Published Date: 30-Jun-2023
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According to a new report, published by KBV research, The Global LoRa and LoRaWAN IoT Market size is expected to reach $48.4 billion by 2030, rising at a market growth of 36.8% CAGR during the forecast period.
The Retail segment is showcasing a CAGR of 35.1% during (2023 - 2030). This is due to the fact that retailers seeking to incorporate smart technologies into their operations require deployment simplicity, adherence to stringent global security standards, and highly scalable connectivity across multiple products on a single network. With LoRaWAN, retailers can offer this benefit in a straightforward, secure, and scalable manner. LoRaWAN enables devices to connect to the internet and facilitate real-time merchandising wirelessly, resulting in significant cost reductions.
The Hardware segment is generating the highest revenue share in the Global LoRa and LoRaWAN IoT Market by Component in 2022 thereby, achieving a market value of $22.6 billion by 2030. The growth of the segment is due to the connectivity modules, which are the fundamental components of LoRaWAN devices and facilitate the addition of LoRaWAN connectivity to devices by developers. This reduces the required time and effort for integrating wireless communication capabilities. Thus, the mentioned factors are expected to propel the segment's growth.
The Smart Cities segment has shown the growth rate of 39% during (2023 - 2030). This is because smart cities require real-time visibility into all aspects of urban life. To accomplish this, smart cities typically employ wide-area wireless networks to facilitate connectivity between a vast network of disparate IoT devices, sensors, and smart meters that generate disparate amounts of data. LoRaWAN wireless technology is the optimal IoT solution for smart city application. Cities can dynamically optimize asset utilization and resource allocation using IoT technologies and various Smart devices for analyzing and displaying exhaustive real-time data.
The North America market dominated the Global LoRa and LoRaWAN IoT Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $16.7 billion by 2030. The Europe market is poised to grow at a CAGR of 36.5% during (2023 - 2030). Additionally, The Asia Pacific market would generate a CAGR of 37.9% during (2023 - 2030).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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