The growing number of smart cities around the world is expected to provide opportunities for the narrowband IoT market growth
The global narrowband IoT market size is projected to reach nearly USD 2500 million by 2025. In addition, it is projected to gather a CAGR of about 40% over the forecast years 2020-2025. Narrowband IoT is a wireless communication standard, primarily for the Internet of Things. Also known as NB-IoT, it has many advantages over other communication protocols such as its low power usage which gives the devices using it a long battery life, sometimes over 10 years. Its range of communication is also greater than other standards. The use of narrowband IoTs can help enterprises cut cost on hardware as the batteries do not need frequent replacement. Across the globe, the market for narrowband IoT is growing. This is owing to the declining price of sensors and increasing number of connected devices in the world. The market has several restraints too. The market has restraints too. The rival LPWA technologies is one of the major ones.
The future and existing narrowband IoT market progress are outlined to know the market attractiveness. Key influencing factors focus on the narrowband IoT of market opportunities over the forecast years. Factors such as their increased applications and use cases among different verticals to reducing operating cost along with the increasing business efficiency are driving the market growth. Also, the increasing demand for low power wireless communication solutions around the world is further aiding the growth of the global narrowband IoT market. However, the alternate or rival LPWA technologies might hinder the market growth.
The report also outlines the various characteristics of the global narrowband IoT industry by assessing the market from value chain analysis. Moreover, the narrowband IoT market report comprises various qualitative parts of the narrowband IoT industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The narrowband IoT market has solid competition amongst the already well-known and new market players. Also, the narrowband IoT industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
The market is segmented on the basis of deployment, device, vertical, and regions. On the basis of the deployment, the market is divided Stand-Alone, Guard Band, and In-Band. Based on device, the market is classified under Smart Parking, Smart Meters, Trackers, Alarms and Detectors, Smart Streetlights, Smart Appliances, Wearable Devices, and Others. On the basis of vertical, the market can be classified under Agriculture, Automotive and Transportation, Energy & Utilities, Healthcare, Manufacturing, Safety & Security, Infrastructure, Building Automation, and Consumer Electronics.
The Asia Pacific region is expected to hold the highest market share during the forecast years owing to the presence of key industry players in the market. The market is on the forefront of new technology adoption and growing number of connected devices which is also increasing its share. Asia Pacific is followed by Europe and North America region in 2020 on the basis of market share.
The major players of the global narrowband IoT market are Huawei, Qualcomm, Intel, Nordic Semiconductor, Sanechips, Samsung, MediaTek, Sercomm, Cheerzing, u-blox, Telit Communications, Quectel, and Sequans Communications. These vendors have adopted various traditional and non-traditional growth strategies to enhance their market share including new product launches, partnerships and collaborations, and mergers and acquisitions.
Segment Overview of Global Narrowband IoT Market
Deployment Overview, 2018-2028 (USD Million)
- Guard Band
Device Overview, 2018-2028 (USD Million)
- Smart Parking
- Smart Meters
- Alarms and Detectors
- Smart Streetlights
- Smart Appliances
- Wearable Devices
Vertical Overview, 2018-2028 (USD Million)
- Automotive and Transportation
- Energy and Utilities
- Safety and Security
- Building Automation
- Consumer Electronics
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America