Narrowband Internet of Things (NB-IoT) Market to Reach $32.5 Billion, Globally, by 2031 at 48.4% CAGR: Allied Market Research
Seamless communications through greater connection, reduced power consumption, and rising demand for a smarter and greener world drive the growth of the global narrowband internet of things (Nb-IoT) market.
PORTLAND, Ore., Feb. 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Narrowband Internet Of Things (NB-IoT) Market by Component (Solution, and Service), Deployment Mode (In-Band, Guard Band, and, Standalone), Application (Smart Meter, Smart Parking, Alarm & Detector, Smart Lighting, Tracker, Wearable, and, Others), and, Industry Vertical (Infrastructure, Agriculture, Automotive, Healthcare, Energy and Utilities, Manufacturing, Consumer Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global narrowband internet of things (NB-IoT) industry generated $634.34 million in 2021, and is estimated to reach $32.5 billion by 2031, witnessing a CAGR of 48.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
Increasing adoption of IoT along with better battery life for connected devices and winding applications of NB-IoT technology is boosting the growth of the narrowband-internet of things (NB-IoT) market. In addition, the rapid development in IoT industry and rising demand for new cellular communication technology is positively impacting the growth of the narrowband-internet of things (NB-IoT) market. However, the stringent competition from alternate technologies and the lack of standardization of IoT regulations is hampering the narrowband internet of things (NB-IoT) market growth. On the contrary, increasing investments by technology companies and telecommunications service providers is expected to offer remunerative opportunities for the expansion of the narrowband-internet of things (NB-IoT) market during the forecast period.
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The solution segment to maintain its dominance during the forecast period
By component, the solution segment held the largest share in 2021, garnering nearly three-fourths of the global narrowband internet of hings (NB-IoT) market revenue, and is projected to maintain its dominance by 2031. The service segment showcases the fastest CAGR of 49.9% during the forecast period. This is driven by improving network efficiency, increasing the capacity to support a massive number of new connections using only a portion of the available spectrum.
The standalone segment to rule the roost
By deployment mode, the standalone segment contributed to more than two-thirds of the global narrowband internet of things (NB-IoT) market share in 2021 and is projected to rule the roost by 2031. The same segment would also display the fastest CAGR of 50.3% throughout the forecast period. Surge in demand for IoT devices and provide energy-efficient and long-range network access to IoT devices fuel the segment growth.
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North America garnered the major share in 2021
By region, North America held the major share in 2021, garnering more than three-fifths of the global narrowband internet of things (NB-IoT) market revenue, and is expected to dominate by 2031. This is due to the presence of various leading device manufacturers and network service providers in the U.S. and other major regions across North America. Asia-Pacific, on the other hand, would showcase the fastest CAGR of 46.4% from 2022 to 2031.
Leading Market Players
The report analyzes these key players in the global narrowband internet of things (NB-IoT) market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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