The LoRa and LoRaWAN IoT market is projected to be worth USD 5.7 billion in 2024. The market is likely to reach USD 119.5 billion by 2034. The Industry is expected to surge at a CAGR of 35.6% from 2024 to 2034.
| Attributes | Key Insights |
|---|---|
| LoRa and LoRaWAN IoT Industry Estimated Size in 2024 | USD 5.7 billion |
| Projected Industry Value in 2034 | USD 119.5 billion |
| Value-based CAGR from 2024 to 2034 | 35.6% |
A significant catalyst is the accelerating demand for secure and private IoT networks, emphasizing LoRa robust encryption features. The growing use of LoRa for industrial IoT applications, optimizing processes in manufacturing, logistics, and supply chain management, adds a layer of complexity and opportunity.
The surge in demand for low cost, long range connectivity in remote and challenging terrains, where conventional networks may falter, fuels LoRa adoption. The increased emphasis on interoperability and standardization in the IoT ecosystem bolsters LoRa appeal, fostering seamless integration across devices and networks.
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| Attributes | Details |
|---|---|
| Historical Value in 2023 | USD 4.1 billion |
| Market Estimated Size in 2024 | USD 5.7 billion |
| Projected Market Value in 2034 | USD 119.5 billion |
From 2019 to 2023, the LoRa and LoRaWAN IoT market witnessed significant growth, driven by increasing adoption across diverse industries and expanding applications. This period saw widespread deployment of LoRaWAN networks, enabling long range, low power connectivity for various IoT use cases, including smart cities, agriculture, industrial automation, and asset tracking.
Looking ahead from 2024 to 2034, industry forecast projections indicate continued momentum and accelerated growth in the LoRa and LoRaWAN IoT market. With the maturation of LoRa technology and the evolution of LoRaWAN standards, the market is poised to witness broader adoption and deeper penetration across verticals.
Key drivers shaping the forecast period include advancements in edge computing, artificial intelligence, and data analytics, driving demand for reliable and scalable IoT connectivity solutions. The emergence of 5G networks complements LoRa technology, enhancing connectivity and enabling new applications requiring high bandwidth and low latency.
The proliferation of smart city initiatives, industrial IoT deployments, and smart agriculture solutions further fuel market expansion. Strategic partnerships, ecosystem collaborations, and standardization efforts contribute to interoperability and drive market growth.
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In the LoRa and LoRaWAN IoT Industry, South Korea leads with 37.1%, closely followed by Japan at 36.9%. China and the United Kingdom trail closely behind, each with 35.8% and 36.8%, respectively. The United States maintains a significant presence with a 35.9% market share. These figures reflect global market distribution trends.
| Countries | Forecast CAGRs from 2024 to 2034 |
|---|---|
| South Korea | 37.1% |
| China | 35.8% |
| Japan | 36.9% |
| United Kingdom | 36.8% |
| United States | 35.9% |
South Korea emerges as a frontrunner in the LoRa and LoRaWAN IoT market, displaying robust growth with a projected 37.1% CAGR until 2034. South Korea boasts a highly developed technology infrastructure and a culture of innovation, fostering a conducive environment for IoT adoption and expansion.
Government initiatives and strategic investments prioritize IoT development, promoting the integration of LoRa and LoRaWAN technologies across various sectors. Its advanced telecommunications network and widespread connectivity infrastructure further accelerate IoT deployment and adoption.
South Korean companies demonstrate leadership in IoT innovation and solution development, driving market growth through cutting edge products and services. With a focus on smart city initiatives, industrial automation, and connected healthcare, South Korea leverages LoRa and LoRaWAN to address societal challenges and drive economic growth.
China stands at the forefront of the LoRa and LoRaWAN IoT market, forecasted to lead with a robust 35.8% CAGR until 2034. Numerous key drivers fuel its dominance in this space, including its vast market potential and burgeoning IoT ecosystem.
A significant factor is its commitment to fostering technological innovation and digital transformation. Government policies and initiatives encourage investment in IoT infrastructure and support the development of IoT solutions using LoRa and LoRaWAN technologies.
Its leadership in manufacturing and industrial IoT applications drives demand for reliable and scalable connectivity solutions. The integration of LoRa and LoRaWAN enables efficient data collection, remote monitoring, and predictive maintenance in factories and supply chains.
Its emphasis on smart city development and environmental sustainability creates opportunities for LoRa based solutions in areas such as energy management, environmental monitoring, and public services.
Japan emerges as a significant driver in the LoRa and LoRaWAN IoT market, exhibiting a projected 36.9% CAGR until 2034. A notable opportunity lies in its commitment to smart city initiatives and sustainable urban development.
With increasing urbanization and environmental concerns, Japan seeks innovative solutions to optimize resource management, enhance public services, and improve quality of life. LoRa and LoRaWAN technologies offer scalable, low power connectivity solutions for smart city applications, including energy management, waste management, and traffic optimization.
Its aging population presents opportunities for IoT enabled healthcare solutions leveraging LoRa and LoRaWAN. Remote patient monitoring, telemedicine, and elderly care services can benefit from the reliability and efficiency of LoRa based networks.
Japan leadership in automotive technology and manufacturing creates opportunities for LoRa powered applications in connected vehicles, traffic management, and transportation logistics.
The United Kingdom leadership in the LoRa and LoRaWAN IoT market with a projected 36.8% CAGR until 2034. A trend is the increasing adoption of smart agriculture solutions leveraging LoRa and LoRaWAN technologies.
With its focus on sustainable agriculture and precision farming, IoT enabled solutions enable farmers to monitor soil conditions, crop health, and irrigation systems remotely, optimizing resource usage and improving yields.
Its commitment to environmental sustainability and smart city initiatives presents opportunities for LoRa powered applications in energy management, waste reduction, and urban infrastructure optimization. LoRaWAN networks facilitate efficient data collection and monitoring, enabling cities to become more resilient and environmentally friendly.
Its leadership in IoT innovation and regulatory support for IoT deployments foster a conducive environment for market growth. Collaborations between government agencies, industry stakeholders, and research institutions drive innovation and propel the United Kingdom to the forefront of the global IoT landscape.
The United States stands at the forefront of the LoRa and LoRaWAN IoT market, which is projected to maintain a sturdy 35.9% CAGR until 2034. An emerging trend is the increasing adoption of LoRaWAN technology in smart grid applications.
As the United States transitions to cleaner and more efficient energy sources, utilities leverage LoRaWAN networks to monitor and manage electricity grids in real time. This allows for better load balancing, outage detection, and integration of renewable energy sources.
The rise of smart home and consumer IoT devices is driving demand for low power, long range connectivity solutions. LoRa technology enables seamless integration of diverse IoT devices, enhancing convenience and efficiency for consumers. Its leadership in industrial IoT and manufacturing drives adoption of LoRaWAN for asset tracking, predictive maintenance, and supply chain optimization.
The United States government focus on fostering innovation and digital transformation creates a conducive environment for IoT investments and deployments, further fueling market growth and cementing its leadership in the LoRa and LoRaWAN IoT landscape.
In the LoRa and LoRaWAN IoT landscape, hardware is set to surge at an impressive CAGR of 35.4% until 2034. FMI forecasts robust growth for the Industrial IoT segment, with a CAGR of 35.2% until 2034, reflecting the growing importance and adoption of LoRa technology.
| Category | CAGR from 2024 to 2034 |
|---|---|
| Hardware | 35.4% |
| Industrial IoT | 35.2% |
In the LoRa and LoRaWAN IoT market, hardware emerges as the highly sought after component segment, commanding a substantial 35.4% market share by 2034.
This demand stems from the pivotal role hardware plays in enabling IoT deployments, including sensors, gateways, and devices crucial for data collection, transmission, and network connectivity, driving innovation and scalability across industries.
As IoT applications continue to expand, the reliance on hardware components persists, underlining their significance in shaping the IoT landscape and fueling the growth trajectory of the LoRa and LoRaWAN ecosystem for years to come.
FMI anticipates robust growth for the Industrial IoT segment, projecting a compelling CAGR of 35.2% until 2034. This surge is propelled by the increasing integration of IoT solutions in industrial settings, enhancing efficiency, productivity, and predictive maintenance capabilities. Industries prioritize IoT adoption to optimize operations, monitor equipment health, and drive cost savings.
As technology evolves and connectivity becomes more pervasive, the Industrial IoT segment stands poised for substantial expansion, revolutionizing manufacturing processes, supply chain management, and industrial automation, while fostering innovation and competitiveness in the global marketplace.
In the competitive landscape of the LoRa and LoRaWAN IoT market, key players vie for prominence, offering diverse solutions and services. Companies like Semtech Corporation, Senet, Inc., and Actility lead innovation with robust networks and scalable platforms.
Partnerships and alliances drive ecosystem expansion, while technological advancements propel market growth, fostering competition and fostering innovation.
As demand for IoT connectivity grows across industries, the competitive landscape evolves, with companies continuously striving to enhance interoperability, security, and performance, ensuring they remain at the forefront of the dynamic LoRa and LoRaWAN IoT ecosystem.
Product Portfolio
| Attribute | Details |
|---|---|
| Estimated Industry Size in 2024 | USD 5.7 billion |
| Projected Industry Valuation in 2034 | USD 119.5 billion |
| Value-based CAGR 2024 to 2034 | 35.6% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Industry Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Industry Segments Covered | Component, Application, End User, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled |
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.; Datacake GmbH; RAKwireless Technology Limite |
The LoRa and LoRaWAN IoT market is projected to hit at USD 5.7 billion by 2024.
The LoRa and LoRaWAN IoT market is slated for a 35.6% CAGR expansion by 2034.
The LoRa and LoRaWAN IoT market is estimated to USD 119.5 billion by 2034.
South Korea is poised to lead the market, experiencing a 37.1% CAGR through 2034.
Hardware is expected to experience significant growth at a CAGR of 35.4% until the year 2034.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Component 5.1. Hardware 5.2. Platform 5.3. Services 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 6.1. Industrial IoT 6.2. Smart Agriculture & Livestock Management 6.3. Smart Buildings 6.4. Smart Cities 6.5. Smart Healthcare 6.6. Asset Tracking 6.7. Others 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-user 7.1. Manufacturing 7.2. Retail 7.3. Transportation & Logistics 7.4. Energy & Utilities 7.5. Government & Public Safety 7.6. Enterprise 7.7. Healthcare 7.8. Agriculture 7.9. Residential 7.10. Travel & Hospitality 7.11. Others 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Advantech Co., Ltd. 18.2. NEC Corporation 18.3. Tata Communications Limited (Tata Group) 18.4. Nwave Technologies, Inc. 18.5. Semtech Corporation 18.6. Orange S.A. 18.7. Bosch Sensortec GmbH (Robert Bosch GmbH) 18.8. Amazon Web Services, Inc. (Amazon.com, Inc.) 18.9. Datacake GmbH 18.10. RAKwireless Technology Limited 19. Assumptions & Acronyms Used 20. Research Methodology
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LoRa and LoRaWAN IoT Market
