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LoRa And LoRaWAN Internet Of Things Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
LoRa And LoRaWAN Internet Of Things Global Market Report 2024
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According to The Business Research Company's, The LoRa And LoRaWAN internet of things market size has grown exponentially in recent years. It will grow from $5.93 billion in 2023 to $8.06 billion in 2024 at a compound annual growth rate (CAGR) of 36.0%. The growth in the historic period can be attributed to early development and standardization, the rising interest in internet of things applications, low power consumption, scalability and cost-effectiveness, and low-power communication technologies capable of covering large areas.
The LoRa And LoRaWAN internet of things market size is expected to see exponential growth in the next few years. It will grow to $27.66 billion in 2028 at a compound annual growth rate (CAGR) of 36.1%. The growth in the forecast period can be attributed to urbanization, development of smart cities, waste management, government initiatives and favorable regulations, and growing demand for real-time data. Major trends in the forecast period include technological advancements, regional expansion, partnerships and ecosystem development, smart agriculture, and integration with other technologies.
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Market Drivers and Trends:
The increase in the number of connected devices is expected to propel the growth of the LoRa and LoRaWAN internet of things market going forward. Connected devices are physical objects linked to a network, enabling them to collect, exchange, and act on data. Connected devices are rising due to several reasons, including improvements in wireless communication, cost reduction, industrial adoption, and improved security and privacy. LoRa and LoRaWAN enable long-range, low-power communication in internet of things (IoT) connected devices, facilitating efficient data transmission across wide areas. For instance, in 2023, according to a report published by Ericsson, a Sweden-based telecommunications company, total IoT connections reached 15.7 billion connections in 2023 and are expected to increase by 16% to 38.8 billion connections by 2029. Therefore, the increase in the number of connected devices is driving the growth of the LoRa and LoRaWAN internet of things market.
Major companies operating in the LoRa and LoRaWAN internet of things market are focusing on developing innovative solutions, such as advanced LoRaWAN connectivity solutions, to provide a secure, scalable, and simplified end-to-end solution. Long-range wide-area network (LoRaWAN) connectivity solutions provide low-power, wide-area network communication for Internet of Things (IoT) devices, enabling long-range transmission of small amounts of data with minimal energy consumption. For instance, in June 2024, Digi International Inc., a US-based internet of things company, launched the Digi XBee IoT Solution for LoRaWAN, designed for rapid deployment and scalability in IoT applications. The solution is intended for seamless integration, enabling quick and scalable Internet of Things deployments. By minimizing the complexities of managing multiple vendor devices, it offers dependable, long-term support. This launch reflects Digi's commitment to addressing industry challenges and propelling IoT innovation forward.
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Major Key Players of the Market:
Comcast Corporation, Amazon Web Services Inc., Cisco Systems Inc., Orange SA, NEC Corporation, SK Telecom, Murata Manufacturing Co. Ltd., Advantech Co. Ltd., Tata Communications Limited, Semtech Corporation, Digi International, Multi-Tech Systems Inc., Exosite, Kerlink, Actility SA, RAKwireless, Milesight Technology, Orbiwise SA, Datacake, LORIOT AG, Radio Bridge Inc., Sensoterra, TheThings.io, Netmore Group
LoRa And LoRaWAN Internet Of Things Market 2024 Key Insights:
• The LoRa And LoRaWAN internet of things market size is expected to see exponential growth in the next few years. It will grow to $27.66 billion in 2028 at a compound annual growth rate (CAGR) of 36.1%.
• Connected Devices Propel Growth Of The LoRa And LoRaWAN Internet Of Things Market
• Innovative LoRaWAN Connectivity Solutions Driving Scalable And Energy-Efficient IoT Deployments
• North America was the largest region in the LoRa And LoRaWAN internet of things market in 2023
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