LoRa and LoRaWAN IoT Market by Offering (Hardware, Platforms, Services), Application (Industrial IoT, Smart Cities, Asset Tracking), End User (Manufacturing, Retail, Energy & Utilities), Network Deployment and Region - Global Forecast to 2029
[294 Pages Report] The global LoRa and LoRaWAN IoT market size is projected to grow from USD 8.0 billion in 2024 to USD 32.7 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 32.4% during the forecast period. The affordability and scalability of LoRa and LoRaWAN technologies drive their growth in the IoT market. Thanks to its simple hardware requirements and efficient communication protocols, LoRa technology's ability to enable the development of low-cost IoT devices and sensors is pivotal. This affordability expands the accessibility of IoT solutions across various industries and applications, particularly benefiting those with budget constraints or limited resources. Furthermore, LoRaWAN's scalable architecture facilitates the deployment of massive IoT networks, accommodating thousands to millions of devices. This scalability is crucial for IoT applications requiring widespread coverage and large-scale deployment, such as smart cities, industrial automation, and supply chain management. As a result, the combination of low-cost device development and scalable network deployment capabilities positions LoRa and LoRaWAN as key enablers for driving IoT adoption across diverse sectors, fueling their continued growth and market penetration.
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Driver: Rising demand for low-power, long-range, wide-area network connectivity
As the number of connected devices explodes, the need for efficient communication solutions such as LPWANs also increases. Many governments are backing smart city initiatives and infrastructure projects, often relying on LPWANs. Improvements in LPWAN technologies, including LoRaWAN and NB-IoT, promise better range, data rates, and security. The low-power, long-range, and wide-area coverage offered by LPWANs helps to address a critical need in the expanding world of IoT. This technology is poised to play a vital role in connecting devices and enabling innovative applications across various industries. Sensors monitoring traffic flow, parking availability, and environmental conditions can all benefit from LoRaWAN connectivity. It also helps to monitor soil moisture, crop health, and irrigation systems in remote fields.
Restraint: Interoperability issues
Interoperability issues in the LoRa and LoRaWAN IoT market refer to the challenges businesses face when their devices, such as sensors or gateways, can't easily communicate or work together due to differences in how they're made or programmed. This can happen because different companies may interpret or use the technology differently. When devices from one company don't "talk" well with those from another, it can slow down or stall IoT projects, making it harder for businesses to expand or switch suppliers. It's like trying to make pieces from different puzzle sets fit together—they might not align perfectly, causing frustration and extra work for businesses.
Opportunity: Increasing smart city initiatives worldwide
LoRaWAN technology provides connectivity, scalability, cost-effectiveness, real-time data insights, and environmental sustainability, contributing to the growth of smart city initiatives. LoRaWAN provides better coverage and insights for smart city applications, making it ideal for connecting a wide range of IoT devices and sensors over a large area. These insights are used to make informed decisions and improve city services. Additionally, LoRaWAN provides efficient energy consumption and reduces carbon footprint, contributing to environmental sustainability.
Governments worldwide are increasingly investing in smart city initiatives leveraging LoRaWAN IoT to improve the quality of life for citizens and make cities more sustainable and efficient. The EU has funded several LoRaWAN-based smart city projects, such as the CityFlows project in Amsterdam, which uses LoRaWAN-enabled sensors to monitor and manage urban traffic flow. The US Department of Transportation's Smart City Challenge funded several cities to develop smart city solutions for transportation. Additionally, the National Institute of Standards and Technology (NIST) has developed a Smart City Framework that provides guidelines and best practices for developing smart city solutions. The Chinese government's Smart City 3.0 initiative includes the development of smart city solutions for transportation, energy, and public safety. The Chinese government has invested heavily in LoRaWAN infrastructure to deploy over 600,000 LoRaWAN base stations by 2025.
Challenge: Lack of governance
LoRaWAN faces challenges due to a lack of governance, as there are no universally enforced rules or standards for LoRaWAN devices and networks. Different LoRaWAN networks might use varying frequencies, data rates, and protocols, making it difficult for devices to connect and share data across different networks. These issues can hinder the growth and adoption of LoRaWAN in the long run.
The lack of governance in LoRaWAN IoT can also lead to privacy concerns. LoRaWAN devices can collect sensitive data, such as location data and personal information, which can be used for unauthorized purposes if not properly secured. As LoRaWAN networks and devices become more prevalent, there is a growing need for regulatory compliance. However, the lack of governance in LoRaWAN IoT can make it difficult to enforce regulations and standards, leading to potential legal and ethical issues.
Ecosystem Of LoRa and LoRaWAN IoT Market
The prominent players in the LoRa and LoRaWAN IoT market include The Bosch Group (Germany), Cisco (US), Orange SA (France), and Comcast Corp. (US) and so on. These companies have been operating in the market for several years and possess a diversified product portfolio and state-of-the-art technologies with a well-established geographic footprint.
"By application, asset tracking segment to hold the largest market size during the forecast period.”
LoRa-based asset tracking solutions offer hospitals and healthcare facilities a powerful tool to enhance operational efficiency and patient care delivery. By providing real-time visibility into the location and availability of critical resources like beds, medical equipment, and staff, these solutions enable healthcare providers to optimize resource utilization and streamline workflow processes. For instance, staff can quickly locate available equipment or personnel, reducing delays in patient care and improving response times during emergencies. Moreover, the ability to monitor asset utilization trends over time allows for proactive resource allocation and planning, ensuring that resources are allocated efficiently to meet patient demand. This not only enhances patient flow management and reduces wait times but also contributes to overall patient satisfaction by providing a smoother and more responsive healthcare experience. Additionally, by minimizing the risk of asset loss or misplacement, LoRa-based asset tracking solutions help hospitals save costs associated with asset replacement and improve compliance with regulatory requirements, ultimately fostering a safer and more efficient healthcare environment.
“Healthcare segment is expected to have the fastest growth rate during the forecast period.”
In the realm of healthcare, LoRaWAN's capability to enable remote patient monitoring solutions revolutionizes the way vital signs are collected and managed. By leveraging LoRaWAN, healthcare providers can seamlessly collect critical patient data in real time, including heart rate, blood pressure, and glucose levels, without the need for patients to physically visit healthcare facilities. This remote monitoring approach empowers healthcare professionals to detect potential health issues early, allowing for proactive intervention and timely medical care. As a result, patients benefit from improved health outcomes, reduced risks of complications, and enhanced quality of life. Moreover, by minimizing the need for frequent hospital visits, LoRaWAN-based remote patient monitoring solutions alleviate the burden on healthcare facilities, reduce healthcare costs, and optimize resource allocation. Ultimately, the integration of LoRaWAN into remote patient monitoring systems not only enhances patient care but also contributes to the overall efficiency and sustainability of the healthcare ecosystem.
“North America to have the largest market size during the forecast period.”
In North America, the Industrial Internet of Things (IIoT) is witnessing a significant surge in adoption across industries, driven by the compelling advantages it offers. Industries are increasingly leveraging IIoT solutions to enhance operational efficiency, streamline supply chains, and implement predictive maintenance strategies. In this landscape, LoRa and LoRaWAN technologies play a pivotal role by providing cost-effective connectivity solutions for industrial sensors and devices. These technologies enable real-time monitoring and control of manufacturing processes, asset tracking, and logistics management, thereby facilitating streamlined operations and optimized resource utilization. Moreover, governmental support at the federal, state, and local levels further accelerates the adoption of IoT initiatives, including grants, incentives, and regulatory frameworks. This support fosters investment in IoT infrastructure and encourages widespread adoption of LoRa and LoRaWAN technologies across various sectors, propelling the region's IoT ecosystem towards further growth and innovation.
LoRa and LoRaWAN IoT Companies:
The major players in the LoRa and LoRaWAN IoT market are The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US),NEC Corporation (Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and enhancements, and acquisitions to expand their LoRa and LoRaWAN IoT market footprint.
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Report Metrics |
Details |
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Market size available for years |
2018-2029 |
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Base year considered |
2023 |
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Forecast period |
2024–2029 |
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Forecast units |
Value (USD Billion) |
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Segments Covered |
Offering, Network Deployment, Application, End User, and Region |
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Region covered |
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. |
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List of Companies in LoRa and LoRaWAN IoT |
The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). |
This research report categorizes the LoRa and LoRaWAN IoT market to forecast revenues and analyze trends in each of the following submarkets:
Based on Offering:
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Hardware
- Sensors
- System on Chip
- Networking Gateways
- Other Hardware (Actuators, External Antennas, And Servers)
- Platforms
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Services
-
Professional Services
- Consulting
- Deployment & Integration
- Support & Maintenance
- Managed Services
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Professional Services
Based onNetwork Deployment:
- Public Network
- Private Network
- Hybrid Network
Based on Application:
- Asset Tracking
- Industrial IoT
- Smart Cities
- Smart Buildings
- Smart Utilities
- Smart Healthcare
- Smart Agriculture & Livestock Management
- Other Applications (Space Utilization and Disaster Management & Emergency Response)
Based on End User:
- Manufacturing
- Transportation & Logistics
- Energy & Utilities
- Agriculture
- Government & Public Safety
- Healthcare
- Retail
- Residential
- Other End Users (Travel & Hospitality, Construction & Mining, Education, and Sports)
By Region:
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North America
- United States (US)
- Canada
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Europe
- United Kingdom (UK)
- Germany
- France
- Italy
- Spain
- Nordic countries
- Rest of Europe
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Asia Pacific
- China
- Japan
- India
- South Korea
- Australia & New Zealand
- South Korea
- Southeast Asia
- Rest of Asia Pacific
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Middle East & Africa
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GCC Countries
- Kingdom of Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of GCC Countries
- South Africa
- Rest of the Middle East & Africa
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GCC Countries
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Latin America
- Brazil
- Mexico
- Rest of Latin America
Recent Developments
- In January 2024, LORIOT signed a partnership agreement with SYSCOM to extend the LoRaWAn ecosystem in Latin America. The partnership enabled both companies to expand their reach globally and collaborate on end-to-end solutions, fulfilling the growing IoT solutions demand in the Latin American region.
- In July 2023, MachineQ, a subsidiary of Comcast Corporation, launched new active RFID asset tracking tags for indoor positioning, along with a new IoT occupancy monitoring solution, which is an extension of its hybrid Bluetooth Low Energy (BLE) and LoRaWAN real-time location system (RTLS) combo-solution. The tags provide real-time location, sub-room level accuracy, and long battery life and are suitable for applications such as asset tracking in various fields
- In May 2023, Cisco and NTT announced a collaboration to develop and deploy joint solutions to enhance operational efficiencies and sustainability goals. The companies will deliver solutions that combine NTT’s Managed Services expertise, automation capabilities at the edge, and management of complex IT environments with Cisco’s IoT capabilities, including LoRaWAN.
Frequently Asked Questions (FAQ):
What is the definition of the LoRa and LoRaWAN IoT market?
LoRa (Long Range) technology is a wireless communication protocol designed for long-range, low-power communication between IoT devices. LoRaWAN (Long Range Wide Area Network) is a networking protocol built on top of LoRa, enabling secure bi-directional communication, efficient power management, and long-range connectivity for IoT devices. Together, they form a comprehensive ecosystem for IoT applications, providing a robust solution for various industries such as smart cities, agriculture, industrial automation, and asset tracking. The LoRa and LoRaWAN market encompasses hardware manufacturers, network operators, application developers, and service providers, driving innovation and deployment of scalable IoT solutions worldwide.
What is the market size of the LoRa and LoRaWAN IoT market?
The LoRa and LoRaWAN IoT market is estimated at USD USD 8.0 billion in 2024 to USD 32.7 billion by 2029, at a Compound Annual Growth Rate (CAGR) of 32.4 % from 2024 to 2029.
What are the major drivers in the LoRa and LoRaWAN IoT market?
The major drivers in the LoRa and LoRaWAN IoT market are the rising demand for low-power, long-range, wide-area network connectivity and advancements in IoT technologies.
Who are the key companies operating in the LoRa and LoRaWAN IoT market?
The key companies profiled in the LoRa and LoRaWAN IoT market are The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US).
What are the key technology trends prevailing in the LoRa and LoRaWAN IoT market?
The key technology trends in LoRa and LoRaWAN IoT include IoT, 5G, Cloud computing. .
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This research study involved the extensive use of secondary sources, directories, and databases, such as Dun & Bradstreet (D&B) Hoovers and Bloomberg BusinessWeek, to identify and collect information useful for a technical, market-oriented, and commercial study of the LoRa and LoRaWAN IoT market. The primary sources have been mainly industry experts from the core and related industries and preferred suppliers, manufacturers, distributors, service providers, technology developers, alliances, and organizations related to all segments of the value chain of this market. In-depth interviews have been conducted with various primary respondents, including key industry participants, subject matter experts, C-level executives of key market players, and industry consultants to obtain and verify critical qualitative and quantitative information.
Secondary Research
The market for companies offering LoRa and LoRaWAN IoT solutions and services to different verticals has been estimated and projected based on the secondary data made available through paid and unpaid sources, as well as by analyzing their product portfolios in the ecosystem of the LoRa and LoRaWAN IoT market. It also involved rating company products based on their performance and quality. In the secondary research process, various sources such as the Institute of Electrical and Electronics Engineers (IEEE), ScienceDirect, ResearchGate, Academic Journals, Scientific.net have been referred to for identifying and collecting information for this study on the LoRa and LoRaWAN IoT industry. The secondary sources included annual reports, press releases, investor presentations of companies, white papers, journals, certified publications and articles by recognized authors, directories, and databases. Secondary research has been mainly used to obtain key information about the supply chain of the market, the total pool of key players, market classification, segmentation according to industry trends to the bottommost level, regional markets, and key developments from both market- and technology-oriented perspectives that have been further validated by primary sources.
Primary Research
In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, including Chief Experience Officers (CXOs); Vice Presidents (VPs); directors from business development, marketing, and product development/innovation teams; related key executives from LoRa and LoRaWAN IoT solution vendors, SIs, professional service providers, and industry associations; and key opinion leaders. Primary interviews were conducted to gather insights, such as market statistics, revenue data collected from solutions and services, market breakups, market size estimations, market forecasts, and data triangulation. Primary research also helped in understanding various trends related to technologies, applications, deployments, and regions. Stakeholders from the demand side, such as Chief Information Officers (CIOs), Chief Technology Officers (CTOs), Chief Strategy Officers (CSOs), and end users using LoRa and LoRaWAN IoT solutions, were interviewed to understand the buyer’s perspective on suppliers, products, service providers, and their current usage of LoRa and LoRaWAN IoT solutions which would impact the overall LoRa and LoRaWAN IoT market.
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LoRa and LoRaWAN IoT Market Size Estimation
Multiple approaches were adopted to estimate and forecast the size of the LoRa and LoRaWAN IoT industry. The first approach involves estimating market size by summing up the revenue generated by companies through the sale of LoRa and LoRaWAN IoT offerings.
Both top-down and bottom-up approaches were used to estimate and validate the total size of the LoRa and LoRaWAN IoT market. These methods were extensively used to estimate the size of various segments in the market. The research methodology used to estimate the market size includes the following:
- Key players in the market have been identified through extensive secondary research.
- In terms of value, the industry’s supply chain and market size have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakups have been determined using secondary sources and verified through primary sources.
Market Size Estimation Methodology-Bottom-up approach
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Market Size Estimation Methodology-Top-Down Approach
Data Triangulation
After arriving at the overall market size, the LoRa and LoRaWAN IoT market was divided into several segments and subsegments. A data triangulation procedure was used to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, wherever applicable. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with data triangulation and market breakdown, the market size was validated by the top-down and bottom-up approaches.
Market Definition
LoRa (Long Range) and LoRaWAN (Long Range Wide Area Network) represent a significant segment in the Internet of Things (IoT) market, offering low-power, long-range communication solutions ideal for various applications. LoRa technology provides the physical layer for long-distance communication, while LoRaWAN offers the protocol and network architecture for secure and scalable connectivity across vast geographic areas. This combination is particularly suited for smart city initiatives, industrial automation, agriculture, and environmental monitoring, where devices need to operate with minimal power consumption while maintaining reliable data transmission over several kilometers. The LoRa and LoRaWAN market is driven by the growing demand for efficient, cost-effective IoT networks that can support a wide range of devices and applications, fostering innovation and operational efficiencies across numerous sectors.
Key Stakeholders
- Manufactures and Vendors
- Network Operators
- Application Developers
- System Integrators (SIs)
- End-Users and Enteprises
- Standardization Bodies and Alliances
- Investment Firms
- LoRa and LoRaWAN IoT Alliances/Groups
Report Objectives
- To determine, segment, and forecast the LoRa and LoRaWAN IoT market by offering, technology, end use, and region in terms of value
- To forecast the size of the market segments with respect to 5 main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
- To study the complete value chain and related industry segments and perform a value chain analysis of the market landscape
- To strategically analyze the macro and micro-markets with respect to individual growth trends, prospects, and contributions to the total market
- To analyze the industry trends, pricing data, patents, and innovations related to the market
- To analyze the opportunities for stakeholders by identifying the high-growth segments of the market
- To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies
- To track and analyze competitive developments, such as mergers & acquisitions, product launches & developments, partnerships, agreements, collaborations, business expansions, and R&D activities
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
- Country-wise information
- Analysis for additional countries (up to five)
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in LoRa and LoRaWAN IoT Market