PUBLISHER: The Business Research Company | PRODUCT CODE: 1619703
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619703
Long-range (LoRa) and long-range wide-area network (LoRaWAN) Internet of Things (IoT) refer to a low-power, long-range wireless communication protocol and its associated network architecture, designed for connecting battery-operated devices in IoT applications over vast distances. These technologies are mainly used for deploying smart sensors and devices in areas such as smart cities, agriculture, industrial monitoring, and environmental sensing, enabling efficient data transmission across large areas while consuming minimal power.
The main components of LoRa and LoRaWAN IoT include hardware, platforms, and services. Hardware consists of physical devices and equipment, such as sensors, gateways, transceivers, antennas, and modems, which facilitate communication, data transmission, and network infrastructure support for various IoT applications. LoRa and LoRaWAN IoT offer network deployment options such as public networks, private networks, and hybrid networks. Applications range from asset tracking and the industrial Internet of Things to smart cities, smart buildings, smart utilities, smart healthcare, smart agriculture, and livestock management, among others. The end users span a variety of sectors, including manufacturing, transportation and logistics, energy and utilities, agriculture, government and public safety, healthcare, retail, residential, and more.
The LoRa and LoRaWAN internet of things market research report is one of a series of new reports from The Business Research Company that provides LoRa and LoRaWAN internet of things market statistics, including LoRa and LoRaWAN internet of things industry global market size, regional shares, competitors with a LoRa and LoRaWAN internet of things market share, detailed LoRa and LoRaWAN internet of things market segments, market trends and opportunities, and any further data you may need to thrive in the LoRa and LoRaWAN internet of things industry. This LoRa and LoRaWAN internet of things market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The LoRa And LoRaWAN internet of things market size has grown exponentially in recent years. It will grow from $5.93 billion in 2023 to $8.06 billion in 2024 at a compound annual growth rate (CAGR) of 36.0%. The growth in the historic period is due to the initial development and standardization of technologies, a growing interest in Internet of Things applications, low power consumption, scalability, cost-effectiveness, and low-power communication technologies that can cover large areas.
The LoRa And LoRaWAN internet of things market size is expected to see exponential growth in the next few years. It will grow to $27.66 billion in 2028 at a compound annual growth rate (CAGR) of 36.1%. The growth in the forecast period is attributed to urbanization, the development of smart cities, waste management, government initiatives and supportive regulations, and an increasing demand for real-time data. Key trends during this period include technological advancements, regional expansion, partnerships and ecosystem development, the rise of smart agriculture, and integration with other technologies.
The growing number of connected devices is anticipated to drive the expansion of the LoRa and LoRaWAN Internet of Things (IoT) market in the coming years. Connected devices are tangible objects linked to a network that allows them to collect, share, and act on data. Several factors contribute to the rise of connected devices, including advancements in wireless communication, reduced costs, industrial adoption, and enhanced security and privacy measures. LoRa and LoRaWAN facilitate long-range, low-power communication for IoT-connected devices, allowing for efficient data transmission over extensive areas. For example, a report released by Ericsson, a telecommunications company based in Sweden, stated that total IoT connections reached 15.7 billion in 2023 and are projected to grow by 16% to 38.8 billion by 2029. Consequently, the increase in connected devices is fueling the growth of the LoRa and LoRaWAN IoT market.
Leading companies in the LoRa and LoRaWAN IoT market are focusing on developing innovative solutions, such as advanced LoRaWAN connectivity solutions, to deliver secure, scalable, and simplified end-to-end communication. Long-Range Wide-Area Network (LoRaWAN) connectivity solutions provide low-power, wide-area network communication for IoT devices, allowing for long-range transmission of small amounts of data with minimal energy consumption. For instance, in June 2024, Digi International Inc., a US-based IoT company, launched the Digi XBee IoT Solution for LoRaWAN, which is designed for rapid deployment and scalability in IoT applications. This solution enables seamless integration for quick and scalable IoT deployments while minimizing the complexities associated with managing multiple vendor devices, ensuring reliable, long-term support. This launch underscores Digi's commitment to addressing industry challenges and fostering IoT innovation.
In January 2023, Semtech Corporation, a US-based semiconductor manufacturing company, acquired Sierra Wireless for $1.2 billion. The acquisition aims to establish a comprehensive IoT platform by combining the ultra-low power advantages of LoRa with the higher bandwidth capabilities of cellular technology. This strategic move expands Semtech's IoT market opportunities and supports the transformation to a smarter, more sustainable planet. Sierra Wireless is a Canada-based company that specializes in wireless data communications equipment, including LoRa and LoRaWAN-based IoT devices.
Major companies operating in the lora and lorawan internet of things market are Comcast Corporation, Amazon Web Services Inc., Cisco Systems Inc., Orange SA, NEC Corporation, SK Telecom, Murata Manufacturing Co. Ltd., Advantech Co. Ltd., Tata Communications Limited, Semtech Corporation, Digi International, Multi-Tech Systems Inc., Exosite, Kerlink, Actility SA, RAKwireless, Milesight Technology, Orbiwise SA, Datacake, LORIOT AG, Radio Bridge Inc, Sensoterra, TheThings.io, Netmore Group
North America was the largest region in the LoRa And LoRaWAN internet of things market in 2023. The regions covered in the lora and lorawan internet of things market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the lora and lorawan internet of things market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The LoRa and LoRaWAN internet of things market consists of revenues earned by entities by providing services such as network infrastructure, network connectivity services, consulting services, and deploying applications. The market value includes the value of related goods sold by the service provider or included within the service offering. The LoRa and LoRaWAN internet of things market also includes sales of sensors, meters, gateways, base stations, and network servers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
LoRa And LoRaWAN Internet Of Things Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on LoRa and LoRaWAN internet of things market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for LoRa and LoRaWAN internet of things ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The LoRa and LoRaWAN internet of things market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.