The global LoRa and LoRaWAN IoT market is expected to grow from USD 8.0 billion in 2024 to USD 32.7 billion by 2029, with a CAGR of 32.4% according to a new report from MarketsandMarkets™. The market drivers include the increasing demand for low-power, long-range, wide-area network connectivity, advances in IoT technologies, and a focus on profitability. However, there are concerns about data security, privacy, high implementation costs, and interoperability issues. Opportunities for growth include smart city initiatives and integration with 5G.
Key players in the market include Bosch Group, Cisco, Orange SA, Comcast Corporation, Semtech, NEC Corporation, Tata Communications, AWS, Advantech, and SK Telecom. The use of unlicensed spectrum bands for LoRaWAN allows for global deployment without regulatory hurdles, promoting innovation and competition among providers. The hardware segment, including sensors, SoCs, and gateways, is crucial for IoT solutions, enabling scalable deployments and seamless communication between devices and centralized data collection.
Hybrid network deployments, combining public and private infrastructure, offer organizations customization and control over their IoT ecosystems, enhancing security and data management capabilities. North America is expected to lead the market due to the need for efficient urban infrastructure management, driving the adoption of IoT technologies like LoRaWAN for applications such as transportation, energy management, waste, and public safety.
MarketsandMarkets™ is a leading growth consulting and program management firm, recognized by Forbes as one of America’s best management consulting firms. They work with clients on growth programs to capitalize on emerging technologies and new revenue streams in the B2B space. With a focus on cutting-edge AI-powered market intelligence, they help clients navigate the evolving ecosystem and understand revenue shifts in their industries. For more information, visit www.marketsandmarkets.com or follow them on social media.
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