LoRa and LoRaWAN IoT Market Overview:
The global LoRa and LoRaWan IoT market will likely grow
at a double-digit CAGR. The growing demand for IoT applications and long-range
wide-area network connectivity would drive the market growth. Market Research
Future (MRFR) states that the global LoRa and LoRaWan IoT market is poised to
escalate from USD 5.1 BN in 2022 to USD 80.63 BN by 2032, registering a 35.90%
CAGR throughout the forecast period (2023-2032).
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Key Players:
Leading LoRa and LoRaWan IoT market players
include,
- NEC
Corporation (Japan)
- Cisco
(US)
- Tata
Communications (India)
- Orange
SA (France)
- Semtech
(US)
- Advantech
(Taiwan)
- AWS
(US)
- Comcast
(US)
- Bosch
(Germany)
- Laird
Connectivity (US)
- Murata
(Japan)
- Kerlink
(France)
- Actility
(France)
- Senet
(US)
- Sensoterra
(Netherlands)
- Nwave
Technologies (UK)
- DIGI
International (US)
- RAKwireless
(China)
- Datacake
(Germany)
- io
(Spain)
- MultiTech
(US)
- LORAIOT
(Switzerland)
- Milesight
(China)
- Exosite
(US)
- OrbiWise
(Switzerland)
The significant LoRa and LoRaWan IoT market growth
is attributed to the growing need for long-range, low-bandwidth community
networks designed to connect several IoT devices securely and seamlessly. Also,
the rapid technological advancements in wireless communication & consumer
electronics and the increasing adoption of the cloud endpoint for third-party
devices are some of the key driving forces.
Growing R&D investments to build
cost-efficient, reliable, and adaptive IoT architectures optimized for scale boost
the LoRa and LoRaWan IoT market size. Moreover, the growing use of IoT systems
and devices able to use networks for applications substantiates the LoRa and
LoRaWan IoT market revenues. Original equipment manufacturers (OEMs) are
focusing on building a single hardware device that can use the same module for
connecting devices to networks with an integrated network stack.
Large organizations seek the flexibility to support
their own and other LPWA protocols. The growing demand for asset tracking
modules that could support multiple use cases with minimum external components
pushes the LoRa and LoRaWan IoT market revenues. The growing diverse network
requirements and demand for reliable coverage offer new opportunities for LoRa
and LoRaWan applications in asset tracking, smart homes, smart buildings, smart
cities, and many more.
Market Segments:
The LoRa and LoRaWan IoT market report is segmented
into offerings, applications, end-users, and regions. The offering segment is
sub-segmented into hardware, solutions/software platforms, and services. The
application segment is sub-segmented into asset tracking, smart cities,
industrial IoT, smart agriculture & livestock management, smart healthcare,
smart buildings, and other applications.
The end-user segment is sub-segmented into retail,
transportation & logistics, manufacturing, agriculture, energy &
utilities, healthcare, government & public safety, residential,
enterprises, travel & hospitality, and others. By region, the LoRa and
LoRaWan IoT market is segmented into the Americas, Asia-Pacific, Europe, Middle
East & Africa, and the rest of the world.
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Regional Analysis:
North America is the largest market for LoRa and
LoRaWan IoT tools. Factors such as committed efforts to encourage innovation
and wide-scale use of IoT technologies drive the growth of the LoRa and LoRaWan
IoT market. Besides, the continued development of LoRaWAN networks in this
region accelerates the market shares.
The presence of technology/solutions enablers,
various telecom equipment providers, and the well-established telecom sector in
the region boosts the LoRa & LoRaWan IoT market size. Moreover,
considerable developments and early uptake of LoRa and LoRaWan IoT technology
foster regional market growth. Large defense sectors create opportunities for
the LoRa and LoRaWan IoT market in this region.
The LoRa and LoRaWan IoT market in Europe is a
lucrative space, too. Robust manufacturing and energy & utilities sectors
in most of the countries in the region drive the LoRa and LoRaWan IoT market
demand. Additionally, the large adoption of IoT solutions for use cases,
including environmental monitoring, smart agriculture, and energy management,
offers significant market opportunities.
Germany and the UK, backed by enormous investments
and developments in related technologies, account for significant growth
contributors to the regional market. The increasing use of electronic devices
in industrial, commercial, and residential applications is expected to allow
the regional market to experience huge demand for LoRa and LoRaWan IoT.
The Asia-Pacific LoRa and LoRaWan IoT market is
growing rapidly. The growing urbanization and population increase the adoption
of LoRa and LoRaWan IoT tools, boosting the sales of consumer electronic
products with connectivity features. Also, the rapidly developing economy in this
region increases the use of LoRa and LoRaWan IoT solutions.
Competitive Analysis:
The LoRa and LoRaWan IoT market appears highly
competitive, with the presence of a number of well-established players. Mergers
& acquisitions, brand reinforcement, and innovation remain the key trends
for the leading players. They strive to develop low-cost, compact components,
emphasizing improved hardware and offering after sales services to the
end-users.
Key manufacturers incorporate strategic alliances
with local dealers and manufacturers to expand their business in rapidly
developing countries. Strong players in the market raise the entry barriers for
new entrants. Many suppliers are focusing on developing advanced LoRa and
LoRaWan IoT solutions that can help them keep at the forefront of the
competition.
For instance, on July 18, 2023, Sigfox (France), an
ultra-narrowband IoT network tech, announced that it has officially joined the
LoRa Alliance as a contributing member. Sigfox is driven into the LoRa Alliance
by its new parent, Unabiz, a Singapore-based IoT company. The move is the
firm's first step towards technology convergence. Solutions providers are key
enablers for LoRaWAN adoption and scaled deployments.
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Unabiz's perspective on multi-protocol business
models aligns with the LoRa Alliance's strategy to offer complementary
protocols required to address massive IoT use-case solutions. Unabiz believes
in an open ecosystem and has worked with various IoT technologies.
It wants to give each customer the freedom to
leverage the uniqueness of each LPWAN to capture maximum value from their
massive IoT projects. The company looks forward to contributing to the work of
the LoRa Alliance committees to drive massive IoT with the adoption of LoRaWAN
in its IoT connectivity portfolio, complementing Sigfox, cellular, and
satellite.
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