LoRa and LoRaWAN IoT Market Overview
LoRa and LoRaWAN IoT Market Size was valued at USD 5.1 Billion in 2022. The LoRa and LoRaWAN IoT market industry is projected to grow from USD 6.93 Billion in 2023 to USD 80.63 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 35.90% during the forecast period (2023 - 2032). The growing need for IoT applications, the desire for long-range wide-area network connectivity, and the increased emphasis on cost effectiveness are the key market drivers enhancing the market growth.
Figure 1: LoRa and LoRaWAN IoT Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
LoRa and LoRaWAN IoT Market Trends
Growing demand for IoT applications is driving the market growth.
The increasing need for IoT applications is what propels IoT forward. With the emergence of the Internet of Things (IoT), an environment where objects have the ability to connect and interact through the web, a significant transition from the conventional Internet, which mostly serviced human-centric reasons, is made. The Internet of Things has several uses, notably in the field of intelligent water management systems. However, for these applications, sensor nodes must not only be extremely energy-efficient but also able to communicate across long distances. Because of this need, several Low-Power Wide Area Network (LPWAN) technologies have been created, with LoRa standing out as a notable one that was created to address these particular requirements.
The IoT landscape has undergone a radical change as a result of LoRa devices' ability to transmit data across long distances with little power consumption. Sensors with LoRa chipsets demonstrate exceptional adaptability when included into a non-cellular LoRaWAN® network, enabling a wide range of IoT applications through the delivery of packets conveying crucial data. With widespread use and the potential to play a key role in connecting the next billion IoT devices, LoRa has emerged as the IoT technology of choice. Including smart agriculture, smart cities, industrial IoT (IIoT), smart environmental monitoring, connected houses and buildings, intelligent utility and metering systems, as well as the optimization of supply chains and logistics, its adaptability extends to embrace both rural and indoor use cases.
In IoT applications, security is also a top consideration, especially when it comes to the transmission of sensitive data. End-to-end encryption and device authentication are just two of the powerful security features that LoRaWAN networks have available to protect the confidentiality and integrity of data. As the need for secure IoT applications grows, LoRaWAN's security features make it an attractive option.
LoRa and LoRaWAN IoT Market Segment Insights
LoRa and LoRaWAN IoT Offering Insights
The LoRa and LoRaWAN IoT Market segmentation, based on offering includes hardware, platform and services. The hardware segment held considerable market share in the LoRa and LoRaWAN IoT Market. This is because new semiconductor technologies have emerged, enabling the development of LoRa hardware that is both energy-efficient and commercially viable, increasing its applicability for a wider range of businesses and applications.
Figure 1: LoRa and LoRaWAN IoT Market, by Offering, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
LoRa and LoRaWAN IoT Application Insights
The LoRa and LoRaWAN IoT Market segmentation, based on application, includes asset tracking, industrial IoT, smart cities, smart agriculture and livestock management, smart buildings, smart healthcare and other applications. The smart cities segment generated the most revenue. The adoption of smart city solutions has been accelerated by the global trend toward urbanization, which has increased the demand for effective and sustainable urban infrastructure. By enabling the coordinated deployment of numerous sensors, whether for street lights, leak detection, safety alerts, or other applications, LoRaWAN improves the intelligence of cities. Cities can easily integrate new use cases into the current network thanks to its adaptability.
LoRa and LoRaWAN IoT End User Insights
The LoRa and LoRaWAN IoT Market segmentation, based on end user, includes retail, manufacturing, transportation & logistics, agriculture, healthcare, energy & utilities, government & public safety, enterprise, residential, travel & hospitality and other. The manufacturing segment dominated the market in 2022. The manufacturing sector is in the midst of a substantial shift toward Industry 4.0, marked by the incorporation of digital technologies aimed at improving automation, efficiency, and productivity. By providing necessary low-power, extended-range connectivity for a wide range of IoT devices and sensors, LoRa and LoRaWAN technologies play a crucial role in easing this shift. This functionality facilitates data-driven decision-making in the production environment and enables real-time monitoring.
LoRa and LoRaWAN IoT Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America LoRa and LoRaWAN IoT Market dominated this market in 2022 (45.80%). This is due to the region's committed efforts to encourage innovation and wide-scale use of IoT technologies. Additionally, the continued development of LoRaWAN networks is probably going to promote the rise of this market. Further, the U.S. LoRa and LoRaWAN IoT market held the largest market share, and the Canada LoRa and LoRaWAN IoT market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: LORA AND LORAWAN IOT MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe LoRa and LoRaWAN IoT market accounts for the second-largest market share. This is a result of IoT solutions being adopted more frequently for uses including smart agriculture, environmental monitoring, and energy management. Further, the German LoRa and LoRaWAN IoT market held the largest market share, and the UK LoRa and LoRaWAN IoT market was the fastest growing market in the European region
The Asia-Pacific LoRa and LoRaWAN IoT market is expected to grow at the fastest CAGR from 2023 to 2032. This is a result of the region's growing urbanization and population. Moreover, China’s LoRa and LoRaWAN IoT market held the largest market share, and the Indian LoRa and LoRaWAN IoT market was the fastest growing market in the Asia-Pacific region.
LoRa and LoRaWAN IoT Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the LoRa and LoRaWAN IoT market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, LoRa and LoRaWAN IoT industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global LoRa and LoRaWAN IoT industry to benefit clients and increase the market sector. In recent years, the LoRa and LoRaWAN IoT industry has offered some of the most significant advantages to medicine.
Major players in the LoRa and LoRaWAN IoT market, including 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), OrbiWise (Switzerland) and others, are attempting to increase market demand by investing in research and development operations.
An important tech company with its headquarters in San Jose, Cisco Systems is known for producing a sizable chunk of the hardware that powers the operation of the Internet. Since its founding in 1984, Cisco has greatly increased the scope of its business by purchasing a number of profitable companies, including but not limited to Jabber, Webex, and Jasper.
The business is divided into three main segments: Europe, the Middle East, and Africa (EMEA); the Americas; and Asia Pacific, Japan, and China (APJC). The corporation operates on a global scale and controls its activities by geographical regions. In addition to Internet for the Future, Secure, Agile Networks, Collaboration, Optimized Application Experiences, End-to-End Security, and Other Products, Cisco's range of products and technologies can be divided into other groups. Cisco provides a wide range of services in addition to its product line, such as technical assistance and cutting-edge solutions.
The headquarters of NEC Corporation are located in Tokyo, Japan, and it was founded in 1899. The company offers a wide range of products in its product portfolio, including servers, network systems, telecommunications equipment, storage devices, automated teller machines, video broadcasting systems, personal computers, supercomputers, aerospace systems, tablet terminals, fire and disaster prevention systems, and different software solutions. NEC further sells electrical parts and goods such LCD screens, lithium-ion batteries, and lighting fixtures.
NEC offers a wide range of services, including support, system integration, and outsourcing, in addition to its products. The firm serves a variety of markets, including those in the aerospace, aviation, healthcare, retail, agriculture, broadcasting, finance, logistics, government, manufacturing, hospitality, transportation, and telecommunications. With locations across the globe, including Europe, the Americas, the Middle East, Africa, and the Asia-Pacific area, NEC conducts business.
Key Companies in the LoRa and LoRaWAN IoT market include
LoRa and LoRaWAN IoT Industry Developments
In June 2023, Omdia's most recent study revealed that NB-IoT and LoRa are the primary technologies in the Low Power Wide Area Network (LPWAN) IoT connections market, making about 87% of all connections in 2023. These two technologies are expected to continue dominating the LPWAN market, accounting for 86% of all connections by 2030. Although NB-IoT experiences substantial growth mostly because to its widespread adoption in China, LoRaWAN dominates in most other geographical areas. Both technologies are well-suited for the current need of mid-range IoT applications, which guarantees their continued dominance in the LPWAN industry.
LoRa is anticipated to maintain its status as the primary option for private IoT connections, while NB-IoT will grow through cost-effective deployments. Both technologies are projected to continue succeeding until 2030. While NB-IoT stands as the dominant LPWAN technology, more than 90% of its connections are concentrated in China. LoRaWAN continues to be the dominant LPWAN connectivity technology worldwide, since it has shown significant and uninterrupted growth for several years.
LoRaWAN, characterized by its collaborative approach, offers a well-developed network of partners and specialists who specialize in specific applications, giving clients a wide range of choices. The future prosperity of the company is certain due to its unique and distinct offers. Emerging LPWAN technologies like as Wi-SUN and Mioty are experiencing growth, adopting the successful alliance model that LoRa originally pioneered to foster an ecosystem.
In September 2023, a pioneering partnership was formed between prominent companies in the LPWAN industry and members of the LoRa Alliance®. Semtech, Actility, Arad, and Deviceroy successfully implemented and tested the world's first commercial application of the relay feature, which utilizes LoRaWAN connectivity. The test demonstrated seamless interoperability throughout the entire process. This innovative development allows LoRaWAN packets from distant, secluded, or difficult to access devices to be transmitted using relay nodes powered by batteries.
This coverage extension is offered through an affordable option that reduces the overall cost of owning and operating the LoRaWAN infrastructure. The introduction of the relay feature in LoRaWAN-based applications, such as water, gas, and electricity metering, is expected to have a significant impact. This feature will provide cost-effective and unmatched coverage for all devices within a specific area, meeting the high standards set by service level agreements. The LoRa Alliance is a non-profit organization that aims to facilitate and encourage the worldwide use of the LoRaWAN standard.
Participants engage in a dynamic network of manufacturers, providers, integrators, and operators, working together to ensure that IoT may be expanded worldwide by enabling compatibility across all types of networks, including public, private, and hybrid ones. Importantly, the LoRa Alliance defines the relay capability using LoRaWAN as a fundamental component of the LoRaWAN standard. This invention is in line with the LoRa Alliance's dedication to promote and establish LoRaWAN-based technology as a standard to address the changing requirements of the Internet of Things (IoT) industry.
LoRa and LoRaWAN IoT Market Segmentation
LoRa and LoRaWAN IoT Offering Outlook
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Hardware
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Platforms
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Services
LoRa and LoRaWAN IoT Application Outlook
LoRa and LoRaWAN IoT End User Outlook
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Retail
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Manufacturing
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Transportation & Logistics
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Agriculture
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Healthcare
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Transportation & Logistics
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Agriculture
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Healthcare
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Energy & Utilities
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Government & Public Safety
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Enterprise
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Residential
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Travel & Hospitality
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Other
LoRa and LoRaWAN IoT Regional Outlook
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North America
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 5.1 Billion |
| Market Size 2023 |
USD 6.93 Billion |
| Market Size 2032 |
USD 80.63 Billion |
| Compound Annual Growth Rate (CAGR) |
35.90% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Offering, Application, End User and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
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). |
| Key Market Opportunities |
Expansion of smart city initiatives and growing industrial IoT (IIoT) segment |
| Key Market Dynamics |
Growth of the Internet of Things (IoT) across various industries |
LoRa LoRaWAN IoT Market Highlights:
Frequently Asked Questions (FAQ) :
The LoRa and LoRaWAN IoT Market size was valued at USD 5.1 Billion in 2022.
The global market is projected to grow at a CAGR of 35.90% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the 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).
The platform category dominated the market in 2022.
The smart cities had the largest share in the global market.
