The Global LoRa and LoRaWAN IoT Market size is expected to reach $48.4 billion by 2030, rising at a market growth of 36.8% CAGR during the forecast period.
Industrial IoT utilizes LoRa and LoRaWAN technologies as it enables applications that empower large industrial segments to adapt and respond with reduced operational costs, worker safety, and environmental & social governance to remain relevant and profitable in a rapidly digitizing world. Therefore, Industrial IoT would register 2/5thshare of the market by 2030. LoRaWAN operates by installing gateways on-site; a modest terminal can be covered by a handful of gateways and supported by tens of thousands of IoT sensors. Owning these gateways is equivalent to owning the network, which gives the IT department complete control over all network parameters. Also, a well-planned wireless deployment with LoRa and LoRaWAN enables the expansion or redeployment of infrastructure without interruption.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2020, Datacake came into partnership with Ursalink to simplify LoRaWAN® IoT solution deployments. Additionally, by combining the whole line of Ursalink LoRaWAN® end devices, users could simply add Ursaink devices to the Datacake IoT platform without any requirement of programming skill but only by choosing a predefined template instead. Additionally, In April, 2023, Advantech joined hands with Altizon for joint solution developed for ease of transformation to a smart factory. The combined Software and hardware solution benefits operations that require the benefits of digital factories with low capital investment and fast process to modernization.
Based on the Analysis presented in the The Cardinal Matrix; Orange S.A. and Bosch Sensortec GmbH (Robert Bosch GmbH) are the forerunners in the Market. In May, 2023, Orange came into an agreement with Eyesye, a company engaged in offering edge mobile IoT connectivity solutions. Under this agreement, Orange would aim to engage with Eyesye through its global connectivity agreement and allow Eyesye to leverage its IoT Roaming solution. Companies such as Advantech Co., Ltd., Semtech Corporation and Amazon Web Services, Inc. (Amazon.com, Inc.) are some of the key innovators in the Market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Advantech Co., Ltd., NEC Corporation, Tata communications limited (Tata Group), Nwave Technologies, Inc., Semtech Corporation, Orange S.A., Bosch Sensortec GmbH (Robert Bosch GmbH), Amazon Web Services, Inc. (Amazon.com, Inc.), Datacake GmbH, and RAKwireless Technology Limited.
Industrial IoT utilizes LoRa and LoRaWAN technologies as it enables applications that empower large industrial segments to adapt and respond with reduced operational costs, worker safety, and environmental & social governance to remain relevant and profitable in a rapidly digitizing world. Therefore, Industrial IoT would register 2/5thshare of the market by 2030. LoRaWAN operates by installing gateways on-site; a modest terminal can be covered by a handful of gateways and supported by tens of thousands of IoT sensors. Owning these gateways is equivalent to owning the network, which gives the IT department complete control over all network parameters. Also, a well-planned wireless deployment with LoRa and LoRaWAN enables the expansion or redeployment of infrastructure without interruption.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2020, Datacake came into partnership with Ursalink to simplify LoRaWAN® IoT solution deployments. Additionally, by combining the whole line of Ursalink LoRaWAN® end devices, users could simply add Ursaink devices to the Datacake IoT platform without any requirement of programming skill but only by choosing a predefined template instead. Additionally, In April, 2023, Advantech joined hands with Altizon for joint solution developed for ease of transformation to a smart factory. The combined Software and hardware solution benefits operations that require the benefits of digital factories with low capital investment and fast process to modernization.
The Cardinal Matrix - Market Competition Analysis
Based on the Analysis presented in the The Cardinal Matrix; Orange S.A. and Bosch Sensortec GmbH (Robert Bosch GmbH) are the forerunners in the Market. In May, 2023, Orange came into an agreement with Eyesye, a company engaged in offering edge mobile IoT connectivity solutions. Under this agreement, Orange would aim to engage with Eyesye through its global connectivity agreement and allow Eyesye to leverage its IoT Roaming solution. Companies such as Advantech Co., Ltd., Semtech Corporation and Amazon Web Services, Inc. (Amazon.com, Inc.) are some of the key innovators in the Market.
Market Growth Factors
Growing demand for long-distance, low-power wide area network connectivity
Due to the expansion of the Internet of Things and a requirement for cost-effective and scalable solutions, the need for low-power, low-range, wide-area network connectivity has increased. This demand is driven by the need for efficient and dependable device-to-cloud communication, particularly in agriculture, logistics, smart cities, and industrial automation. Low-power, short-range, wide-area network connectivity permits the deployment of large-scale IoT networks while conserving battery life and lowering costs. To satisfy this demand, LoRaWAN, a wireless technology, was developed. Batteries power numerous IoT devices and must conserve energy to guarantee long battery life. Thus, the demand for low-range wide-area network connectivity is anticipated to drive the utilization of LoRa and LoRaWAN IoT, expanding the market growth.Enhancing investments in smart cities projects
Increasing investments in smart city initiatives to address transportation, energy, communication, health & safety, and waste management with intelligent solutions have contributed to market growth. The market is anticipated to be driven by the rising demand for high-speed communication in smart cities for smart waste management, intelligent traffic control, real-time crime mapping, environment monitoring, and telemedicine. Over the course of the forecast period, the market will be driven by the rising need for cost-effective and energy-efficient wireless IoT networks that offer long-range access, as well as the rising acceptance of the medium access control (MAC) protocol for LoRa and LoRaWAN devices, which enables communication over long distances. These factors are contributing to the market's growth.Market Restraining Factors
Concerns about data security & privacy
In today's world, IoT has become an essential target for cybercriminals; consequently, security is crucial for maintaining order. IoT attacks are rising due to the recurring security incidents affecting IoT devices. As more users become aware of data privacy, every communication protocol becomes increasingly concerned with data security. For example, some LoRaWAN IoT devices use encryption keys that are readily guessed. This exposes the network to multiple DoS attacks, data interception, and loss. In addition, the new protocols may be constructed using a more intricate encryption path. Despite this, businesses utilizing the older LoRaWAN legacy cannot upgrade to the new network due to its limitations. Hence, such cyberattacks, and data breaches are expected to hinder market expansion.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
Component Outlook
Based on Component, the market is segmented into hardware, services, and platform. The services segment acquired a promising growth rate in the market in 2022. The segment's development is attributable to these services' assistance in reducing the burden on IoT networks and providing expert answers to various queries of the user. Also, the service provides businesses with training and consultation regarding the development and implementation of LoRa and LoRaWAN IoT, which is anticipated to drive the segment's expansion during the projected period.Application Outlook
On the basis of application, the market is divided into asset tracking, industrial IoT, smart cities, smart agriculture & livestock management, smart buildings, smart healthcare and others. The smart healthcare segment procured a promising growth rate in the market in 2022. The growth is attributed to the fact that LoRaWAN networks are suitable for mission-critical intelligent healthcare applications due to their low cost, low power consumption, and consistent performance. IoT solutions that are based on LoRaWAN have the ability to continuously monitor high-risk patients or systems, which ensures that the integrity of medical data is never jeopardized.
End-user Outlook
By end user, the market is classified into retail, manufacturing, transportation & logistics, agriculture, healthcare, energy & utilities, government & public safety, enterprise, residential, travel & hospitality and others. The manufacturing segment witnessed the largest revenue share in the market in 2022. This is due to the increasing employment of LoRa and LoRaWAN IoT technologies in manufacturing to optimize operations and transform operations. These technologies allow for machine monitoring in real-time, asset tracking, and the creation of intelligent environments. Utilizing LoRa and LoRaWAN capabilities, manufacturers may reduce downtime, boost inventory management, and attain energy efficiency.Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region registered the highest revenue share in the market in 2022. This is because North America, which is amongst the most technologically sophisticated regions, has frequently set the global IoT expansion pace. As a result, LoRa and LoRaWAN Internet of Things (IoT) technologies have acquired significant traction in North America, with numerous deployments across numerous industries. Also, smart illumination, waste management, parking management, and environmental monitoring systems are facilitated in smart cities, a notable application area that is driving the market growth in the region.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Advantech Co., Ltd., NEC Corporation, Tata communications limited (Tata Group), Nwave Technologies, Inc., Semtech Corporation, Orange S.A., Bosch Sensortec GmbH (Robert Bosch GmbH), Amazon Web Services, Inc. (Amazon.com, Inc.), Datacake GmbH, and RAKwireless Technology Limited.
Strategies Deployed in the Market
Partnerships, Collaborations and Agreements:
- May-2023: Orange came into an agreement with Eyesye, a company engaged in offering edge mobile IoT connectivity solutions. Under this agreement, Orange would aim to engage with Eyesye through its global connectivity agreement and allow Eyesye to leverage its IoT Roaming solution.
- Apr-2023: Advantech joined hands with Altizon, a global software provider of Industrial IoT platforms, and Datonis Digital Factory, a digital manufacturing platform for the release of their joint solution developed for ease of transformation to a smart factory. The combined Software and hardware solution benefits operations that require the benefits of digital factories with low capital investment and fast process to modernization.
- Mar-2023: Semtech Corporation teamed-up with ChirpStack3, an open-source LoRaWAN Network Server. The collaboration aims to broaden the Semtech developer program to deliver direct access to the Everynet National Network from the Semtech Network Server supported by ChirpStack.
- Mar-2023: RAKwireless partnered with Monogoto Solutions, a provider of cloud-based cellular networks. The partnership of both companies would help developers to propel innovation by adding Private LoRa connectivity to Public cellular LTE-M / NB-IoT.
- Jun-2022: Advantech came into collaboration with Actility, the IoT Mediation Platform. Under this Collaboration, both companies would launch the latest joint solution enabling to place and manage private LoRaWAN networks on customer premises, by integrating advanced and ruggedized Advantech IPC with embedded Actility software, bringing a highly reliable and secure career-grade service with extended compatibility with gateways, cloud platforms, and devices.
Product Launches and Product Expansions:
- Jun-2023: Nwave announced the launch of a wireless Parking Guidance Solution, providing real-time data on the availability of parking spaces and helping drivers park efficiently and quickly. Moreover, the sensors, smart mobile applications, and real-time data would enable drivers to keep track of available parking and decrease the time spent finding space for parking.
- Apr-2023: Semtech Corporation unveiled the new XCVR Development Board and Reference Design integrating the LoRa® Sub-GHz Radio Transceiver. This launch eases the development process and decreases time-to-market for customers engaged in designing solutions in markets that include supply chain, logistics, building management, industrial control, and agriculture.
- Mar-2023: Semtech Corporation introduced LoRa Connect LR1121, offering enhanced LoRa transceiver RF performance with multi-band diversity allowing a single, low-power chip to be used globally. This launch would broaden the LoRa suite with the latest transceiver for use in Internet of Things endpoints that offer lower power consumption, and long-range, and global connectivity.
- Nov-2021: Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company released AWS IoT TwinMaker, a service that makes it simple and rapid for innovators to design digital twins of real-world systems like industrial equipment, factories, and buildings. The product makes it simple for developers to combine data from various sources including video cameras, business applications, and equipment sensors, and integrate the same data to build a knowledge graph that models the real-world environment.
- Jun-2021: Robert Bosch Engineering and Business Solutions, a subsidiary of Robert Bosch, released the new Phantom Edge - an AIoT platform, which integrates the strength of the Internet of Things and Artificial Intelligence to deliver a live view of operating usage, appliance-level information, electrical parameters, and electrical energy consumption.
Acquisition and Mergers:
- Jan-2023: Semtech Corporation completed the acquisition of Sierra Wireless, Inc. a global company leading in Internet of Things. This acquisition would build a comprehensive Internet of Things (IoT) platform to allow the alteration to a smarter, highly sustainable planet Transaction bringing together the ultra-low power benefits of LoRa® with higher bandwidth abilities of cellular to build a new Internet of Things Cloud-to-chip systems.
Scope of the Study
By End-user
- Manufacturing
- Retail
- Transportation & Logistics
- Energy & Utilities
- Government & Public Safety
- Enterprise
- Healthcare
- Agriculture
- Residential
- Travel & Hospitality
- Others
By Component
- Hardware
- Platform
- Services
By Application
- Industrial IoT
- Smart Agriculture & Livestock Management
- Smart Buildings
- Smart Cities
- Smart Healthcare
- Asset Tracking
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Advantech Co., Ltd.
- NEC Corporation
- Tata communications limited (Tata Group)
- Nwave Technologies, Inc.
- Semtech Corporation
- Orange S.A.
- Bosch Sensortec GmbH (Robert Bosch GmbH)
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Datacake GmbH
- RAKwireless Technology Limited
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global LoRa and LoRaWAN IoT Market by End User
Chapter 5. Global LoRa and LoRaWAN IoT Market by Component
Chapter 6. Global LoRa and LoRaWAN IoT Market by Application
Chapter 7. Global LoRa and LoRaWAN IoT Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- Advantech Co., Ltd.
- NEC Corporation
- Tata communications limited (Tata Group)
- Nwave Technologies, Inc.
- Semtech Corporation
- Orange S.A.
- Bosch Sensortec GmbH (Robert Bosch GmbH)
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Datacake GmbH
- RAKwireless Technology Limited
Methodology
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