In a fast growing field like Long Range (LORA)and Long Range Wide Area Network (Lorawan) Internet Of Things(IOT), different companies use diverse strategies to increase their presence in the industry. This approach involves adopting new designs for existing products which are meant specifically for customers who deploy IoT applications so that they can meet specific demands presented by these clients about their technologies. This is achieved by taking advantage of the LoRa technology’s long range capability at low power required for effective IoT device control and management in the industrial sector.
Pricing is an important aspect that determines how much market share a business can capture within the Lora (Long Range) and Lorawan (Long Range Wide Area Network) internet of things (IoT) market. Some companies are using cost leadership strategies to offer cheaper LoRa (Long Range) and LoRaWan(Long Range Wide Area Network) products compared to those of their competitors which has made them successful in the market. These enterprises serve industries that are price-sensitive, aiming to increase their share by using competitive pricing strategies. On the other hand, some other companies have positioned themselves as premium providers with higher security levels and room for scalability while managing devices everywhere. Such firms target high-end buyers who require specialized Laura or LORA WAN solutions for their various smart buildings.
Collaborations and strategic partnerships emerge as critical components of market share positioning in the LoRa and LoRaWAN IoT Market. As such, many companies look up to IOT device manufacturers, systems integrators or telecommunication service providers for possible collaborations aimed at making it easier for them to integrate their own LORA and LAURA WAN into diverse ecosystems while still maintaining functional relevance within these areas. In turn, this leads to a wider variety of compatible devices, increased markets reach and customized requirements imposed by different sectors. In addition, establishing links with major players in specific industries through joint projects may give rise to steady revenue flows from contracts over extended periods thereby reinforcing their positions on a highly competitive market.
In the LoRa and LoRaWAN IoT Market, customer-centric strategies are the most important drivers for market share growth. Lasting relationships with industries deploying IoT solutions are built by companies that prioritize seamless connectivity, interoperability, and responsive customer support. Moreover, understanding and addressing specific industry IoT needs or use cases enable companies to tailor their LoRa and LoRaWAN solutions for targeted market segments, providing a competitive edge. Positive user experiences contribute to customer loyalty, word-of-mouth recommendations, and a positive feedback loop for market share expansion.
Report Attribute/Metric | Details |
---|---|
Market Opportunities | Expansion of smart city initiatives and growing industrial IoT (IIoT) segment |
Market Dynamics | Growth of the Internet of Things (IoT) across various industries |
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.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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.
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
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.
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.
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.
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.
Tata Communications
Orange SA
Advantech
Comcast
AWS
Bosch
Murata
April 2023: Public network support for Internet of Things (IoT) systems based on the LoRaWAN standard was released by AWS IoT Core for LoRaWAN (in preview). With the help of Everynet's publicly accessible LoRaWAN networks—a renowned LoRaWAN network operator known for its carrier-grade networks—this update enables users to easily connect their IoT devices to the cloud. Customers may easily register their devices with the cloud and choose public network support using the AWS IoT console by using AWS IoT Core for LoRaWAN. They can start getting data from their registered LoRaWAN devices in their AWS accounts in a couple of minutes.
March 2022: In order to build a ground-breaking Internet of Things solution together, Lacuna Space and Omnispace announced their alliance. This partnership opens the door for the commercial launch of an innovative, open-standards-based IoT network that is available to everyone. The LoRaWAN® protocol will be used by the service to enable direct-to-satellite connection for a variety of IoT devices.
Hardware
Platforms
Services
Asset Tracking
Industrial IoT
Smart Cities
Smart Agriculture and Livestock Management
Smart Buildings
Smart Healthcare
Other Applications
Retail
Manufacturing
Transportation & Logistics
Agriculture
Healthcare
Transportation & Logistics
Agriculture
Healthcare
Energy & Utilities
Government & Public Safety
Enterprise
Residential
Travel & Hospitality
Other
U.S.
Canada
Germany
France
UK
Italy
Spain
Rest of Europe
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Middle East
Africa
Latin America
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