Home > Semiconductors & Electronics > Telecom and Networking > Telecom Hardware > LoRaWAN Market

LoRaWAN Market Size

Report ID: GMI5452
Published Date: Dec 2024
Report Format: PDF

Download Free Sample

LoRaWAN Market Size

The global LoRaWAN market was valued at USD 3.7 billion in 2024 and is projected to grow at a CAGR of 41.1% between 2025 and 2034. Investments in smart city projects, focusing on transportation, communication, energy, health & safety, and waste management, are driving market growth.

To get key market trends

Download Free Sample

The demand for high-speed communication in smart cities—enabling intelligent traffic control, smart waste management, environmental monitoring, real-time crime mapping, and telemedicine is a significant market driver. Additionally, the increasing adoption of the Medium Access Control (MAC) protocol for LoRa and LoRaWAN devices, which support long-distance communication, along with the rising demand for cost-effective and energy-efficient wireless IoT networks, is further propelling the market.

LoRaWAN Market Report Attributes
Report Attribute	Details
Base Year:	2024
LoRaWAN Market Size in 2024:	USD 3.7 Billion
Forecast Period:	2025 - 2034
Forecast Period 2025 - 2034 CAGR:	41.1%
2034 Value Projection:	USD 75.8 Billion
Historical Data for:	2021 – 2024
No. of Pages:	350
Tables, Charts & Figures:	200
Segments covered:	Component, Deployment Model, Application, End-user
Growth Drivers:	Increasing investments toward smart cities Increasing penetration of Industry 4.0 Increasing demand for long-range wireless connectivity around the world The growing adoption of LoRa gateways and sensors in the manufacturing industry Growing adoption of LoRaWAN in asset management and smart waste management
Pitfalls & Challenges:	Increasing concerns related to data security Network coverage and quality

Learn more about the key segments shaping this market

Download Free Sample

For instance, in October 2023, IoTech selected Netmore Group's Operator Platform-as-a-Service (PaaS) to enhance LoRaWAN connectivity and support IoT applications across Greece. This partnership allows IoTech to leverage Netmore’s infrastructure for deploying and managing LoRaWAN networks, which is crucial for transforming urban areas into smart communities. Such strategic advancements and product launches are expected to enhance market growth.

Moreover, the increasing adoption of new-age digital technologies, such as artificial intelligence and machine learning, for integrating IT and OT to optimize real-time applications across various industry verticals is driving market growth. The market is being boosted by the growing adoption of Industry 4.0 to provide solutions through strategic networking among all connected smart devices to streamline process flows over a low-power, cost-effective wide area network. The increasing investments in digitalization across various processes and discrete industries to monitor & control real-time data for M2M communications to optimize production yield, efficiency, and quality are supporting market growth. Other wireless technologies, such as Bluetooth and Zigbee, are ineffective for long-distance connectivity; thus, LoRA and LoRaWAN-based devices are thought to be the best solutions for high-speed M2M communication over a wide area.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of LoRaWAN held a valuation of USD 2 billion in 2022, led by increasing investments towards smart city initiatives, the market is anticipated to grow at more than 40% CAGR through 2032.

The LoRaWAN hardware components segment is slated to surpass a valuation of more than USD 30 billion by 2032, fueled by the increasing use of LoRaWAN end-nodes for tracking and monitoring purposes.

The market for LoRaWAN in North America was valued at more than USD 900 million in 2022, increasing industry player collaborations and smart city investments are likely to impel the regional growth moving forward.

The list of leading industry players includes the likes of Orange, KPN, Cisco System Inc., Everynet, Kerlink, LORIOT AG, Microchip Technology Inc., Meshed, TEKTELIC Communications Inc., National Narrowband Network Co.(NNNCo.), and Worldsensing.