DUBLIN, June 12, 2023 /PRNewswire/ — The “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” report has been added to ResearchAndMarkets.com’s offering.
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.
Various key players in the ecosystem have led to a competitive and diverse market. Government initiatives to establish smart cities are expected to drive the adoption of the LoRa and LoRaWAN IoT market in the future.
By hardware, system on chip segment to hold the largest market size during the forecast period.
System on Chip (SoC) is a type of hardware component commonly used in LoRaWAN IoT devices, which integrates multiple components, including microprocessors, memory, and communication interfaces, onto a single chip. SoC technology is popular in the IoT industry as it offers a compact, cost-effective, and low-power solution for building connected devices.
These SoCs are specifically designed for LoRaWAN communication and enable IoT devices to connect to LoRaWAN networks and transmit data. Many semiconductor manufacturers are investing in developing SoC solutions specifically designed for the IoT market.
Based on end users, the transportation and logistics segment is expected to register the fastest growth rate during the forecast period.
The transportation and logistics industries embrace LoRa and LoRaWAN IoT technologies to transform operations and drive efficiency. LoRa and LoRaWAN offer valuable advantages, including long-range connectivity, low power consumption, and the ability to connect numerous devices simultaneously.
By leveraging these technologies, transportation and logistics companies can implement a wide range of IoT applications that optimize processes, enhance safety, and streamline operations. For example, real-time tracking and monitoring of assets, vehicles, and shipments become feasible through LoRa and LoRaWAN.
The Asia Pacific registered the highest growth rate during the forecast period.
Asia Pacific comprises nations with rapid technological development, such as China, Japan, and India. Asia Pacific is home to several developing countries that are experiencing rapid urbanization. This offers enormous business opportunities for LoRa and LoRaWAN IoT vendors, even while presenting grave challenges for sustainable development.
Singapore implemented a nationwide LoRaWAN network, enabling applications such as smart lighting, waste management, and environmental monitoring, significantly improving operational efficiency and sustainability in the city-state. Ans in Australia, LoRa and LoRaWAN have been instrumental in deploying smart agriculture solutions for optimizing irrigation and crop management.
- Rising Demand for Low-Power, Long-Range Wide-Area Network Connectivity
- Growing Demand for IoT Applications
- Increasing Focus on Cost Efficiency
- Data Security and Privacy Concerns
- Increasing Smart City Initiatives Worldwide
- Rising Adoption of Intelligent Devices
- Lack of Governance
- Comcast Corporation
- Digi International
- Laird Connectivity
- NEC Corporation
- Nwave Technologies
- Orange Sa
- SK Telecom
- Tata Communications
- The Bosch Group
For more information about this report visit https://www.researchandmarkets.com/r/n4g3jg
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
View original content:https://www.prnewswire.com/news-releases/global-lora-and-lorawan-iot-market-report-2023-rising-demand-for-low-power-long-range-wide-area-network-connectivity-drives-growth-301848507.html
SOURCE Research and Markets