufacturing sector is projected to its dominant in the end-user segment with 28.0% of market value by the end of 2024.
- Regional Analysis: North America is projected to dominate the global LoRa and LoRaWAN IoT market with 40.1% of the market share in 2024.
Latest Trends
- The rising need for low-power wide area network (LPWAN) technologies like LoRa is a significant trend. LPWANs are crucial for IoT applications requiring wide coverage and energy efficiency, driving the growth of the LoRa and LoRaWAN IoT market in sectors like smart cities and industrial IoT (IIoT).
- Combining LoRaWAN with other wireless technologies like 5G and Wi-Fi is another trend. This convergence enhances connectivity and coverage, supporting a broader range of IoT applications and making IoT networks more flexible and scalable, thus boosting market expansion.
LoRa And LoRaWAN IoT Market: Competitive Landscape
- Leading companies like Semtech Corporation, Amazon Web Services (AWS), and Sierra Wireless drive the market with continuous innovations and strategic partnerships. Semtech's LoRa Connect LR1121 transceiver and AWS's collaboration for LoRa Cloud GNSS services exemplify this trend.
- The competitive landscape features diverse applications and collaborations, such as Advantech and Altizon's industrial IoT solutions and Lacuna Space's direct-to-satellite IoT connectivity, fostering ongoing innovation and market expansion.
Some of the prominent market players:
- Semtech Corporation
- Advantech Co. Ltd.
- NEC Corporation
- Tata Communications Limited
- Nwave Technologies, Inc.
- Orange S.A.
- Bosch Sensortec GmbH (Robert Bosch GmbH)
- Amazon Web Services Inc.
- Datacake GmbH
- RAKwireless Technology Limited
- Other Key Players
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LoRa and LoRa WAN IoT Market Scope
| Report Highlights | Details |
| Market Size (2024) | USD 11.2 Bn |
| Forecast Value (2033) | USD 183.9 Bn |
| CAGR (2024-2033) | 36.5% |
| Leading Region in terms of Revenue Share | North America |
| Percentage of Revenue Share by Leading Region | 40.1% |
| Historical Data | 2018 - 2023 |
| Forecast Data | 2024 - 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Component, By Network Architecture, By Application, By End User |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Market Analysis
The manufacturing sector is expected to hold a 28.0% share of the LoRa and LoRaWAN IoT market in 2024, driven by the significant benefits of industrial IoT applications. The integration of these technologies allows real-time system monitoring, stepped-forward performance, decreased downtime, and optimized resource usage, helping large-scale IoT deployments and transforming factories in step with 4.0 initiatives.
Growth Drivers
- Investments in smart city initiatives drive market growth by enhancing urban living through intelligent solutions for transportation, energy, health, and waste management. The demand for high-speed, energy-efficient communication networks in smart cities fosters the adoption of LoRa and LoRaWAN technologies, enabling scalable and cost-effective IoT deployments.
- The need for efficient, long-distance communication in IoT applications fuels the demand for LoRaWAN's low-power, wide-area network connectivity. This is crucial in sectors like agriculture, logistics, and industrial automation, where battery conservation and cost efficiency are essential, underpinning the technology's market growth.
Restraints
- Data security and privacy issues pose significant restraints. IoT devices are prime targets for cyberattacks, making secure data transmission crucial. LoRaWAN networks face challenges like encryption vulnerabilities and susceptibility to denial-of-service (DoS) attacks, which can hinder widespread adoption and market growth.
- Compliance with evolving regulatory standards and spectrum policies is another restraint. LoRaWAN deployments must adhere to stringent regulations governing spectrum usage, which vary by region. Navigating these regulatory landscapes requires continuous monitoring and adaptation, potentially slowing down the deployment and expansion of LoRaWAN networks globally.
Growth Opportunities
The industrial IoT (IIoT) sector offers significant opportunities for LoRa and LoRaWAN technologies. The need for reliable, scalable, and low-power communication solutions in manufacturing and logistics drives their adoption, enabling real-time monitoring and automation to enhance operational efficiency. LoRa and LoRaWAN technologies facilitate precise monitoring and management of agricultural resources, improving crop yields and resource efficiency.
Their ability to cover large, rural areas with minimal infrastructure investment makes them ideal for agricultural applications, offering substantial market growth opportunities.
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LoRa and LoRa WAN IoT Market Segmentation
By Component
- Hardware
- System on Chip
- Connectivity Modules
- Networking Gateways
- Platform
- Services
- Professional Services
- Consulting
- Deployment and Integration
- Support and Maintenance
By Network Architecture
- Public LoRaWAN Networks
- Private LoRaWAN Networks
By Application
- Asset Tracking
- Industrial IoT
- Smart Agriculture & Livestock Management
- Smart Buildings
- Smart Cities
- Smart Healthcare
- Others
By End User
- Manufacturing
- Retail
- Transportation & Logistics
- Energy & Utilities
- Government & Public Safety
- Enterprise
- Others
Regional Analysis
North America is projected to dominate the global LoRa and LoRaWAN IoT market with a 40.1% share in 2024. Their region dominance is driven by a robust IoT ecosystem, continuous innovations from key players like Semtech and AWS, and advanced infrastructure supporting large-scale IoT deployments.
Investments in smart healthcare, homes, and agriculture, along with extensive integration across market segments, further bolster North America's market position. The region's strong network infrastructure facilitates seamless IoT deployments and operations.
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By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
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Recent Developments in the LoRa and LoRa WAN IoT Market
- June 2023: Nwave launched a wireless Parking Guidance Solution with sensors and smart apps, providing real-time data on parking space availability for efficient parking.
- May 2023: Orange and Eyesye entered an agreement, allowing Eyesye to leverage Orange's IoT Roaming solution through their global connectivity agreement for enhanced mobile IoT connectivity.
- March 2023: Semtech Corporation launched the LoRa Connect LR1121 transceiver, offering enhanced RF performance and multi-band diversity for global IoT endpoints requiring long-range communication.
- April 2023: Advantech partnered with Altizon and Datonis Digital Factory to release a joint solution, transforming operations into smart factories with minimal investment and rapid modernization.
- April 2023: Semtech Corporation introduced the XCVR Development Board and Reference Design, simplifying development and reducing time-to-market for solutions in various sectors, including logistics and industrial control.
- April 2023: AWS IoT Core for LoRaWAN, with Everynet's networks, introduced public network support, enabling easy cloud connection and data reception for LoRaWAN-based IoT systems.
- January 2023: Sierra Wireless and Orange partnered to enhance connectivity and Smart Connectivity services, providing more reliable and expansive IoT solutions for users.
- January 2023: Comcast and Toto deployed Comcast's MachineQ platform in smart restrooms across high-traffic public areas, improving maintenance efficiency and user experience.
- November 2022: Semtech and Amazon Web Services (AWS) entered a strategic agreement to license LoRa Cloud GNSS geolocation services, enhancing AWS's IoT capabilities.
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