LoRa and LoRaWAN IoT Market Size, Share, Growth, Trends and Forecast – 2028
According to a research report “LoRa and LoRaWAN IoT Market Report by Offering (Hardware, Platforms, and Services), Application (Smart Cities, Industrial IoT, Smart Healthcare), End User (Retail, Manufacturing, Healthcare, Energy & Utilities, Residential) and Region – Global Forecast to 2028″ published by MarketsandMarkets, the LoRa and LoRaWAN IoT market is estimated at USD 5.6 billion in 2023 and is projected to reach USD 25.5 billion by 2028, at a CAGR of 35.3% from 2023 to 2028. Governments collaborate with private organizatisons, research institutions, and industry associations to develop IoT ecosystems and drive innovation. These partnerships often involve joint projects, knowledge sharing, and the establishment of testbeds and pilot programs. Governments foster the development and adoption of LoRa and LoRaWAN IoT solutions by actively engaging with the private sector across different industries.
By application, Industrial IoT applications are estimated to account for the largest market share in 2023.
LoRa and LoRaWAN IoT technologies have transformed industrial IoT (IIoT) applications by enabling long-range wireless communication in industrial settings. These technologies are crucial in enhancing operational efficiency, productivity, and safety. LoRa and LoRaWAN facilitate remote asset monitoring, where sensors equipped with LoRa technology collect data on various parameters, optimizing maintenance schedules and minimizing downtime. They also support predictive maintenance strategies by continuously monitoring equipment conditions and detecting potential failures in real time. Additionally, LoRaWAN enables wireless communication between industrial sensors and control systems, allowing for automation and remote control of equipment and processes. Overall, adopting LoRa and LoRaWAN in IIoT has revolutionized industrial operations, leading to improved efficiency, optimized maintenance, and increased safety in industrial sectors.
Managed services are expected to register the fastest growth rate during the forecast period.
Managed services are considered crucial, as they directly relate to customer experience. These services help sustain their positions in the market. LoRaWAN IoT managed services refer to the outsourced management of LoRaWAN IoT devices and networks by a third-party service provider. Managed services enable organizations to reduce the burden of managing their IoT networks in-house and can provide access to expertise and resources that may not be available internally. Additionally, managed services can offer scalability and flexibility, allowing organizations to easily adjust their IoT networks to meet changing demands of the end users.
Asia Pacific is likely to emerge as the fastest-growing market during the forecast period
It is expected to witness the highest CAGR during the forecast period. China has witnessed immense industrial growth and is the world’s manufacturing capital. Government initiatives to promote the digital infrastructure are also driving the adoption of LoRa and LoRaWAN IoT in the region. Asia Pacific is known for its vibrant technology ecosystem and innovation hubs. The region is home to numerous startups, technology providers, research institutions, and accelerators actively developing and implementing IoT solutions based on LoRa and LoRaWAN technology. Industry collaboration among network operators, technology providers, and solution developers drives interoperability and standardization efforts, facilitating seamless integration and scalability of LoRa and LoRaWAN IoT solutions in the region.
Market Players
The major vendors covered in the LoRa and LoRaWAN IoT market include Cisco (US), NEC Corporation (Japan), Tata Communications (India), Semtech (US), Orange SA (France), Advantech (Taiwan), Comcast (US), AWS (US), Bosch (Germany), Murata (Japan), Laird Connectivity (US), Kerlink (France), Senet (US), Actility (France), Sensoterra (Netherlands), DIGI International (US), Nwave Technologies (UK), RAKwireless (China), thethings.io (Spain), Datacake (Germany), MultiTech (US), Milesight (China), LORAIOT (Switzerland), Exosite (US), and OrbiWise (Switzerland).
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
