Narrowband-IoT Market Is Anticipated To Expend at a Remarkable CAGR Of 34.9% and Reach $578.0 Million By 2025 | Grand View Research, Inc.
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As per the report by Grand View Research, Inc., the Narrowband-IoT market will have a steady growth in the upcoming years as the need for a more connected world is increasing, even more in the testing period of COVID-19. No matter what shape the “new normal” takes, the requirement for connectivity in areas like domestic, economic, and social is even higher.
The global Narrowband-IoT market size is expected to reach USD 6,020.2 million by 2025, registering a CAGR of 34.9% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. The growing demand for the deployment of innovative technologies to track and monitor assets and people accurately in line is driving the market. Moreover, smart city initiatives being pursued aggressively all around the world are also expected to drive the growth of the market. Other factors, such as low power consumption, lower component costs, and wider coverage are also expected to contribute toward the growth of the market. Furthermore, encouraged by the rapidly growing applications of NB-IoT technology, more and more technology companies, and telecommunications service providers are expected to design and develop NB-IoT devices and roll out services, thereby driving the market growth over the forecast period.
Advances in Artificial Intelligence (AI), Machine Learning (ML), and big data analytics would particularly enable companies to analyze the large volumes of data obtained from tracking and monitoring activities using IoT networks. As such, the rising adoption of IoT and connected devices as well as AI, ML, and big data analytics across industrial and commercial applications are also expected to contribute toward the growth of the market. As it is an emerging technology, new companies are coming forward to provide NB-IoT service across the globe. For example, as per the latest news, in April 2021, Reliance Jio has deployed its first commercial NB-IoT service for the smart meters of Tata Power-DDL (Tata Power Delhi Distribution) which was earlier working on RF (Radio Frequency) technology. This is the first time India has smart meters running with NB-IoT technology.
Narrowband-IoT Market Report Highlights
• The looming commercialization of the upcoming connected and autonomous vehicles is expected to play a key role in driving the growth of the NB-IoT market over the forecast period.
• Based on components, the module segment is anticipated to emerge as the fastest-growing segment over the forecast period as NB-IoT modules’ manufacturing cost is declining and the application of IoT is also increasing.
• Based on device type, the tracker segment is anticipated to gain traction over the forecast period due to the increasing use of trackers for tracking and monitoring production assets and processes, especially those which are different to manage manually.
• Based on the region, North America dominated the global market in 2018 as it is home to many leading network service providers and manufacturers that focus on commercial deployment and testing of solutions for industrial and consumer applications.
• Key industry players operating in the market include Qualcomm Technologies, Inc.; AT&T; Cellco Partnership (Verizon Wireless); T-Mobile US, Inc.; Vodafone Group PLC; Nokia; MediaTek Inc.; Intel Corporation; Telefonaktiebolaget LM Ericsson; Huawei Technologies Co., Ltd.; Sequans; and Altair Semiconductor.
• Covid-19 has accelerated digitalization in the smart devices ecosystem as a result of an increase in the usage of digital products during lockdown like smart TVs, set-up boxes, smartphones, smart speakers, etc.
• As per the latest news in April 2021, MediaTek Inc is partnering with the Indian OEMs across 5G, Wi-Fi routers, and IoT in smart devices and smartphones categories to strengthen their footprint in India.
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Narrowband-IoT Market Segmentation
Grand View Research has segmented the global NB-IoT market based on component, deployment, device type, end use, and region:
NB-IoT Component Outlook (Revenue, USD Million, 2018 – 2025)
Network
Module
NB-IoT Deployment Outlook (Revenue, USD Million, 2018 – 2025)
In-band
Guard-band
Standalone
NB-IoT Device Type Outlook (Revenue, USD Million, 2018 – 2025)
Alarm & Detector
Smart Parking
Smart Meter
Smart Lighting
Tracker
Wearables
Others
NB-IoT End Use Outlook (Revenue, USD Million, 2018 – 2025)
Automotive
Agriculture
Infrastructure
Healthcare
Energy & Utilities
Manufacturing
Consumer Electronics
Others
NB-IoT Regional Outlook (Volume, Million Units; Revenue, USD Million, 2018 – 2025)
North America
U.S.
Canada
Europe
U.K.
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Middle East & Africa
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About Grand View Research
Grand View Research is a market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services to clients across several industries, including healthcare, materials, chemicals, energy, technology, and food and beverage, among others.
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Source: Narrowband-IoT Market Is Anticipated To Expend at a Remarkable CAGR Of 34.9% and Reach $578.0 Million By 2025 | Grand View Research, Inc.
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