How Has the LoRa And LoRaWAN Internet Of Things Market Evolved Historically and What is its Current Size?
The lora and lorawan internet of things market has seen considerable growth due to a variety of factors.
• The market size of LoRa and LoRaWAN internet of things has seen rapid expansion over the past few years. It is predicted to increase from $8.06 billion in 2024 to $10.98 billion in 2025, forecasting a compound annual growth rate (CAGR) of 36.3%.
Factors contributing to this growth during the historic period include early development and standardization, heightened interest in internet of things applications, low energy usage, scalability and affordability, and low-power communication technologies with the capacity to cover vast areas.
What is the Forecasted Market Size and CAGR for the LoRa And LoRaWAN Internet Of Things Market?
The lora and lorawan internet of things market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions indicate that the market size for the LoRa and LoRaWAN Internet of Things will experience substantial growth in the coming years, with an expected value of $37.6 billion by 2029 and a compound annual growth rate (CAGR) of 36.0%.
Factors contributing to this projected growth during the forecast period include urbanization, the emergence of smart cities, waste management efforts, government-backed initiatives and beneficial regulations, and an increasing demand for real-time information. Anticipated trends during this period encompass technological progress, expansion into new regions, partnerships and the growth of ecosystems, smart farming, and the incorporation of other technologies.
What Key Factors and Trends Are Driving The Growth LoRa And LoRaWAN Internet Of Things Market?
The growth of the LoRa and LoRaWAN Internet of Things (IoT) market is anticipated to be spurred by the surge in connected devices. These devices are physical entities connected to a network that allows them to interact, exchange, and act upon data. The increasing prominence of connected devices is attributed to a variety of factors, including advances in wireless communication, reduced costs, industrial adoption, and enhanced security and privacy. LoRa and LoRaWAN provide efficient long-range, low-power communication for IoT connected devices, streamlining data transmission over large areas. For instance, Ericsson, a telecommunications company based in Sweden, reported that total IoT connections had climbed to 15.7 billion in 2023 and were predicted to rise by 16% to 38.8 billion by 2029. Consequently, the burgeoning number of connected devices is propelling the growth of the LoRa and LoRaWAN IoT market.
What Are The Market Segments In The LoRa And LoRaWAN Internet Of Things Market?
The LoRa And LoRaWAN internet of thingsmarket covered in this report is segmented –
1) By Offering: Hardware, Platforms, Services
2) By Network Deployment: Public Network, Private Network, Hybrid Network
3) By Application: Asset Tracking, Industrial Internet Of Things, Smart Cities, Smart Buildings, Smart Utilities, Smart Healthcare, Smart Agriculture And Livestock Management, Other Applications
4) By End User: Manufacturing, Transportation And Logistics, Energy And Utilities, Agriculture, Government And Public Safety, Healthcare, Retail, Residential, Other End Users
Subsegments:
1) By Hardware: LoRa Modules, End Devices, Gateways, Antennas
2) By Platforms: Network Management Platforms, Application Development Platforms, Analytics Platforms, Security Platforms
3) By Services: Network Deployment Services, Consulting Services, Managed Services, Training and Support Services
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Which Emerging Market Trends Are Altering The LoRa And LoRaWAN Internet Of Things Industry?
Leading enterprises within the LoRa and LoRaWAN Internet of Things (IoT) marketplace are prioritizing the creation of pioneering solutions, like superior LoRaWAN connectivity solutions, to deliver a protected, scalable, and easy-to-use comprehensive solution. The LoRaWAN connectivity solutions offer low-power, wide-area communication for IoT devices, making it possible for the long-distance transmission of minimal data with reduced energy usage. For example, in June 2024, the U.S. IoT firm, Digi International Inc., introduced the Digi XBee IoT Solution for LoRaWAN, which is specifically formulated for swift deployment and scalability in IoT environments. The solution aims at smooth integration, facilitating rapid and scalable IoT deployments. It simplifies the management of devices from various vendors and provides reliable, long-term support. This introduction demonstrates Digi's dedication to overcome industry obstacles and push IoT advancements ahead.
Who Are the Key Players In The LoRa And LoRaWAN Internet Of Things Market?
Major companies operating in the LoRa And LoRaWAN internet of things market are:
• Comcast Corporation
• Amazon Web Services Inc.
• Cisco Systems Inc.
• Orange SA
• NEC Corporation
• SK Telecom
• Murata Manufacturing Co. Ltd.
• Advantech Co. Ltd.
• Tata Communications Limited
• Semtech Corporation
• Digi International
• Multi-Tech Systems Inc.
• Exosite
• Kerlink
• Actility SA
• RAKwireless
• Milesight Technology
• Orbiwise SA
• Datacake
• LORIOT AG
• Radio Bridge Inc.
• Sensoterra
• TheThings.io
• Netmore Group
What Are The Regional Insights Into The LoRa And LoRaWAN Internet Of Things Market?
North America was the largest region in the LoRa And LoRaWAN internet of things market in 2024. The regions covered in the LoRa And LoRaWAN internet of things market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
