LoRa and LoRaWAN IoT Market worth $25.5 billion by 2028

The LoRa and LoRaWAN IoT Market is estimated at USD 5.6 billion in 2023 and is projected to reach USD 25.5 billion by 2028, at a CAGR of 35.3% from 2023 to 2028, according to a new report by MarketsandMarkets.  

Governments collaborate with private organizations, research institutions, and industry associations to develop IoT ecosystems and drive innovation. These partnerships often involve joint projects, knowledge sharing, and the establishment of testbeds and pilot programs. Governments foster the development and adoption of LoRa and LoRaWAN IoT solutions by actively engaging with the private sector across different industries.

LoRa and LoRaWAN IoT technologies have transformed industrial IoT (IIoT) applications by enabling long-range wireless communication in industrial settings. These technologies are crucial in enhancing operational efficiency, productivity, and safety. LoRa and LoRaWAN facilitate remote asset monitoring, where sensors equipped with LoRa technology collect data on various parameters, optimizing maintenance schedules and minimizing downtime.

They also support predictive maintenance strategies by continuously monitoring equipment conditions and detecting potential failures in real time. Additionally, LoRaWAN enables wireless communication between industrial sensors and control systems, allowing for automation and remote control of equipment and processes. Overall, adopting LoRa and LoRaWAN in IIoT has revolutionized industrial operations, leading to improved efficiency, optimized maintenance, and increased safety in industrial sectors.