LoRaWAN Market Size By Component (Hardware [End-node, Gateway, Module], Software, Service [Integration, Maintenance, Training and Consulting]), By Deployment Model (Private, Public, Hybrid), By Application (Smart Gas and Water Metering, Asset tracking, Sm

LoRaWAN Market Size By Component (Hardware [End-node, Gateway, Module], Software, Service [Integration, Maintenance, Training and Consulting]), By Deployment Model (Private, Public, Hybrid), By Application (Smart Gas and Water Metering, Asset tracking, Smart Buildings, Smart Parking, Precision Agriculture, Smart Waste Management, Livestock Monitoring), By End-Use (Healthcare, Agriculture, Logistics and Transportation, Manufacturing, Utilities, Consumer Electronics, Government and Public Sector), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

LoRaWAN Market is poised to depict strong growth during 2023–2032 owing to several benefits offered by the technology for supply chain management, such as the ability to track and monitor expensive goods in real-time and provide real-time data for effective inventory management. In addition, the technology can also be used for tracking the efficiency of industrial machinery, enabling predictive maintenance, minimizing downtime, and increasing process efficiency and cost savings.

Overall, the LoRaWAN industry is segmented in terms of component, deployment model, application, end-use, and region.

Based on the component, the service segment is anticipated to generate over USD 10 billion in revenue. LoRaWAN defines the communication protocol and system architecture for the network. Besides, multiple LoRaWAN-based IoT services can be implemented in an office building to control air conditioners and heating systems, lighting, security, and IoT applications.

Considering the deployment model, the private deployment segment will depict over 40% CAGR through 2032. The segmental growth can be credited to the rising demand for a high degree of control over IoT networks, which assists organizations in customizing network infrastructure as per specific business requirements. This model is specifically relevant for organizations that need high data privacy.

By application, the asset tracking segment is poised to grow in the coming years. Constantly rising demand for LoRaWAN technology in assets tracking applications, given its ability to assist in tracking valuable assets will support the segment expansion. Assets tracking software also improves operational efficiency, lowers the risk of theft or loss, and offers a better customer experience.

In terms of end-use, the government and public sector segment will be valued at over USD 8 billion by 2032. LoRaWAN has been proven to be the best technology, enabling smart cities that combine ICT & IoT for smooth operations & services. In addition, increasing deployment of LoRaWAN technology by the various government organizations and public sector companies will positively favor the segment expansion.

For example, in September 2022, Semtech Corporation announced that Nexity Group and Intent Technologies had integrated Semtech’s LoRa® devices and the LoRaWAN® standard into its Intent Platform. This would help improve quality of service, optimize performance, and reduce the carbon footprint in residential as well as commercial properties.

Regionally, the Asia Pacific LoRaWAN industry is estimated to grow at 40% CAGR during 2023–2032. Increasing focus on reducing the overall cost of IT infrastructure by enterprises experiencing sustained growth due to stable economic growth in major economies, including Japan, China, and India, will positively stimulate the regional market growth.