MarketsandMarkets forecasts the global LoRa and LoRaWAN IoT Market size to grow from USD 5.6 billion in 2023 to USD 25.5 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 35.3% during the forecast period. LoRaWAN provides a scalable and flexible IoT connectivity solution. It supports a large number of devices, enabling the deployment of massive IoT networks. The technology allows for easy integration with existing infrastructure, making it suitable for diverse applications and industries driving the LoRA and LoRaWAN IoT market.
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By application, Industrial IoT applications are estimated to account for the largest market share in 2023.
LoRa and LoRaWAN IoT technologies have transformed industrial IoT (IIoT) applications by enabling long-range wireless communication in industrial settings. These technologies are crucial in enhancing operational efficiency, productivity, and safety. LoRa and LoRaWAN facilitate remote asset monitoring, where sensors equipped with LoRa technology collect data on various parameters, optimizing maintenance schedules and minimizing downtime. They also support predictive maintenance strategies by continuously monitoring equipment conditions and detecting potential failures in real time. Additionally, LoRaWAN enables wireless communication between industrial sensors and control systems, allowing for automation and remote control of equipment and processes. Overall, adopting LoRa and LoRaWAN in IIoT has revolutionized industrial operations, leading to improved efficiency, optimized maintenance, and increased safety in industrial sectors.
Managed services are expected to register the fastest growth rate during the forecast period.
Managed services are considered crucial, as they directly relate to customer experience. These services help sustain their positions in the market. LoRaWAN IoT managed services refer to the outsourced management of LoRaWAN IoT devices and networks by a third-party service provider. Managed services enable organizations to reduce the burden of managing their IoT networks in-house and can provide access to expertise and resources that may not be available internally. Additionally, managed services can offer scalability and flexibility, allowing organizations to easily adjust their IoT networks to meet changing demands of the end users.
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The major LoRa and LoRaWAN IoT vendors include 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), and OrbiWise (Switzerland). These players have adopted various growth strategies in the LoRa and LoRaWAN IoT market. Agreements, collaborations, and partnerships, and new product launches and enhancements have been the most dominating strategies adopted by major players from 2020 to 2022, which helped them innovate their offerings and increase their customer base.
Cisco
Cisco provides technology-based products and services for hardware, software, networking, and system communication. The company operates in five business segments: infrastructure platforms, services, applications, security, and other products. The services offered by Cisco, such as advisory, implementation, training, optimization, managed, and technical, ensure customers’ business continuity. These services are categorized into technical support services and advanced services. The advanced services offered by Cisco are related to cloud, security, and analytics and provide responsive, preventive, and consultative support to technologies related to networks. Cisco has been involved in various IoT LoRaWAN projects, including the City Verve project in Manchester, UK, which aims to create a smart city ecosystem using LoRaWAN technology. Cisco provided the project’s LoRaWAN network infrastructure, including over 800 LoRaWAN gateways and 10,000 LoRaWAN sensors.
Orange
Orange is one of the leading telecommunications operators around the globe. The company operates the world’s largest seamless voice/data network and offers end-to-end connectivity services in more than 220 countries and territories. The company has an infrastructure operator, technology integrator, and supplier of value-added services, which supports businesses, local governments, and public sector organizations through every step of their digital transformation. The company offers a comprehensive package of communication services. The services include cloud computing, enterprise mobility, M2M, security, unified communications, videoconferencing, and broadband. It delivers a best-in-class customer experience across a global landscape. The company caters to IoT solutions, providing complete solutions from sensors to business software through connectivity and data and equipment management platforms.
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