The Rise of LoRa and LoRaWAN IoT Market: A $32.7 billion Industry Dominated by Tech Giants - Bosch Group (Germany), Cisco (US) | MarketsandMarkets™

Market Overview - The global LoRa and LoRaWAN IoT Market is projected to grow from USD 8.0 billion in 2024 to USD 32.7 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 32.4% during the forecast period [1]. Market Dynamics Drivers - The unlicensed spectrum bands for LoRaWAN provide significant advantages for widespread adoption and market growth, allowing for rapid deployment without regulatory hurdles [2]. - Rising demand for low-power, long-range, wide-area network connectivity and advancements in IoT technologies are key drivers [4]. Restraints - Data security and privacy concerns, high initial deployment costs, and interoperability issues are notable challenges facing the market [4]. Opportunities - Increasing smart city initiatives and integration with 5G technology present substantial growth opportunities for the LoRa and LoRaWAN IoT market [4]. Hardware Segment - The hardware segment, including sensors, system-on-chips (SoCs), and networking gateways, is expected to have the largest market size during the forecast period, facilitating diverse IoT applications [3][5]. Network Deployment - The hybrid network segment is anticipated to hold a higher growth rate, combining public and private infrastructure benefits for optimized IoT deployments [6][7]. Regional Insights - North America is expected to hold the largest market share, driven by the need for efficient urban infrastructure management across various sectors [8].