The Global Narrowband IoT Market is projected to reach a value of over USD 4.1 Billion by 2027 at a CAGR of around 38.1%.
Narrowband-Internet of Things (NB-IoT) is referred to low power wide area (LPWA) technology which enables a wide range of new IoT devices and services. It is used to enhance the system capacity, spectrum efficiency and power consumption for the user. Moreover, this technology securely and reliably handles a small amount of infrequent two-way data. Also, it allows to connect a large number of devices with advanced power consumption.
Market Drivers:
The increasing adoption of the Internet of Things (IoT) to enhance communication and battery life will be anticipated to boost the market growth. These devices work on low frequencies and consume less power which will help to improve business efficiency and productivity. Moreover, it increases the use of connected devices and increasing demand for low power, long-range connectivity, and low-cost product which will lead to an increase in the use of Narrowband IoT devices in the forecast period.
Hence, the IoT devices help to consume less power which would lead to enhance the demand for market growth in the forecast period.
Many global players in the field of telecommunication such as Huawei, Qualcomm, Ericsson, and Vodafone are enhancing the development of NB-IoT. In 2014, Huawei acquired Neul which works on the NB-IoT field. In 2016, Vodafone and Huawei has been completed the first over-the-air connection on a live network with the use of standardized NB-IoT. Also in 2016, Vodafone announced its first world live commercial NB-IoT network which will be in Germany, Ireland, the Netherlands and Spain.
Hence, NB-IoT is projected to available in the core developed countries and cities which is expected to boost the growth of the market in the forecast period.
Market Restraint:
Security is one of the major challenging factors for IoT communication. The device is designed to enable connectivity of the huge number of connected user equipment (UE) which may also increase the security threat for the market. Moreover, privacy and security concerns are increasing especially when it comes to IoT in corporate, government, and critical infrastructure contexts.
Hence, security is a major concern among enterprises adopting IoT which may lead to hamper the growth of the market in the forecast period.
The report on the narrowband IoT market covers a deep dive analysis of historic, recent and current market trends. furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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Report Features |
Specifics |
|---|---|
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Historical/Estimated/Forecasted Market Size Years |
2018-2027 |
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Base Year for Market Calculation |
2019 |
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Forecasted Period |
2020-2027 (2020 estimated year, forecasted up to 2027) |
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Measured Units |
Value (USD Million) |
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Segments Included |
Services, Component, Deployment Mode, Application, End-User, and Region |
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Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Narrowband IoT Market, by Services
Narrowband IoT Market, by Component
Narrowband IoT Market, by Deployment Mode
Narrowband IoT Market, by Application
Narrowband IoT Market, by End-User
Narrowband IoT Market, by Region
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY
