Chicago, June 28, 2024 (GLOBE NEWSWIRE) -- The global LoRa and LoRaWAN IoT Market size is projected to grow from USD 8.0 billion in 2024 to USD 32.7 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 32.4% during the forecast period, according to a new report by MarketsandMarkets™.
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LoRa and LoRaWAN IoT Market Dynamics:
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List of Key Players in LoRa and LoRaWAN IoT Market:
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The unlicensed spectrum bands in which LoRaWAN operates represent a significant advantage for its widespread adoption and market growth. Unlike licensed spectrum bands, which often include regulatory hurdles and costs, the unlicensed bands allow LoRaWAN deployment worldwide without requiring specific licenses or regulatory approvals. This regulatory freedom facilitates the rapid deployment of LoRaWAN networks across regions and countries, accelerating the expansion of the global IoT market. Furthermore, the absence of regulatory constraints promotes innovation and competition among IoT solution providers and network operators, driving down deployment costs and fostering a dynamic ecosystem of LoRa-based products and services. As a result, LoRaWAN has emerged as a versatile and globally applicable solution for diverse IoT applications, ranging from smart cities to industrial automation, fueling its continued growth and adoption in the IoT market landscape.
By offering, the hardware segment is expected to have the largest market size during the forecast period.
LoRaWAN hardware, comprising sensors, system-on-chips (SoCs), and networking gateways, is pivotal in driving the widespread adoption of IoT solutions. Sensors integrated with LoRa technology deliver cost-effective, long-range connectivity and energy efficiency, empowering diverse sensing applications across sectors like agriculture, smart cities, and industrial automation. When paired with LoRaWAN networking gateways, these sensors establish the foundation for scalable IoT deployments, facilitating seamless device communication and centralized data gathering. As intermediary links between sensors and cloud infrastructure, LoRaWAN gateways collect and relay sensor data to cloud-based platforms for further processing and analysis. The availability of robust, interoperable, and customizable hardware solutions spanning sensors, SoCs, and gateways fosters innovation, expedites deployment, and broadens the horizons of IoT applications, thereby propelling the expansion of the LoRaWAN hardware market.
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By network deployment, the hybrid network segment is expected to hold a higher growth rate during the forecast period.
Hybrid networks represent a strategic approach for organizations seeking to optimize their IoT deployments by combining the benefits of public and private infrastructure. Private networks within hybrid setups empower organizations with greater customization and control over their IoT ecosystems. This level of control extends to network configuration, where organizations can fine-tune parameters such as data rates, transmit power, and channel allocation to suit their unique environment and application needs. Moreover, private networks allow organizations to implement tailored security policies, including encryption standards, access controls, and authentication mechanisms, ensuring robust protection for sensitive data. Private networks offer granular data management capabilities, enabling organizations to define data retention policies, implement data aggregation and filtering rules, and integrate with backend systems seamlessly. By leveraging the flexibility and reconfigurability of private networks within hybrid setups, organizations can strike an optimal balance between customization and coverage, ultimately driving efficiency, security, and innovation in their IoT deployments.
Based on region, North America is expected to hold the largest market share during the forecast period.
The imperative for efficient urban infrastructure management in North America, spanning transportation, energy, waste, and public safety sectors, is a potent driver fueling the rapid adoption of IoT technologies such as LoRaWAN. Cities across the continent are grappling with the challenges posed by growing populations, aging infrastructure, and sustainability goals, prompting a shift towards data-driven solutions for real-time monitoring and optimization. LoRaWAN's ability to facilitate cost-effective, scalable, and long-range connectivity makes it ideal for deploying sensor networks across sprawling urban landscapes, enabling municipalities to gather actionable insights and optimize operations. In transportation, LoRaWAN supports applications like traffic monitoring, parking management, and smart street lighting, enhancing mobility and reducing congestion. Similarly, in energy management, LoRaWAN enables utilities to monitor and manage grid infrastructure more efficiently, promoting energy conservation and grid resilience. Waste management benefits from LoRaWAN-enabled bin sensors for optimizing collection routes, reducing costs, and improving environmental sustainability. Moreover, LoRaWAN's role in enhancing public safety through applications like smart surveillance, environmental monitoring, and emergency response systems further underscores its significance in driving the growth of IoT in North America's urban environments. As cities prioritize efficiency, sustainability, and resilience, the demand for LoRaWAN-based solutions for urban infrastructure management is poised to surge, contributing to the ongoing expansion of the IoT market across the continent.
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