LoRa and LoRaWAN IoT Market Projected to Skyrocket to $119.5 Billion by 2034 with 35.6% CAGR – FMI Study

The LoRa and LoRaWAN IoT market is predicted to be valued at US$ 5.7 billion in 2024 and US$ US$ 119.5 billion by 2034. Over the projection period, the LoRa and LoRaWAN IoT market is expected to surge at a CAGR of 35.6%.

A notable driver is the increasing adoption of smart agriculture solutions powered by LoRa and LoRaWAN technology. With the rising global demand for sustainable food production and precision agriculture practices, LoRa based sensors enable farmers to monitor soil moisture, crop health, and environmental conditions remotely, optimizing resource usage and enhancing crop yields.

The expansion of smart cities and urban infrastructure presents a compelling growth avenue for the LoRa and LoRaWAN IoT market. By leveraging LoRa based networks, municipalities can deploy smart parking, waste management, and environmental monitoring solutions, enhancing citizen services, reducing congestion, and promoting sustainability.

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The integration of LoRa and LoRaWAN technology with emerging applications like asset tracking and supply chain management offers new possibilities for IoT deployments. By enabling cost effective, long range tracking of assets and inventory in various industries, LoRa and LoRaWAN solutions streamline operations, improve visibility, and drive operational efficiencies.

Advancements in LoRaWAN protocol enhancements, such as firmware updates over the air (FUOTA) and geolocation capabilities, are unlocking new use cases and driving adoption across diverse verticals. These evolving drivers underscore the dynamic nature of the LoRa and LoRaWAN IoT market, paving the way for transformative IoT deployments and fostering innovation in the digital era.

Key Takeaways from the LoRa and LoRaWAN IoT Market

• South Korea leads the LoRa and LoRaWAN IoT market, expecting a 37.1% CAGR by 2034.
• The United Kingdom anticipates a 36.8% CAGR by 2034.
• The United States is expected to surge with a 35.9% CAGR until 2034.
• Hardware to surge at a CAGR of 35.4% until 2034.
• FMI forecasts the Industrial IoT segment to augment at a CAGR of 35.2% until 2034.

“The LoRa and LoRaWAN IoT market shows promising growth potential, fueled by its long range capabilities and versatility in diverse applications,” says an FMI analyst.

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How are Vital Players Revolutionizing the LoRa and LoRaWAN IoT Market?

In the ever expanding realm of IoT, vital players are revolutionizing the LoRa and LoRaWAN market through groundbreaking innovations. With LoRa and LoRaWAN technology, these players facilitate long range, low power wireless communication, enabling efficient data transmission for diverse IoT applications.

By continually enhancing LoRa devices and networks, they extend coverage, improve reliability, and optimize battery life, fostering scalability and interoperability across various industries. Strategic partnerships and ecosystem development initiatives drive the adoption of LoRa and LoRaWAN solutions globally, empowering businesses to unlock new opportunities, optimize operations, and create smarter, more connected environments in the digital era.

Product Portfolio

• Nwave Technologies Inc. pioneers wireless IoT solutions, specializing in smart city applications and asset tracking. With innovative sensor technology, Nwave enables efficient data collection and analytics, empowering businesses and municipalities to optimize operations and enhance connectivity in urban environments.
• Semtech Corporation is a global leader in semiconductor solutions, driving technological innovation in IoT, data centers, and connectivity. Their cutting edge products, including LoRa® devices and wireless RF technology, enable efficient data transmission and connectivity, fostering the growth of smart cities and IoT applications worldwide.
• Orange S.A. is a leading telecommunications company, providing innovative services in mobile, fixed, and digital solutions. With a focus on connectivity and digital transformation, Orange empowers businesses and consumers to navigate the digital age with seamless communication, entertainment, and IoT solutions tailored to their needs.

Segmentation Analysis of the LoRa and LoRaWAN IoT Industry

By Component:

• Hardware
• Platform
• Services

By Application:

• Industrial IoT
• Smart Agriculture & Livestock Management
• Smart Buildings
• Smart Cities
• Smart Healthcare
• Asset Tracking
• Others

By End User:

• Manufacturing
• Retail
• Transportation & Logistics
• Energy & Utilities
• Government & Public Safety
• Enterprise
• Healthcare
• Agriculture
• Residential
• Travel & Hospitality
• Others

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia & Pacific
• East Asia
• The Middle East & Africa

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