LoRa and LoRaWAN IoT Market by Offering (Hardware, Platforms, and Services), Application (Smart Cities, Industrial IoT, Smart Healthcare), End User (Retail, Manufacturing, Healthcare, Energy & Utilities, Residential) and Region - Global Forecast to 2028
[290 Pages Report] 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. The primary factor driving the growth of the LoRa and LoRaWAN IoT market is the increasing government spending and initiatives to establish LoRa and LoRaWAN IoT developments. Governments around the world have launched smart city programs to enhance urban infrastructure and services LoRa and LoRaWAN technologies provide a cost-effective and scalable solution for various smart city applications, such as smart lighting, waste management, parking, and environmental monitoring, driving the growth of the LoRa and LoRaWAN IoT market.
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LoRa and LoRaWAN IoT Market Dynamics
Driver: Rising demand for low-power, long-range wide area network connectivity
Owing to the growth of IoT and the need for cost-effective and scalable solutions, there has been a rising demand for low-power, low-range, wide-area network connectivity. This demand is driven by the need for efficient and reliable communication between devices and the cloud, especially in agriculture, logistics, smart cities, and industrial automation. Low-power, low-range, wide-area network connectivity enables the deployment of large-scale IoT networks while conserving battery life and reducing costs. As a result, several wireless technologies, including LoRaWAN, Sigfox, and NB-IoT, have emerged to meet this demand. Many IoT devices are battery-powered and need to conserve power to ensure long battery life. Low-power, low-range, wide-area network connectivity solutions enable devices to communicate over long distances while preserving battery life, making them ideal for battery-powered IoT applications. These solutions enable large-scale IoT deployments in various industries, enabling businesses to improve efficiency, reduce costs, and enhance the customer experience.
Restraint: Data security and privacy concerns
In today’s world, IoT has become a primary target for cybercriminals, hence security plays a central role in keeping everything in order. The repetitive security incidents on IoT devices represent a rising trend for IoT attacks. As more users become aware of data privacy, data security is becoming a serious concern for every communication protocol. Some of the LoRaWAN IoT devices use easily guessable encryption keys. This makes the network vulnerable to multiple DoS attacks, interception, and data misplacement. The new protocols can be built using a more complex encryption path. Still, companies already operating on LoRaWAN’s older legacy cannot update to the new one due to the network’s limitations. Furthermore, companies don’t have the right capabilities to detect these incidents, making them susceptible to failure and being hacked.
Opportunity: Increase in smart city initiatives worldwide
The increasing use of LoRaWAN technology is contributing to the growth of smart city initiatives by providing connectivity, scalability, cost-effectiveness, real-time data insights, and environmental sustainability. LoRaWAN is ideal for connecting a wide range of IoT devices and sensors over a large area, providing better coverage and insights for smart city applications. The data insights provided by LoRaWAN can be used to make informed decisions and improve city services. Additionally, LoRaWAN contributes to environmental sustainability by providing efficient energy consumption and reducing carbon footprint.
Governments worldwide are increasingly investing in smart city initiatives that leverage LoRaWAN IoT to improve the quality of life for citizens and make cities more sustainable and efficient.
Challenge: Lack of governance
The lack of governance in LoRaWAN IoT refers to issues related to regulating and standardizing LoRaWAN networks and devices. There are no universal standards for LoRaWAN devices and networks, leading to interoperability issues. Different LoRaWAN networks may use different frequencies, data rates, and protocols, making it difficult for devices to communicate with each other. This creates challenges for IoT application development, deployment, and management. LoRaWAN devices and networks are open to security vulnerabilities, such as unauthorized access and data breaches. The lack of standardization and regulation in LoRaWAN IoT can make it difficult to enforce security measures, leaving devices and networks vulnerable to attacks.
LoRa and LoRaWAN IoT Market Ecosystem
The LoRA and LoRaWAN IoT market comprises several hardware manufacturers, network server providers, service providers, system integrators, platform providers, and end users working together to deliver LoRA and LoRaWAN IoT solutions for large-scale IoT deployments.
By end users, the manufacturing segment to hold the largest market size during the forecast period
Manufacturing industries increasingly adopt LoRa and LoRaWAN IoT technologies to transform operations and optimize production processes. These technologies enable real-time machine monitoring, asset tracking, and the creation of smart environments. Manufacturers can minimize downtime, improve inventory management, and achieve energy efficiency by leveraging LoRa and LoRaWAN capabilities. These technologies drive productivity, streamline operations, and foster innovation in the manufacturing sector.
By hardware, the connectivity modules segment is expected to register the fastest growth rate during the forecast period.
Connectivity Modules act as the building blocks of LoRaWAN devices. Connectivity modules help developers to add LoRaWAN connectivity to their devices easily. This reduces the time and effort required to integrate wireless communication capabilities. They also ensure interoperability between different devices and network providers, as modules from different vendors are designed to be compatible with each other. Several companies offering LoRaWAN connectivity modules include Semtech, STMicroelectronics, Murata, and Laird Connectivity.
North America is expected to hold the largest market size during the forecast period.
North America, one of the most technologically advanced regions, has frequently set the pace for global IoT growth. In North America, LoRa and LoRaWAN IoT technology has gained significant traction, with numerous deployments across various industries. As of September 2021, the LoRa Alliance reported over 160 LoRaWAN network operators in the region, indicating a robust and growing ecosystem. One notable application area is in smart cities, where LoRaWAN has been employed in cities such as San Diego, Seattle, and Philadelphia to enable smart lighting, parking management, waste management, and environmental monitoring systems. The frequency range designated to LoRa Technology in the US, Canada and Latin America is 902 to 928 MHz, known as the 915 MHz frequency band.
Market Players:
The major players in the LoRa and LoRaWAN IoT market are 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).These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the LoRa and LoRaWAN IoT market.
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Report Metrics |
Details |
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Market size available for years |
2017-2028 |
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Base year considered |
2022 |
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Forecast period |
2023–2028 |
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Forecast units |
Value (USD) Million/Billion |
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Segments covered |
Offering (Hardware, Platforma, and Services), Application, End User, and Region |
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Region covered |
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
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Companies covered |
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). |
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
- System on Chip
- Connectivity Modules
- Networking Gateways
- Platforms
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Services
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Professional Services
- Consulting
- Deployment and Integration
- Support and Maintenance
- Managed Services
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Professional Services
Based on Application:
- Asset Tracking
- Industrial IoT
- Smart Cities
- Smart Agriculture and Livestock Management
- Smart Buildings
- Smart Healthcare
- Other Applications
Based on End User:
- Retail
- Manufacturing
- Transportation & Logistics
- Agriculture
- Healthcare
- Energy & Utilities
- Government & Public Safety
- Enterprise
- Residential
- Travel & Hospitality
- Other End Users
By Region:
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North America
- United States (US)
- Canada
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Europe
- United Kingdom (UK)
- Germany
- France
- Italy
- Spain
- Nordics
- Rest of Europe
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Asia Pacific
- China
- Japan
- India
- Australia and New Zealand
- South Korea
- Southeast Asia
- Rest of Asia Pacific
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Middle East and Africa
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Middle East
- KSA
- UAE
- Rest of Middle East
- Africa
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Latin America
- Brazil
- Mexico
- Rest of Latin America
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Middle East
Recent Developments
- In January 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 November 2022, Semtech entered a strategic agreement with Amazon Web Services (AWS) to license its LoRa Cloud global navigation satellite system (GNSS) geolocation services..
Frequently Asked Questions (FAQ):
What is the definition of LoRa and LoRaWAN IoT market?
LoRaWAN is a low-power, wide-area networking protocol based on the LoRa radio modulation method, allowing for open, reliable, and economical network deployment. It operates in the Industrial, Scientific, and Medical (ISM) sub-GHz spectrum, which is unlicensed and free to access for network operators and device manufacturers. LoRaWAN is compatible with a wide range of IoT applications.
According to LoRa Alliance, LoRaWAN is a Low Power Wide Area (LPWA) networking protocol designed to wirelessly connect battery-operated ‘things’ to the internet in regional, national, or global networks, and targets key Internet of Things (IoT) requirements such as bi-directional communication, end-to-end security, mobility and localization services.
What is the market size of the LoRa and LoRaWAN IoT market?
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.
What are the major drivers in the LoRa and LoRaWAN IoT market?
The major drivers in LoRa and LoRaWAN IoT market are rising demand for low-power, long-range wide area network connectivity, the need to boost IoT application development, and Increasing focus on cost efficiency.
Who are the key players operating in the LoRa and LoRaWAN IoT market?
The key market players profiled in the LoRa and LoRaWAN IoT market are 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).
Which are the key technology trends prevailing in LoRa and LoRaWAN IoT market?
The integration of LoRa and LoRaWAN IoT with Artificial Intelligence (AI) and Machine Learning (ML) for advanced data analytics and predictive insights. Enhanced security measures, such as hardware-based encryption and secure device provisioning, to address growing concerns around IoT security.
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This research study involved the use of extensive secondary sources, directories, and databases, such as D&B Hoovers and Bloomberg BusinessWeek, to identify and collect information useful for this technical, market-oriented, and commercial study of the global LoRa and LoRaWAN IoT market. Other market-related sources, such as journals and white papers from industry associations, were also considered while conducting the secondary research. Primary sources were mainly industry experts from core and related industries, preferred system developers, service providers, System Integrators (SIs), resellers, partners, and organizations related to the various segments of the industry’s value chain. In-depth interviews were conducted with various primary respondents to obtain and verify critical qualitative and quantitative information and assess the market’s prospects. These respondents included key industry participants, subject matter experts, C-level executives of key market players, and industry consultants.
Secondary Research
In the secondary research process, various secondary sources were referred to for identifying and collecting information for the study. The secondary sources included annual reports, press releases, investor presentations of companies, white papers, certified publications, and articles from recognized associations and government publishing sources. Several journals such as the Institute of Electrical and Electronics Engineers (IEEE), ScienceDirect, ResearchGate, Academic Journals, Scientific. Net, and various telecom and LoRa and LoRaWAN IoT associations/forums, LoRa Alliance, and 3GPP were also referred. Secondary research was mainly used to obtain key information about industry insights, the market’s monetary chain, the overall pool of key players, market classification, and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both market- and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information for the report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the LoRa and LoRaWAN IoT market. The primary sources from the demand side included LoRa and LoRaWAN IoT end users, network administrators/consultants/specialists, Chief Information Officers (CIOs), and subject-matter experts from enterprises and government associations.
The break-up of Primary Research :
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Market Size Estimation
Multiple approaches were adopted for the estimation and forecasting of the LoRa and LoRaWAN IoT market. The first approach involves estimating the market size by summating companies’ revenue generated through LoRa and LoRaWAN IoT hardware, platforms, and services. In this approach for market estimation, we identified the key companies offering LoRa and LoRaWAN IoT by offerings: hardware, platforms, and services.
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.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and break-ups have been determined using secondary sources and verified through primary sources.
LoRa and LoRaWAN IoT Market Size: Botton Up Approach
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LoRa and LoRaWAN IoT Market Size: Top Down Approach
Data Triangulation
After arriving at the overall market size, the overall LoRa and LoRaWAN IoT market was divided into several segments and subsegments. The data triangulation procedures were used to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. 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
LoRaWAN is a low power, wide area networking protocol that is based on the LoRa radio modulation method, allowing for an open, reliable, and economical network deployment. It operates in the Industrial, Scientific, and Medical (ISM) sub-GHz spectrum which is unlicensed and free to access for both network operators and device manufacturers. LoRaWAN is compatible with a wide range of IoT applications.
Key Stakeholders
- Network Server Providers
- Resellers
- Managed Service Providers (MSPs)
- Compliance Regulatory Authorities
- Government Authorities
- LoRa and LoRaWAN IoT Alliances/Groups
Report Objectives
- To determine and forecast the global LoRa and LoRaWAN IoT market by offering (hardware, platforms, and services), application, end user, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
- To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA).
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the LoRa and LoRaWAN IoT market.
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall LoRa and LoRaWAN IoT market.
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the LoRa and LoRaWAN IoT market.
- To profile the key market players; provide a comparative analysis on the basis of business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market.
- In the market, track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (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:
Geographic Analysis
- Further breakup of the Asia Pacific market into countries contributing 75% to the regional market size
- Further breakup of the North American market into countries contributing 75% to the regional market size
- Further breakup of the Latin American market into countries contributing 75% to the regional market size
- Further breakup of the MEA market into countries contributing 75% to the regional market size
- Further breakup of the European market into countries contributing 75% to the regional market size
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in LoRa and LoRaWAN IoT Market