DUBLIN--(BUSINESS WIRE)--The "Narrowband IoT Market Size, Share, Trends, By Component, By Device, By Deployment Mode, End-Use, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global narrowband Internet of Things (NB-IoT) market size is expected to reach USD 14,546.94 Million in 2030 and register a revenue CAGR of 41.5% over the forecast period, according to the latest report.
Companies Mentioned
- Sony Semiconductor Israel Ltd.
- AT&T Intellectual Property
- Qualcomm Technologies Inc.
- Huawei Technologies Co. Ltd.
- Intel Corporation
- MediaTek Inc.
- Nokia
- Telefonaktiebolaget LM Ericsson
- Vodafone Group PLC
- Samsung
Rapid market revenue growth can largely be attributed to increasing demand for low power wide area network (LPWAN) technologies, as these offer a number of advantages over traditional cellular networks. Low deployment and maintenance costs, long battery life, and improved connectivity in difficult-to-reach areas are just some of the benefits that NB-IoT can provide. However, the high initial investment and lack of awareness about the technology are some of the factors that are expected to restraint the market growth over the forecast period.
The NB-IoT is a low power wide area (LPWA) network technology that enables the connection of a large number of devices with low data requirements to the internet. It is specially designed for IoT applications such as smart meters, wearables, and trackers. The technology consumes less power, which makes it suitable for battery-operated devices. It also offers a wide coverage area, which makes it ideal for rural and remote locations. Moreover, it supports a large number of connections, which is expected to boost the market growth.
The rapid development and innovation in telecommunication technologies has given a new impetus to the growth of the NB-IoT market. The traditional mobile communication networks are being replaced by the newer and faster LTE technology, which is capable of providing high data rates. This has resulted in increased demand for higher data throughputs and higher speeds. The development of 5G technology is also anticipated to have a positive impact on the growth of the NB-IoT market.
One of the key factors driving the growth of the NB-IoT market is the growing demand for low power wide area networks (LPWANs). These networks are being deployed in a variety of industries such as healthcare, automotive, and consumer electronics.
Some Key Highlights from the Report
- In terms of application, the NB-IoT market is segmented into asset tracking, healthcare, smart meters, automotive, and others. Asset tracking is projected to be the largest application segment over the forecast period. The growing need for efficient fleet management and supply chain optimization is driving the demand for asset tracking solutions.
- The healthcare sector is one of the major end users of NB-IoT technology. This is mainly due to the several advantages that NB-IoT offers in terms of healthcare applications. For instance, NB-IoT can be used in medical devices such as heart monitors and blood pressure monitors for remote patient monitoring. Moreover, NB-IoT can also be used in tracking medical equipment and devices, as well as in inventory management in healthcare facilities.
- The automotive sector is another major end user of NB-IoT technology. This is mainly due to the growing demand for connected and autonomous vehicles. NB-IoT can be used in various automotive applications such as infotainment, telematics, and vehicle diagnostics. Moreover, NB-IoT can also be used in parking management and electric vehicle charging stations.
- The industrial sector is another major end user of NB-IoT technology. This is mainly due to the several advantages that NB-IoT offers in terms of industrial applications. For instance, NB-IoT can be used in various industrial applications such as asset tracking, inventory management, and machine monitoring. Moreover, NB-IoT can also be used in predictive maintenance and process optimization.
- The Asia Pacific is expected to be the leading region in the global market due to the presence of major NB-IoT service providers and a large number of IoT applications in the region. The region is also home to some of the world's largest economies, such as China and India. These countries are investing heavily in 5G and IoT technologies, which is expected to drive the market growth in the region.
- North America is anticipated to grow at the highest CAGR during the forecast period. This growth can be attributed to the early adoption of NB-IoT technology in the region and the presence of a large number of telecom service providers.
For the purpose of this report, the author has segmented NB-IoT market based on component, device, deployment mode, end-use, and region:
Component Outlook (Revenue, USD Million; 2019-2030)
- Network
- Module
Device Outlook (Revenue, USD Million; 2019-2030)
- Alarm & Detector
- Smart Parking
- Smart Meter
- Smart Lighting
- Smart Appliances
- Tracker
- Wearables
- Others
Deployment Mode Outlook (Revenue, USD Million; 2019-2030)
- In-Band
- Guard Band
- Stand-Alone
End-Use Outlook (Revenue, USD Million; 2019-2030)
- Automotive and Transportation
- Agriculture
- Energy & Utilities
- Healthcare
- Infrastructure
- Manufacturing
- Safety & Security
- Consumer Electronics
- Building Automation
Regional Outlook (Revenue, USD Million; 2019-2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/lchwc3
