LoRaWAN Market size to reach $60 Bn by 2032

LoRaWAN Market size is anticipated to cross USD 60 billion by 2032, according to a new research report by Global Market Insights Inc.
 

According to the report, increasing adoption of LoRaWAN in the field of smart waste management and asset management is a key driver behind industry growth. In asset management, a LoRaWAN network designed for asset tracking can offer enhanced visibility as well as control over the assets, reducing loss and theft, and improving the operational efficiency. Smart waste management systems also rely on LoRaWAN to reduce operational costs by streamlining waste collection routes and scheduling collection only when necessary.
 

According to the European Commission, smart waste collection initiatives in existing neighborhoods have resulted in a 71% reduction in CO₂ emissions by enabling a 90% reduction in waste collection traffic, and 66% reduction in unsorted waste.
 

Widespread adoption of IoT to foster smart buildings application segment growth

Based on application, LoRaWAN market valuation from smart building applications is predicted to exceed USD 10 billion by 2032, owing to the increasing adoption of IoT in both residential and commercial construction. LoRaWAN network based IoT is a key component of today’s smart building solutions and numerous firms are focusing on product innovations in the field to tap into the revenue stream. The wireless connectivity enabled trough LoRaWAN eliminates the need for extensive wiring in buildings, which greatly reduces installation costs and construction time.
 

Browse key industry insights spread across 350 pages with 536 market data tables and 23 figures & charts from the report, “LoRaWAN Market Size By Component (Hardware [End-node, Gateway, Module], Software, Service [Integration, Maintenance, Training and Consulting]), By Deployment Model (Private, Public, Hybrid), By Application (Smart Gas and Water Metering, Asset tracking, Smart Buildings, Smart Parking, Precision Agriculture, Smart Waste Management, Livestock Monitoring), By End-Use (Healthcare, Agriculture, Logistics and Transportation, Manufacturing, Utilities, Consumer Electronics, Government and Public Sector), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/lorawan-market
 

Growing need for remote patient monitoring to drive healthcare end-use segment share

With respect to end-use, LoRaWAN market share from healthcare segment is estimated to expand at 45% CAGR through 2032, impelled by the potential scope of remote patient monitoring enabled by the technology. LoRaWAN has the ability to deliver continuous remote patient monitoring services that can allow for timely intervention and early detection of potential health risks. The technology’s capabilities especially stand to benefit patients suffering from chronic diseases or people who need constant medical attention. The numerous remote healthcare initiatives launched in response to the COVID-19 pandemic are also likely to support market demand.
 

Smart city initiatives to fuel the Europe industry expansion

Europe LoRaWAN market is projected to hold 20% revenue share by 2032, driven by the regions numerous smart city initiatives. The rapidly growing significance of IoT-enabled smart building and public infrastructure services is promoting strong product adoption. Many smart building infrastructures in the region are adopting LoRaWAN technology components to deliver better operational efficiencies. Back in 2021, London, alongside five European partner cities, triggered an investment of over €250 million (US$302.8 million) across smart technologies as a part of the Sharing Cities programme.
 

Partnerships and collaborations to shape the competitive scenario for the industry

Key participants operating in the LoRaWAN market are KPN, Orange, Everynet, Cisco System Inc., LORIOT AG, Kerlink, Meshed, Microchip Technology Inc., National Narrowband Network Co.(NNNCo.), Worldsensing, and TEKTELIC Communications Inc. Moving ahead, the competitive scenario of the market is likely to be outlined by more frequent instances of partnerships and collaborations.
 

Back in November 2022, LORIOT teamed up with leading IoT hardware provider, Speed Studio, to reinforce LoRaWAN connectivity across the globe. The Speed Studio creates IoT solutions ranging from edge to cloud. Meanwhile, LORIOT delivers IoT developers the choice of LoRaWAN native network