The global narrowband-Iot (NB-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 deployment of innovative technologies to track and monitor assets and people accurately in line with the smart city initiatives being pursued aggressively all around the world is 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.
Key suggestions from the report:
- The module segment is anticipated to emerge as the fastest-growing segment over the forecast period owing to the increasing number of IoT applications and declining manufacturing costs of NB-IoT modules
- The tracker segment is anticipated to gain traction over the forecast period owing to the growing use of trackers for tracking and monitoring production processes and assets, particularly those which are difficult to monitor manually
- The wearables segment is expected to witness the fastest growth over the forecast period due to the increasing demand for wearables such as fitness wristbands to monitor exercise activities and health monitoring devices to monitor the health status, as well as other dedicated wearables to track children and elderly people for safety purposes
- Asia Pacific is expected to register the highest CAGR from 2019 to 2025 owing to the rapidly growing demand for wearables and smartphones in line with the continued urbanization and various smart city initiatives being undertaken
- Key players operating in the NB-IoT market include AT&T; Huawei Technologies Co., Ltd.; Qualcomm Technologies, Inc.; Cellco Partnership (Verizon Wireless); MediaTek Inc.; T-Mobile US, Inc.; Intel Corporation; Nokia; Vodafone Group PLC; Sequans; Telefonaktiebolaget LM Ericsson; and Altair Semiconductor.
Narrowband-IoT, which is also known as LTE Cat NB1, happens to be a Low Power Wide Area (LPWA) network technology standard used to connect a wide range of smart sensors and devices using a wireless cellular network. NB-IoT devices operate in the licensed spectrum and ensure secure and reliable connectivity to end users.
Incumbents of the automotive industry are responding to the passengers’ safety concerns by adopting emerging technologies that can potentially offer safer, convenient, and efficient transportation. As such, the use of Narrowband-IoT in the automotive industry is growing rapidly owing to the capability of NB-IoT to accurately track vehicles, identify and avoid highway congestions, and subsequently contribute toward effective traffic management. The looming commercialization of the upcoming connected and autonomous vehicles is also expected to play a key role in driving the growth of the NB-IoT market over the forecast period.
Energy and utility companies are widely adopting the NB-IoT technology for smart meters to remotely monitor the usage of power, water, and gas in residential and commercial buildings, and to obtain the usage data for issuing monthly bills. The usage data also helps energy and utility companies in tracking the consumption and formulating energy-saving strategies accordingly.