Narrowband-IoT (NB-IoT) Market Size to Reach USD 31925.6 Million by 2026 - Valuates Reports
BANGALORE, India, Aug. 6, 2020 /PRNewswire/ -- Expanding NB-IoT technology applications, growing industry players' involvement in NB-IoT production, increasing IoT adoption, and increased usage of connected devices are among the factors driving the growth of the NB-IoT market size.
The global Narrowband IoT market size is projected to reach USD 31925.6 Million by 2026, from USD 992 Million in 2019, at a CAGR of 64.2% during 2019-2026.
This report analyses revenue growth at the global and country levels and offers an overview of the latest industry trends from 2019 to 2026 in each of the sub-segment.
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TRENDS INFLUENCING THE NB-IOT MARKET SIZE:
The COVID-19 pandemic is impacting global supply chains and logistics as lockdowns have been imposed geographically. Because of COVID-19, most countries have stopped all imports due to the fear of further spreading the virus. With a decline in the supply of connectivity hardware, the growth of the NB-IoT market is expected to be slightly slower than previously forecasted due to the pandemic.
The NB-IoT market is also driven by the growing demand for navigation, telematics, and in-car infotainment services in the automotive & transport industry. NB-IoT's added benefit, such as low power consumption, excellent penetration coverage, and low component costs, also augments the growth of NB-IoT market size.
In particular, developments in Artificial Intelligence (AI ), Machine Learning (ML), and Big Data Analytics will enable businesses to analyze the large amounts of data collected from tracking and monitoring activities using IoT networks. As such, it is also anticipated that the growing adoption of IoT and connected devices, as well as AI, ML, and Big Data analytics through industrial and commercial applications, will contribute to the growth of the NB-IoT market size.
The lack of consistent, cost-effective network pricing models and sufficient network coverage to sustain major widespread IoT deployments hampers market development. Although NB-IoT solutions' overall module and service costs have plummeted over the past two years in line with aggressive investments in research and development activities and module growth, prices remain a major concern for high-volume NB-IoT deployments. This, in turn, is expected to hinder the market growth during the forecast period.
NB-IOT MARKET SHARE ANALYSIS
Based on the region, North America is expected to hold the largest NB-IoT market share during the forecast period. Many leading system manufacturers and network service providers are based in North America, concentrating on the development and commercial delivery of consumer and industrial applications. Increasing disposable income, the growing tech-savvy population, and the continued adoption of new technologies for personal and business applications are some of the other major factors driving North America's demand.
The Asia Pacific region is projected to witness the highest growth rate during the forecast period. This rapid growth is attributed to increasing internet penetration, continued high-speed Internet infrastructure network deployment, an increasing number of smart city initiatives, and the rates of disposable income, particularly in economies like China, India, and Japan.
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NB-IOT MARKET SEGMENTATION
The following players are covered in this report:
Narrowband IoT Breakdown Data by Application
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SIMILAR REPORTS :
The growing acceptance of IoT and the increasing use of connected devices are the major factors driving the growth of NB-IoT (Narrowband IoT) Chips market size. It is expected that the growing demand for connected devices for long-range connectivity will drive the implementation of M2M / IoT devices such as smart meters, smart street lights, livestock tracking devices, and smart parking solutions.
Furthermore, emerging smart cities and smart buildings are expected to fuel the growth of NB-IoT (Narrowband IoT) Chips Market size during the forecast period.
The NB-IoT (Narrowband IoT) Chips Market report offers an exhaustive geographical analysis of the global NB-IoT (Narrowband IoT) Chips market, covering important regions, viz, North America, Europe, China, Japan, and South Korea.
The global Cellular IoT market size was 2010 Million USD in 2018 and is expected to 5110 Million USD by the end of 2025, growing at a CAGR of 12.3% between 2019 and 2025.
Growing demand for expanded network coverage and flexibility to support large numbers of connected devices is expected to drive the growth of cellular IoT market size. In addition, growing demand for end-to-end security between connected network devices also contributes to the growth of the cellular IoT market.
The Top companies in the Smart Parking Solutions Market include Amano Corporation, Cubic Corporation, Kapsch TrafficCom AG, Swarco AG, 3M, Thales, Siemens, Nortech Control Systems, Scheidt & Bachmann, DESIGNA Verkehrsleittechnik GmbH, HUB Parking Technology, WPS Parking System, Fujica, Xerox Corporation, etc.
This study focuses on the status of global Smart Parking Solutions, future projections, growth opportunities, key players, and industry. The purpose of this study is to present the development of Smart Parking Solutions in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
In 2018, the global Track and Trace Solutions market size was 1380 Million USD, and it is expected to reach 4700 Million USD by the end of 2025, with a CAGR of 16.5% during 2019-2025.
In 2015 North America dominated the global market for track and trace solutions. This region's large share can be due to the presence of existing healthcare systems in the U.S. & Canada and increasing pharmaceutical & biotechnology R & D spending.
Due to the growth in research activities & pharmaceutical manufacturing and growing investment by leading players and respective government agencies in the region, the Asia-Pacific region is expected to register the highest CAGR.
The growth drivers of this market are government support and technological advancements in smart grid development, infrastructure development, rise in population, etc. These reasons have led to the installation of more smart meters and are expected to increase the growth of Smart Metering Market size during the forecast period.
In 2018, the Global IoT market size was USD 164 Billion and it is expected to grow with a CAGR of 38.62% between 2018 and 2025.
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