Narrowband-Internet of Things (NB-IoT) Market to grow by USD 1,841.04 million from 2022 to 2027|Market driven by the increasing adoption of smart city initiatives and connected devices - Technavio
NEW YORK, July 31, 2023 /PRNewswire/ -- The narrowband-internet of things (NB-IoT) market is set to grow by USD 1,841.04 million from 2022 to 2027. However, the growth momentum will progress at a CAGR of 31.01% during the forecast period, according to Technavio. The narrowband-internet of things (NB-IoT) market is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market. Beacon Tower, China Telecom Global Ltd., Deutsche Telekom AG, GSM Association, Huawei Technologies Co. Ltd., MediaTek Inc., Nokia Corp., Nordic Semiconductor ASA, Qualcomm Inc., Quectel Wireless Solutions Co. Ltd., Samsung Electronics Co. Ltd., Semtech Corp., Sequans Communications SA, Smart Scandinavian Box AB, Sony Group Corp., Telefonaktiebolaget LM Ericsson, Telia Co. AB, u blox AG, Vodafone Group Plc, and ZTE Corp. are some of the major market participants -. To know about the vendor offerings - Request a sample report
Narrowband-Internet of Things (NB-IoT) Market 2023-2027: Scope
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The narrowband-internet of things (NB-IoT) market report covers the following areas:
The narrowband-internet of things (NB-IoT) market is fragmented, and the degree of fragmentation will accelerate. The increasing adoption of smart city initiatives and connected devices will offer immense growth opportunities. However, the Lack of standardization and interoperability among various IoT technologies and platforms will hamper the market growth.
Narrowband-Internet of Things (NB-IoT) Market 2023-2027: Drivers & Challenges
Key Narrowband-Internet Of Things (NB-IoT) Market Driver
The increasing adoption of smart city initiatives and connected devices is notably driving market growth. The increasing number of smart city initiatives and connected devices worldwide heavily influence the market. As cities aim to become smarter and more sustainable, there is a growing demand for IoT systems that can monitor and manage various urban infrastructure aspects like transportation, electricity, and waste disposal. NB-IoT technology is well-suited for these applications due to its low-power wide area (LPWA) connectivity, enabling devices to operate on battery power for extended periods without frequent maintenance. This makes it ideal for smart parking, environmental monitoring, and asset tracking, which are crucial components of smart city programs. With more cities embracing smart technologies and IoT-connected devices, the NB-IoT market is expected to experience significant growth during the forecast period.
Significant Narrowband-Internet Of Things (NB-IoT) Market Trends
The rising demand for edge computing and artificial intelligence (AI) in IoT applications is an emerging trend shaping market growth. The significant growth of the global NB-IoT market is attributed to the increasing demand for edge computing and AI in IoT applications. Edge computing reduces latency and enables real-time decision-making by processing data locally instead of sending it to centralized data centers or the cloud. Integration of AI algorithms at the edge allows automation and predictive maintenance for industrial IoT applications, providing actionable insights from data analysis. This trend is driving the demand for NB-IoT chipsets and related devices as they enable more effective, secure, and reliable IoT systems. As a result, NB-IoT chipset manufacturers have new opportunities to deliver enhanced processing and analytics at the edge, contributing to the market's growth during the forecast period.
Major Narrowband-Internet Of Things (NB-IoT) Market Challenge
The lack of standardization and interoperability among various IoT technologies and platforms may hinder market growth. The global NB-IoT market encounters challenges arising from the absence of standardization and interoperability among different IoT technologies and platforms. This issue stems from the complexity of IoT systems, where various devices, sensors, and apps must communicate effectively. The lack of globally recognized standards for IoT connectivity and interoperability results in fragmentation, raising concerns about compatibility across platforms and devices. This fragmentation slows down the development of new IoT solutions and creates barriers to their adoption. Moreover, the absence of standards and interoperability can lead to security vulnerabilities and difficulties in integrating IoT systems into existing infrastructures. As a result, this challenge is expected to impede the growth of the global NB-IoT chipset market during the forecast period.
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Narrowband-Internet of Things (NB-IoT) Market 2023-2027: Segment Analysis
Narrowband-Internet of Things (NB-IoT) Market 2023-2027: Segmentation Highlights
This narrowband-internet of things (NB-IoT) market report extensively covers market segmentation by end-user (automotive, energy and utilities, healthcare, agriculture, and others), application (smart meters, smart parking, trackers, alarms and detectors, and wearable devices), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share, among others Buy the Report
Narrowband-Internet of Things (NB-IoT) Market 2023-2027: Key Highlights
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Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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