The Asia Pacific LoRa and LoRaWAN IoT Market would witness market growth of 37.9% CAGR during the forecast period (2023-2030).
The increasing adoption of connected factories, smart communities, and smart utilities that enable data transmission for real-time control and monitoring is anticipated to increase the demand for low-power wide-area networks that provide cost-effective, energy-efficient connectivity over large areas. To propel the growth of the market, the advantages and advanced capabilities of chirp spread spectrum technology and its resistance to multipath fading are examined.
There are applications for LoRa and LoRaWan IoT in smart cities. As a connected metropolis, it is necessary to have a network that is adaptable enough to accommodate different scenarios in a variety of environments. Due to its unique device-to-cloud architecture and extensive deployment options, LoRaWAN uniquely provides scalable and pervasive coverage in the diverse topography of smart cities. The best-in-class penetration capability of LoRaWAN enables indoor, outdoor, and even underground coverage. This is necessary to unite the dispersed endpoints throughout a smart city.
The "Smart Cities Mission" is a novel and innovative initiative by the Government of India to promote economic growth and enhance the quality of life of its citizens by enabling local development and leveraging technology to produce smart outcomes for its citizens. The Smart City Mission will be administered as a Centrally Sponsored Scheme (CSS), and the Central Government intends to provide financial support of Rs. 48,000 crores over five years, or an average of Rs. 100 crores per city per year. On a matching basis, the State/ULB will be required to contribute an equal sum; therefore, nearly one lakh crore of Government/ULB funds will be available for Smart Cities development. Owing to these factors, the regional market will expand with the growing projects and the number of smart cities in APAC.
The China market dominated the Asia Pacific LoRa and LoRaWAN IoT Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,912.1 million by 2030. The Japan market is experiencing a CAGR of 37.1% during (2023 - 2030). Additionally, The India market would exhibit a CAGR of 38.8% during (2023 - 2030).
Based on End User, the market is segmented into Manufacturing, Retail, Transportation & Logistics, Energy & Utilities, Government & Public, Safety, Enterprise, Healthcare, Agriculture, Residential, Travel & Hospitality and Others. Based on Component, the market is segmented into Hardware, Platform and Services. Based on Application, the market is segmented into Industrial IoT, Smart Agriculture & Livestock Management, Smart Buildings, Smart Cities, Smart Healthcare, Asset Tracking and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide LoRa and LoRaWAN IoT Market is Projected to reach USD 48.4 Billion by 2030, at a CAGR of 36.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Advantech Co., Ltd., NEC Corporation, Tata communications limited (Tata Group), Nwave Technologies, Inc., Semtech Corporation, Orange S.A., Bosch Sensortec GmbH (Robert Bosch GmbH), Amazon Web Services, Inc. (Amazon.com, Inc.), Datacake GmbH, and RAKwireless Technology Limited.
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