The global LoRa and LoRaWAN IoT market is expected to see significant growth in the coming years, with a projected increase from USD 8.0 billion in 2024 to USD 32.7 billion by 2029. This growth is attributed to factors such as the increasing demand for low-power, long-range connectivity, advancements in IoT technologies, and a focus on cost efficiency. However, there are also concerns regarding data security and privacy, high initial costs, and interoperability issues.
Key players in the market include companies like Bosch Group, Cisco, Orange SA, and Comcast Corporation. The use of unlicensed spectrum bands by LoRaWAN allows for widespread adoption and market growth, as it eliminates the need for specific licenses or approvals. This regulatory freedom enables rapid deployment of LoRaWAN networks globally, promoting innovation and competition among IoT solution providers.
The hardware segment, including sensors, systems-on-chips (SoCs), and network gateways, is expected to have the largest market size in the IoT market. LoRaWAN hardware is essential for driving IoT solutions, offering cost-effective connectivity and energy efficiency for applications in sectors such as agriculture, smart cities, and industrial automation. Hybrid networks, combining public and private infrastructure, are also anticipated to see growth, providing organizations with greater control and customization over their IoT ecosystems.
North America is expected to hold the largest market share in the IoT market, with a focus on efficient urban infrastructure management. Cities in the region are increasingly turning to IoT technologies like LoRaWAN for real-time monitoring and optimization of transportation, energy, waste, and public security sectors. The use of LoRaWAN in applications such as traffic monitoring, energy management, and waste management is driving the demand for IoT solutions in North American urban environments.
Overall, the LoRa and LoRaWAN IoT market is set to experience significant growth in the coming years, driven by factors such as technological advancements, increased demand for connectivity, and the adoption of IoT solutions in various industries. The market landscape is expected to continue evolving, with a focus on innovation, cost-efficiency, and sustainability in IoT deployments.
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https://www.globenewswire.com/news-release/2024/06/28/2905922/0/en/The-Rise-of-LoRa-and-LoRaWAN-IoT-Market-A-32-7-billion-Industry-Dominated-by-Tech-Giants-Bosch-Group-Germany-Cisco-US-MarketsandMarkets.html
