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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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.
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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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.
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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