In the past few years, we tend all have to emerge with the construct of the Internet of Things. The LoRaWAN® Technology may also be termed the DNA of IoT, in today’s world.
With ongoing digital transformation, from conventional systems to reliable systems, from consumption to conservation, we have come across many developments in the field of IoT.
As we dive into this technology, with a multitude of different applications like Irrigation Automation, Smart Homes, Industrial control, Healthcare, Supply Chain & Logistics, we are now more connected to the real world. This comes with higher ways to observe & safeguard communities as well as the environment.
Furthermore, supported analysis LoRa and LoRaWAN® Devices Market size is projected to reach $6.2 billion by 2026, and it is estimated to grow at a CAGR of 36.5% during 2021-2026.
This market modification is attributed to the web of new innovations & increasing adoption of LoRaWAN® technology. According to Cisco, it's foreseen that five hundred billion devices are going to be connected with the Internet of Things (IoT) paradigm by 2030.
However, with the increasing demands of Smart Cities, Waste Management, Parking Management, Conservation of Utilities, and automation, the market growth has been driven day by day.
“2021 saw many crucial achievements that advanced the standard and LoRaWAN®’s standing as the leading LPWAN technology,” said Donna Moore, CEO, and chairwoman of the LoRa Alliance.
Recently, we have also witnessed huge IoT devices connected to the Internet in numerous solutions and advisedly designed applications.
Various market factors are the explanations to drive LoRaWAN® in today’s growth:
• Recognition of the importance of LoRaWAN®’s network model flexibility, which offers public, private, and hybrid network options, ensures long-term viability and fit-for-purpose networking to serve the requirement of a wide and growing market.
• LoRaWAN® coverage grew exponentially, turning into omnipresent with LoRaWAN® networks operational worldwide.
• Vital growth in deployments of scale that incontestable that LoRaWAN® is critically important to the digital transformation of all businesses
• Tremendous increase in revenue, overall with the new innovations.
Rising adoption of medium access control (MAC) protocol for LoRa and LoRaWAN® devices supporting long-distance communication and increasing demand for cost-effective and energy-efficient wireless IoT networks with long-range access are the factors driving the market throughout the forecast period 2021-2026.
Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players within the LoRa and LoRaWAN® devices market.
