LoRa and LoRaWAN IoT Market worth $25.5 billion by 2028- Exclusive Report by MarketsandMarkets™
CHICAGO, May 26, 2023 /PRNewswire/ -- Because of rising need for long-range, low-power connectivity, developing infrastructure, technology integration, standardisation efforts, and widespread acceptance, the LoRa and LoRaWAN IoT industry has a bright future. Growth will be further fuelled and various IoT applications across industries enabled by ongoing innovation and cost reduction.
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, according to a new report by MarketsandMarkets™. Governments collaborate with private organizations, 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.
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Scope of the Report
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.
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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.
Top Key Companies in LoRa and LoRaWAN IoT Market:
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).
LoRa and LoRaWAN IoT Market Advantages:
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