Narrowband IoT offers advantages such as reduced cost and reduced power consumption for an increased coverage area which is primarily boosting the adoption of emerging narrowband IoT technology. Being a newly released cellular narrowband offering from 3rd Generation Partnership Project, Narrowband IoT makes municipal applications such as street lighting, utility metering, toll road charges, and smart parking more efficient and effective.
Narrowband IoT can be deployed across several frequency bands using a bandwidth of 200 kHz to provide better indoor coverage as compared to GSM. Some other advantages of narrowband IoT include battery life of more than 10 years, high level of security, and compatibility with existing cellular infrastructure and low cost device.
As per estimates of a report by Transparency Market Research, the global narrowband IoT market will be valued at US$1052.69 mn by the end of 2025, expanding at a CAGR of 33.12% between 2017 and 2025.
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Economic Advantages of Smart Meters make it Leading Application Segment
In terms of component, the narrowband IoT market is segmented into hardware, software, and services. The hardware segment is further sub-divided into module and others. Of them, the hardware segment accounts for a key share vis-à-vis revenue in the global narrowband IoT market. This is mainly because of the rising adoption of narrowband IoT technology across several industry verticals. However, services segment is anticipated to surpass in terms of growth rate over the forecast period.
By application, the narrowband IoT market is segmented into smart metering, alarms and event detectors, smart bins, asset tracking, smart parking, and others. The segment of others comprise smart bicycles, smart agriculture, smart wearable, logistics and container tracking, smart kids monitoring solutions, engineering truck predictive maintenance solution, pollution monitoring etc.
Amongst them, smart metering holds the leading share in the global narrowband IoT market. This is mainly because of rising adoption of smart meters as they offer a host of advantages. Smart meters, for instance, can reduce cost incurred due to changing meter batteries and manual meter reading. On the other hand, smart bins is anticipated to display the leading growth rate over the forecast period. Other application areas such as asset tracking and alarms and event detectors hold moderate shares as consumers are increasingly spending substantial amount on home automation systems for safety and security considerations.
The segments of the narrowband IoT market based on end-use industry are healthcare, energy and utility, agriculture, retail, transportation and logistics, smart cities, and others.
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Europe Leading Regional Market due to Huge Investments for Development of Smart Infrastructure
The report divides the global narrowband IoT market into the geographic regions of North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Europe is one of the key contributor to the overall market as the region is home to some of the key industry players and early adoption of narrowband IoT technology in the region.
Asia Pacific accounts for the second-leading market share in the global market for narrowband IoT. The regional market is expected to expand at a phenomenal 34.28% CAGR between 2017 and 2025. The growth of Asia Pacific market is mainly because of significant investments for development of smart cities.
Key players operating in the global narrowband IoT market profiled in this report are Huawei Technologies Co. Ltd., Ericsson Corporation, Nokia Corporation, Quectel Wireless Solutions Co. Ltd., Sierra Wireless, Deutsche Telekom, China Unicom, Qualcomm Technologies Inc., Vodafone Group plc, u-blox, ZTWE Corporation, SEQUANS Communications SA, Intel Corporation, China Telecom, and Etisalat Corporation.
Narrowband IoT (NB-IoT) Market to Observe Growth in its Multiple Benefits
The narrowband IoT (NB-IoT) is also called LTE Cat NB1 and it refers to a technology that follows LPWA (low power wide area network technology) standard connecting an extensive range of services and devices on an already established cellular network. Narrowband IoT is ideal for use in applications that handle infrequent data transfer in small amount over a prolonged time period. This technology finds operation in a licensed spectrum offering reliable and secured connectivity and assuring high quality of service at the same time. These factors are likely to foster development of the global narrowband IoT (NB-IoT) market in the near future.
The global narrowband IoT (NB-IoT) market is foreseen to exhibit substantial growth owing to the rapid progress made in the IoT sector and increasing demand for new technology of communication. This new technology is dedicated to applications based on IoT LPWA. There has been rising demand for in-car infotainment services in automotive and transportation sector and navigation. In addition to that, low cost of component, low consumption of power, and outstanding penetration coverage are anticipated to augur well for the global narrowband IoT (NB-IoT) market in the near future.
Emergence and Increased Adoption of AI and ML to Accelerate Market Growth
Driven by rapidly expanding uses of NB IoT technology in various applications, more telecommunications service providers and technology companies are anticipated to develop and design various roll out services and NB-IoT devices. Advancements made in the technologies like big data analytics, machine learning, and artificial intelligence assist companies to make an analysis of large volumes of data. This huge volume of data is fetched from monitoring and tracking activities utilizing IoT networks. Hence, IoT technology is observing increased adoption along with various connected devices. Various commercial and industrial applications have been increasingly adopting big data. All these technological developments are estimated to widen scope of growth of the global narrowband IoT (NB-IoT) market in the forthcoming years.