The key players operating in the global LoRa and LoRaWAN loT Market are d 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. , 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. , 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. , KEY MARKET SEGMENTS, Based on Offering: , Hardware , System on Chip , Connectivity Modules , Networking Gateways , Platforms , Services , Professional Services , Consulting , Deployment and Integration , Support and Maintenance , Managed 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: , North America , United States (US) , Canada , Europe , United Kingdom (UK) , Germany , France , Italy , Spain , Nordics , Rest of Europe , Asia Pacific , China , Japan , India , Australia and New Zealand , South Korea , Southeast Asia , Rest of Asia Pacific , Middle East and Africa , Middle East , KSA , UAE , Rest of Middle East , Africa , Latin America , Brazil , Mexico , Rest of Latin America , KEY MARKET PLAYERS , Cisco , NEC Corporation , Tata Communications , Semtech , Orange SA , Advantech , Comcast , AWS , Bosch , Murata , Laird Connectivity , Kerlink , Senet , Actility , Sensoterra , DIGI International , Nwave Technologies , RAKwireless , thethings.io , Datacake , MultiTech , Milesight , LORAIOT , Exosite , OrbiWise .
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