Growing adoption of the Internet of Things (IoT) and rise in use of connected devices as well as widening applications of Narrowband Internet of Things (NB-IoT) technology are driving NB-IoT market revenue growth
Market Size – USD 1,449.3 Million in 2021, Market Growth – at a CAGR of 35.1%, Market Trends – Adoption of IoT technologies
The global Narrowband Internet of Things (NB-IoT) market size is expected to reach USD 21.78 Billion in 2030 and register a revenue CAGR of 35.1 % over the forecast period, according to the latest report by Reports and Data. The rapid market revenue growth of NB-IoT is driven by an increase in the use of IoT devices and an increase in internet penetration. Moreover, the rapid growth of cellular IoT networks to reach the whole population drives market revenue growth. Furthermore, compared to unlicensed bands-based technologies such as Long Range Wide Area Network (LoRaWAN) and Sigfox, it has a higher penetration in structures and higher data rates, making it a market revenue growth opportunity. The NB-IoT market is expected to develop rapidly over the forecast period as a result of these factors.
IoT connected devices have witnessed significant growth and adoption across various industries over the last 20 years and they have been a keystone for various businesses to digitally transform, allowing them to improve old processes by building and tracking new business models. Service providers such as mobile operators have established their IoT business units to compete with the growing number of businesses that are embracing the benefits that mobile IoT brings, with major operators acquiring business to capture a larger portion of the value chain and revenues.
The narrowband-IoT NB-IoT market, also known as LTE Cat NB1, is a low-power wide-area network (LPWA) standard that connects a broad range of gadgets and administrations to build up cell organization. NB-IoT is best suited for applications that deal with a small amount of uncommon data over a long period. Narrowband – IoT market operates within an approved range that provides a safe and reliable network.
Some Key Highlights from the Report:
- By device, the tracker segment is expected to register the fastest CAGR over the forecast period owing to the increasing number of industrial and consumer applications involving asset and person tracking and monitoring.
- Video analytics is becoming more prevalent among service providers that want to stay competitive by better understanding and serving their audiences. A video analytics system may assist in not just growing and keeping an audience but also developing new revenue streams by analyzing what keeps viewers interested. The information gleaned from analytics reveals how viewers consume media and what they anticipate from an online video platform.
- By streaming type, the live streaming segment is expected to register a faster CAGR over the forecast period. Users can provide high-quality entertainment on any device, on any network, from anywhere in the globe using live streaming. By using live streaming, the user may have a direct conversation with the desired audience. This deepens the audience’s attachment to a specific brand. Since their introduction, the use of mobile devices, laptops, and tablets for video streaming has grown. As a result, the need for live video streaming solutions has increased.
- Narrowband IoT (NB-IoT) market in the Asia Pacific is expected to register a faster CAGR over the forecast period owing to the increased use of mobile phones and tablets. The market for NB-IoT is growing owing to expanding industrialization in the developing nations of Asia Pacific, as well as the expansion of digital media to supplement company activities in the industrial sector. Furthermore, increased awareness of company productivity and technological improvements that help in the administration of digital services at a low cost are some of the factors driving the NB-IoT market’s revenue growth in Asia-Pacific.
- Companies profiled in the global NB-IoT market report include 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, and SAMSUNG.
For this report, Reports and Data have segmented the Narrowband IoT (NB-IoT) market based on component, device, deployment mode, end-use, and region:
- Component Outlook (Revenue, USD Million; 2019–2030)
- Device Outlook (Revenue, USD Million; 2019–2030)
- Alarm & Detector
- Smart Parking
- Smart Meter
- Smart Lighting
- Smart Appliances
- Deployment Mode Outlook (Revenue, USD Million; 2019–2030)
- Guard Band
- End-Use Outlook (Revenue, USD Million; 2019–2030)
- Automotive and Transportation
- Energy & Utilities
- Safety & Security
- Consumer Electronics
- Building Automation
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
Conclusively, all aspects of the Narrowband IoT (NB-IoT) Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market based on market drivers, limitations, and prospects.