LoRaWAN Market: Global Analysis, Opportunities And Forecast To 2032
As per a recent research report, LoRaWAN Market to surpass USD 60 Bn by 2032.
LoRaWAN Market is poised to depict strong
growth during 2023-2032 owing to several benefits offered by the technology for
supply chain management, such as the ability to track and monitor expensive
goods in real-time and provide real-time data for effective inventory
management. In addition, the technology can also be used for tracking the
efficiency of industrial machinery, enabling predictive maintenance, minimizing
downtime, and increasing process efficiency and cost savings.
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Based on the component, the service segment is anticipated to generate over USD 10 billion
in revenue. LoRaWAN defines the communication protocol and system architecture
for the network. Besides, multiple LoRaWAN-based IoT services can be
implemented in an office building to control air conditioners and heating
systems, lighting, security, and IoT applications.
deployment model, the private deployment segment will depict over 40% CAGR
through 2032. The segmental growth can be credited to the rising demand for a
high degree of control over IoT networks, which assists organizations in
customizing network infrastructure as per specific business requirements. This
model is specifically relevant for organizations that need high data privacy.
the asset tracking segment is poised to grow in the coming years. Constantly
rising demand for LoRaWAN technology in assets tracking applications, given its
ability to assist in tracking valuable assets will support the segment
expansion. Assets tracking software also improves operational efficiency,
lowers the risk of theft or loss, and offers a better customer experience.
In terms of
end-use, the government and public sector segment will be valued at over USD 8
billion by 2032. LoRaWAN has been proven to be the best technology, enabling
smart cities that combine ICT & IoT for smooth operations & services.
In addition, increasing deployment of LoRaWAN technology by the various
government organizations and public sector companies will positively favor the
For example, in
September 2022, Semtech Corporation announced that Nexity Group and Intent
Technologies had integrated Semtech's LoRa® devices and the LoRaWAN® standard
into its Intent Platform. This would help improve quality of service, optimize
performance, and reduce the carbon footprint in residential as well as
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Regionally, the Asia Pacific LoRaWAN
industry is estimated to grow at 40% CAGR during 2023-2032. Increasing focus on
reducing the overall cost of IT infrastructure by enterprises experiencing
sustained growth due to stable economic growth in major economies, including
Japan, China, and India, will positively stimulate the regional market growth.
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