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LoRaWAN Market Size

Report ID: GMI5452
Published Date: Mar 2023
Report Format: PDF

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LoRaWAN Market Size

LoRaWAN Market size valued at USD 2 billion in 2022 and is projected to depict more than 40% CAGR from 2023 to 2032. Driven by the increasing investments towards smart city initiatives across the globe.

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Several government agencies across the world are making heavy investments towards smart city projects to make their urban areas capable of handling the expected boom in urban migration. According to the UN, more than 55% of the globe’s population lived in urban areas back in 2018, with estimates expecting the number to rise to more than 68% by 2050. Many smart city initiatives are specifically geared towards addressing the health, transportation, waste management, and communication needs of this demographic through intelligent solutions, with the LoRaWAN market being one of the key beneficiary of this trend.

LoRaWAN Market Report Attributes
Report Attribute	Details
Base Year:	2022
LoRaWAN Market Size in 2022:	USD 2 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	40%
2032 Value Projection:	USD 60 Billion
Historical Data for:	2018 to 2022
No. of Pages:	350
Tables, Charts & Figures:	559
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

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The tightening carbon emission norms are also likely to play a key role towards making the LoRaWAN technology an integral part of smart cities of the future. The technology is capable of making parking management and smart building more cost-effective owing to its ability to operate on low power.

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.