Global LoRa And LoRaWAN IoT Market Size By Device Type, By Network Architecture, By Application Type, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Download Sample Ask for Discount Request CustomizationGlobal LoRa And LoRaWAN IoT Market Size By Device Type, By Network Architecture, By Application Type, By Geographic Scope And Forecast
LoRa And LoRaWAN IoT Market Size And Forecast
LoRa And LoRaWAN IoT Market size was valued at USD 7.39 Billion in 2023 and is projected to reach USD 68.12 Billion by 2031, growing at a CAGR of 35.30% during the forecast period 2024-2031.
The LoRa and LoRaWAN IoT market encompasses the ecosystem revolving around Long Range (LoRa) technology and its Wide Area Network (LoRaWAN) protocol, designed specifically for enabling long-range communication for Internet of Things (IoT) devices. This market includes hardware components such as LoRa-enabled sensors, gateways, and modules, as well as software solutions for device management, data analytics, and application development tailored to LoRaWAN networks. Additionally, it encompasses service providers offering network infrastructure, deployment, and management services for LoRaWAN deployments across various industries.
Global LoRa And LoRaWAN IoT Market Drivers
The market drivers for the LoRa And LoRaWAN IoT Market can be influenced by various factors. These may include
- Long Range and Low Power Consumption The main benefits of LoRa and LoRaWAN technology are their low power consumption and long-range communication capabilities. Because of this, it is a good fit for Internet of Things applications where devices must communicate over long distances while using a limited amount of battery power.
- Numerous IoT Applications The technology supports a large number of IoT applications, such as asset tracking, smart homes, smart cities, smart agriculture, and industrial automation. Because of its adaptability, LoRaWAN is being adopted by a number of industries, which is driving the market’s expansion.
- Cost-Effectiveness LoRaWAN is appealing to companies and organizations looking for inexpensive methods to implement and maintain large-scale IoT networks because it provides cost-effective connectivity options for IoT devices.
- Flexibility and Scalability LoRaWAN networks facilitate the deployment of several devices inside a network due to their easy scalability. One of the main factors influencing its adoption in Internet of Things applications is its ability to link a huge number of devices in an economical way.
- Global Standardization and Ecosystem Development LoRaWAN has become widely accepted and standardized globally, which has encouraged the growth of a strong ecosystem of hardware, gateways, and network providers. This standardized method makes it easier to integrate different IoT solutions and promotes interoperability.
- Minimal Infrastructure Requirements In comparison to other connection options, LoRaWAN networks usually necessitate fewer infrastructure investments. The technology is being adopted in a variety of scenarios due to its simplicity of deployment and low infrastructure needs.
- Increased Need for Smart Cities and Industrial IoT Long-range, low-power connectivity solutions like LoRaWAN are in high demand due to the increased emphasis on smart city efforts and the expanding use of IoT in industrial applications.
- Security characteristics LoRaWAN has characteristics to guarantee secure communication, which makes it appropriate for applications where data integrity and privacy are critical concerns. Security is a critical concern in Internet of Things applications.
- Energy-Efficient Devices Using Batteries Battery-powered devices are a good fit for LoRaWAN because of its low power consumption. This is especially helpful in situations when devices must run continuously for long periods of time without frequent battery changes.
Global LoRa And LoRaWAN IoT Market Restraints
Several factors can act as restraints or challenges for the LoRa And LoRaWAN IoT Market. These may include
- Interoperability Issues There are many different kinds of devices, platforms, and apps in the Internet of Things ecosystem. It can be difficult to ensure smooth communication between various LoRa and LoRaWAN devices and networks, which limits the technology’s general uptake and expansion.
- Security Issues Security is a major issue with any IoT technologies. Large-scale IoT network deployments utilizing LoRa and LoRaWAN may encounter issues with network security, data privacy, and the possibility of cyberattacks or illegal access.
- Spectrum Restrictions There is a limited amount of spectrum that can be used for LoRa and LoRaWAN transmission. There may be worries about congestion and interference as more devices and apps use these technologies, which could result in decreased performance.
- Scalability Issues Although low-power and scalable communication is the goal of LoRa and LoRaWAN, the increasing number of connected devices may make it more difficult to manage and expand networks effectively.
- Regulatory Obstacles Standards and laws pertaining to wireless communication technologies may differ between locations. Complying with these standards and securing the required authorizations could provide difficulties for LoRa and LoRaWAN installations, particularly in international marketplaces.
- Limited Range in Urban Environments Although LoRa is renowned for its long-range performance, the effective range can be lowered in urban settings due to obstructions and interference. In certain use circumstances, this restriction might affect how well LoRaWAN performs.
- Perceived Complexity Some firms may view the implementation and integration of IoT technologies as complicated. Wider acceptance may be impeded by overcoming the learning curve and proving how simple it is to apply.
- Competition from Other IoT Technologies LTE-M and NB-IoT (Narrowband IoT) are two other wireless IoT technologies that compete with LoRa and LoRaWAN. Specific use cases will determine which of these technologies is best, and market conditions may change such that one technology has an advantage over the other.
Global LoRa And LoRaWAN IoT Market Segmentation Analysis
The Global LoRa And LoRaWAN IoT Market is Segmented on the basis of Device Type, Network Architecture, Application Type, and Geography.
LoRa And LoRaWAN IoT Market, By Device Type
- LoRaWAN Sensors IoT sensors equipped with LoRaWAN connectivity for data transmission.
- LoRaWAN Modules Communication modules with LoRaWAN capabilities that can be integrated into various devices.
- LoRaWAN Gateways Gateways or base stations facilitating communication between LoRaWAN devices and the network server.
LoRa And LoRaWAN IoT Market, By Network Architecture
- Public LoRaWAN Networks Open and publicly accessible LoRaWAN networks for various IoT applications.
- Private LoRaWAN Networks Closed or privately managed LoRaWAN networks for specific enterprise or industrial use.
LoRa And LoRaWAN IoT Market, By Application Type
- Asset Tracking Tracking the location and condition of assets in real-time.
- Environmental Monitoring Monitoring parameters like temperature, humidity, and air quality.
- Smart Metering Remote monitoring and management of utility meters.
- Predictive Maintenance Monitoring equipment health to predict and prevent failures.
- Smart Agriculture Precision farming applications for crop monitoring and irrigation control.
- Supply Chain Management Monitoring and optimizing the movement of goods in the supply chain.
- Emergency Services LoRaWAN applications for emergency response and public safety.
LoRa And LoRaWAN IoT Market, By Geography
- North AmericaMarket conditions and demand in the United States, Canada, and Mexico.
- EuropeAnalysis of the LoRa And LoRaWAN IoT Market in European countries.
- Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
- Middle East and AfricaExamining market dynamics in the Middle East and African regions.
- Latin AmericaCovering market trends and developments in countries across Latin America.
Key Players
The major players in the LoRa And LoRaWAN IoT Market are
- Semtech Corporation
- The Things Industries
- Actility
- Laird Connectivity
- Link Labs
- Cisco Systems Inc
- Huawei Technologies Co Ltd
- Bosch IO
- NEC Corporation
- Tata Communications
- Advantech
- Murata
- Senet Inc
- MachineQ
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2020-2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Period | 2020-2022 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Semtech Corporation, The Things Industries, Actility, Laird Connectivity, Link Labs, Cisco Systems Inc, Huawei Technologies Co Ltd, Bosch IO, NEC Corporation, Tata Communications |
| Segments Covered | By Device Type, By Network Architecture, By Application Type, and By Geography |
| Customization scope | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Analyst’s Take
The LoRa and LoRaWAN IoT market is poised for significant growth in the coming years, driven by the increasing adoption of IoT solutions across diverse industry verticals. With its ability to provide long-range, low-power connectivity for a wide array of IoT applications, LoRaWAN technology offers distinct advantages in terms of cost-effectiveness, scalability, and coverage. As organizations seek to leverage IoT for improved operational efficiency, asset tracking, and environmental monitoring, the demand for LoRa and LoRaWAN solutions is expected to surge. Moreover, ongoing advancements in LoRa technology, coupled with the expansion of LoRaWAN networks worldwide, will further fuel market expansion, creating lucrative opportunities for stakeholders across the value chain.
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