The global Narrowband IoT (NB-IoT) Market is projected to attain a valuation of USD 251.85 million by 2027, registering a CAGR of 25.9% through the forecast timeline. The growth of the Narrowband IoT market is majorly driven by the rapid development and advancement in the IoT sector and the soaring need for novel cellular technology dedicated explicitly to IoT low power wide area applications. The rising demand for advanced navigation, in-car infotainment, and telematics in the automotive industry is also adding traction to the NB-IoT market’s growth.
Narrowband-IoT, also called LTE Cat NB1, is a low power wide area (LPWA) network technology standard explicitly designed to broaden the application of IoT connectivity. It enables a broad spectrum of cellular devices and services and majorly focuses on indoor coverage, long battery life, enhanced connection density, and is highly cost-efficient.
The advantageous features offered by NB-IoT, such as low consumption of power, advanced penetration coverage, and low costs associated with it, are also anticipated to drive the growth of the market over the projected timeline. The rising deployment of IoT and increasing demand for smart cities and infrastructure are anticipated to fuel the market’s growth over the coming years. However, low speed and data security concerns are anticipated to act as growth limiting factors over the projected timeline.
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Some of the industry’s major competitors are Ericsson, Qualcomm Incorporated, Huawei Technologies Co. Ltd., Vodafone Group PLC, Nokia Networks, CommSolid GmBH, MistBase AB, Samsung Group, Intel Corporation, Verizon Communication, and U-Blox Holding AG.
Information and communication technology (ICT) encompass a wide range of communication networks as well as the technologies that support them. The information and communication technology (ICT) sector bring together manufacturing and service businesses whose products primarily perform or enable information processing and communication via electronic methods, including transmission and display. The ICT sector contributes to technical advancement, increased output, and increased productivity. Its impact can be measured in a variety of ways: directly, as a contributor to output, employment, or productivity growth; or indirectly, as a source of technical development influencing other sections of the economy.
The Narrowband IoT market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Narrowband IoT market.
The report also implements primary and secondary research techniques for gathering the most crucial pieces of professional information, and applies a number of industry-best techniques upon the data for projecting the future state of the global Narrowband IoT market. Based on current market development, the report includes an analysis of how activities such as mergers and shapes the market’s future.
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Conclusively, all aspects of the Narrowband 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 on the basis of market drivers, limitations and its future prospects.