LoRa and LoRaWAN IoT Market Forecasts to 2030 – Global Analysis By Product (Networking gateways, Tracker modules, Transceivers and Other Products), Offering (Hardware, Platforms and Services), Application, End User and By Geography

LoRa and LoRaWAN IoT Market Forecasts to 2030 – Global Analysis By Product (Networking gateways, Tracker modules, Transceivers and Other Products), Offering (Hardware, Platforms and Services), Application, End User and By Geography

According to Stratistics MRC, the Global LoRa and LoRaWAN IoT Market is accounted for $5.4 billion in 2023 and is expected to reach $40.6 billion by 2030 growing at a CAGR of 33.3% during the forecast period. LoRa (Long Range) and LoRaWAN (Long Range Wide Area Network) are technologies used in the IoT (Internet of Things) market. LoRa is a wireless communication protocol known for its long-range and low-power capabilities, making it ideal for connecting IoT devices over extended distances. LoRaWAN is a network protocol that operates on top of LoRa, enabling secure and energy-efficient communication between IoT devices and central servers. Their advantages include long battery life for devices, cost-effectiveness, and suitability for various applications such as smart cities, agriculture, and asset tracking.

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Market Dynamics

Driver

Increasing focus on cost efficiency

LoRa and LoRaWAN technologies offer a cost-effective solution for connecting and managing IoT devices over vast geographic areas. They require minimal power consumption, ensuring long-lasting battery life for IoT sensors and reducing maintenance costs. Moreover, the deployment of LoRaWAN networks often involves lower infrastructure and operational expenses compared to traditional cellular networks. This cost-efficiency is particularly attractive to industries like agriculture, logistics, and smart cities, where the scalability, affordability, and reliability of LoRa and LoRaWAN contribute to accelerated IoT adoption and deployment.

Restraint

Data security and privacy concerns

While these technologies offer cost-effective and efficient connectivity, they may be susceptible to security vulnerabilities if not properly configured and secured. IoT devices often collect sensitive data, and if not adequately protected, they become potential targets for cyberattacks. Additionally, the long-range nature of LoRa and LoRaWAN networks may make them susceptible to eavesdropping and unauthorized access. Addressing these concerns through robust encryption, authentication mechanisms, and security best practices is essential to ensuring the trust and widespread adoption of these technologies, especially in applications where data privacy is paramount.

Opportunity

Rising adoption of intelligent devices

As more industries and consumers embrace smart and connected devices, there is an increasing demand for efficient and cost-effective IoT connectivity solutions. LoRa and LoRaWAN technologies excel at providing the necessary infrastructure for connecting a wide array of intelligent devices, from smart meters and sensors to wearable gadgets and industrial machinery. Their long-range capabilities and energy efficiency make them ideal for accommodating the growing ecosystem of intelligent devices, enabling businesses to optimize operations, enhance data-driven decision-making, and unlock new revenue streams, ultimately propelling the growth of the IoT market.

Threat

Lack of governance

In the absence of standardized regulations and industry-wide governance, there is a risk of fragmentation and interoperability challenges. This can lead to compatibility issues between different LoRa and LoRaWAN deployments, hindering the seamless exchange of data and limiting the scalability of IoT ecosystems. Moreover, the absence of governance may result in inadequate data security and privacy measures, leaving IoT networks vulnerable to breaches.

Covid-19 Impact

The COVID-19 pandemic negatively impacted the LoRa and LoRaWAN IoT market in several ways. Supply chain disruptions led to delays in hardware production and deployment, causing setbacks in project timelines. Many businesses faced financial constraints, resulting in reduced IoT investment, especially among small and medium-sized enterprises. Additionally, lockdowns and restrictions limited on-site installations and maintenance. The uncertain economic environment prompted some organizations to reevaluate IoT budgets, potentially slowing down the market's growth. However, these challenges also highlighted the importance of resilient, cost-effective IoT solutions, making LoRa and LoRaWAN technologies more relevant in a post-pandemic world as businesses seek efficient and adaptable ways to address evolving needs.

The networking gateways segment is expected to be the largest during the forecast period

The networking gateways segment is expected to have lucrative growth in the LoRa and LoRaWAN IoT market. These gateways receive data from LoRa and LoRaWAN-enabled devices, such as sensors and meters, and transmit it securely to central servers or cloud platforms for processing and analysis. They play a pivotal role in extending the range and coverage of IoT networks while ensuring data integrity and security. These gateways are typically equipped with advanced connectivity features and serve as the bridge that enables real-time monitoring, control, and data-driven insights across various industries, making them a fundamental component for the success of LoRa and LoRaWAN IoT deployments.

The healthcare segment is expected to have the highest CAGR during the forecast period

The healthcare segment is anticipated to witness the fastest CAGR growth during the forecast period. These technologies have revolutionized patient care and medical infrastructure. LoRa and LoRaWAN enable the creation of a highly efficient and cost-effective ecosystem for remote patient monitoring, asset tracking, and healthcare facility management. IoT-enabled medical devices, like wearable sensors and vital sign monitors, can transmit patient data securely over long distances to healthcare providers, ensuring timely intervention and reducing hospitalization rates. Additionally, LoRa and LoRaWAN facilitate the tracking of medical assets and equipment in real-time, streamlining inventory management and enhancing the overall efficiency and quality of healthcare services, making them vital components in the modern healthcare landscape.

Region with largest share

During the forecast period, it is expected that the North American LoRa and LoRaWAN IoT market will continue to hold a majority of the market share. The region's advanced infrastructure and focus on IoT applications across various sectors, including smart cities, agriculture, and industrial automation, have propelled the growth of LoRa and LoRaWAN technologies. The presence of numerous tech startups, established companies, and research institutions has fostered a vibrant IoT ecosystem. Moreover, regulatory support, coupled with substantial investments in IoT deployments, ensures North America remains at the forefront of these technologies, making it a key driver in shaping the landscape of LoRa and LoRaWAN IoT solutions.

Region with highest CAGR

Asia Pacific is projected to have the highest CAGR over the forecast period due to its robust technological advancements and rapidly growing IoT adoption. With its vast and diverse markets, Asia-Pacific offers immense growth potential for these technologies. Industries across the region, including agriculture, logistics, smart cities, and industrial automation, are increasingly adopting LoRa and LoRaWAN solutions to enhance operational efficiency and connectivity. Additionally, government initiatives promoting smart infrastructure and IoT-driven innovation further bolster their adoption. Asia-Pacific's dynamic ecosystem, coupled with the need for cost-effective and scalable IoT solutions, positions it as a pivotal player in shaping the future of LoRa and LoRaWAN IoT deployments.

Key players in the market

Some of the key players in LoRa and LoRaWAN IoT Market include Actility, Advantech Co., Ltd., Amazon Web Services, Inc. (Amazon.com, Inc.), Bosch Sensortec GmbH (Robert Bosch GmbH), CISCO, Datacake GmbH, DIGI International, Kerlink, Laird Connectivity, Murata, NEC Corporation, Nwave Technologies, Inc., Orange S.A., RAKwireless Technology Limited, Semtech Corporation, Senet, Sensoterra and Tata communications limited (Tata Group).

Key Developments

In March 2023, Sierra Wireless and Orange entered a partnership to provide enhanced connectivity to its users and bolster Smart Connectivity services.

In January 2023, Comcast and Toto deployed its Machine Q platform to install IOT products in smart restroom across high-traffic public restroom.

In October 2022, Semtech entered a strategic agreement with Amazon Web Services (AWS) to license its LoRa Cloud global navigation satellite system (GNSS) geolocation services.

Products Covered
• Networking gateways
• Tracker modules
• Transceivers
• Other Products

Offerings Covered
• Hardware
• Platforms
• Services

Applications Covered
• Asset Tracking
• Industrial IoT
• Smart Cities
• Smart Agriculture and Livestock Management
• Smart Buildings
• Smart Healthcare
• Other Applications

End Users Covered
• Retail
• Manufacturing
• Transportation & Logistics
• Agriculture
• Healthcare
• Energy & Utilities
• Government & Public Safety
• Enterprise
• Residential
• Travel & Hospitality
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements