NARROWBAND IOT MARKET: SUMMARY
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.
NARROWBAND IOT MARKET: DRIVERS & RESTRAINT
- Increasing Adoption of IoT Devices
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.
- Ongoing Initiatives by Global Players
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.
- Privacy and Security Issues
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.
NARROWBAND IOT MARKET: KEY SEGMENTS
- Based on Services: Professional Services and Managed Services
- Based on Component: Network and Module
- Based on Deployment Mode: In-band Deployment, Guard band Deployment, and Standalone Deployment
- Based on Application: Smart Metering (Electricity, Gas, and Water), Tracking (Asset Tracking, Logistic Tracking), Smart Energy, Smart Parking, Smart Waste Management, Smart Cities (Street Lamps or Dustbins), Smart Buildings, Agricultural and Environmental and Others
- Based on End-User: Automotive, Agriculture, Healthcare, Infrastructure, Manufacturing, Consumer Electronics, Energy & Utilities, and Others
- Based on region covers: North America, South America, Europe, Asia-Pacific, and Middle East & Africa with individual country-level analysis
NARROWBAND IOT MARKET: REPORT SCOPE
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.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2020-2027 (2020 estimated year, forecasted up to 2027)
Value (USD Million)
Services, Component, Deployment Mode, Application, End-User, and Region
North America, Asia-Pacific, Europe, Middle East & Africa, South America
KEY COMPANIES COVERED
- Huawei Technologies Co., Ltd. (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Qualcomm Technologies, Inc.
- Vodafone Idea Limited
- Nordic Semiconductor
- Intel Corporation
- MediaTek Inc.
- Altair Semiconductor (Sony Corporation)
- Sierra Wireless
- Thales Group
- Other Key Companies
- Quectel Wireless Solutions Co., Ltd.
NARROWBAND IOT MARKET: REPORT SEGMENTATION
For the scope of the report, In-depth segmentation is offered by Forencis Research
Narrowband IoT Market, by Services
- Professional Services
- Managed Services
Narrowband IoT Market, by Component
Narrowband IoT Market, by Deployment Mode
- In-band Deployment
- Guard band Deployment
- Standalone Deployment
Narrowband IoT Market, by Application
- Smart Metering (Electricity, Gas, and Water)
- Tracking (Asset Tracking, Logistic Tracking)
- Smart Energy
- Smart Parking
- Smart Waste Management
- Smart Cities (Street Lamps or Dustbins)
- Smart Buildings
- Agricultural and Environmental
Narrowband IoT Market, by End-User
- Consumer Electronic
- Energy & Utilities
Narrowband IoT Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
KEY QUESTIONS ANSWERED BY THE REPORT
- What are the important developments affecting the market globally and its growth?
- What will be the impact of the developments in the market on the industry and on the market competitor in the future?
- What are the evolving variations of the market worldwide?
- What are the evolving functions of the market worldwide?
- What is the important condition that will affect market growth worldwide during the study period?
- Who are the major players operating in the market across the globe?
- How are the major players leveraging in the present market scenario worldwide?
- Narrowband IoT Market Providers
- Narrowband IoT Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Narrowband IoT Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE NARROWBAND IOT MARKET