The global narrowband Iot market size is expected to expand at a considerable CAGR, during the forecast period, 2021-2028. The growth of the market is attributed to growing need for wireless Iot communication technologies.
Narrowband-internet of things, is a low power wide area (LPWA) technology, which was developed to permit a wide range of new IoT services and devices . NB-IoT significantly improves, the overall power consumption of system capacity, user devices, and spectrum efficiency, especially in deep coverage. The pandemic have forced the governments around the world to impose lockdown and close down offices, schools, and colleges.
This has resulted in companies implementing work from home (WFH) policy. Also schools and colleges have been forced to continue education and regular classes by using online platforms. The global online retail market has therefore seen a boom due to the pandemic, not only because of WFH policies which are adopted by companies, but also increasing use of internet and mobile telecommunication platforms for daily business operations and many more stay-at-home activities. This has led a growing need for wireless Iot communication technologies.
Market Drivers, Restraints and Opportunities
- Rapid advancements and research of narrowband analytics and its key benefits of the networking segment is a major driving factor for market growth.
- Increasing efficiency of IOT and related technologies is estimated to drive the market over the forecasted timeline.
- Lack of adequate network coverage act as a major restraint factor for market growth.
- Increasing price of narrowband solutions is expected to hamper the market growth.
- Increasing demand for fast, and efficient data driven consumer decision making services is expected to create lucrative opportunities for the market players.
Scope of the Report
The report on the global narrowband Iot market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Narrowband Iot Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2020
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Forecast Period
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2021–2028
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Segmentation
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Types (Smart Parking, Alarm & Detector, Smart Meter, Tracker, Wearables, Smart Lighting, and Others), Components (Module and Network), Deployments (Guard-band, In-band, and Standalone), End-users (Agriculture, Automotive, Infrastructure, Energy & Utilities, Manufacturing, Consumer Electronics, Healthcare, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Qualcomm Technologies, Inc.; Cellco Partnership (Verizon Wireless); AT&T; T-Mobile US, Inc.; Nokia; MediaTek Inc.; Intel Corporation; Vodafone Group PLC; Telefonaktiebolaget LM Ericsson; Sequans; Huawei Technologies Co., Ltd.; and Altair Semiconductor
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Market Segment Insights
Wearables segment to dominate market
Based on device type, the market is segregated into smart parking, alarm & detector, smart meter, tracker, wearables, smart lighting, and others. The wearables section dominated the market in 2018 due to increasing demand for sports, fitness, and healthcare devices for private care and diagnostics. Whereas, the rising levels of income plus the increasing awareness relating to fitness are encouraging the young population to use sports and fitness bands, the adoption of healthcare bands is increasing in developed economies.
The network segment to hold major market share
On the basis of components, the market is bifurcated into network and module. The network segment dominated the market in 2018 attributable to the high service prices and increasing range of IoT deployments. However, the module segment is anticipated to expand at a rapid pace attributed to growing demand for NB-IoT modules for consumer-oriented applications still as industrial applications.
The guard-band deployment section to grow significantly
Based on deployment, the market is divided into in-band, guard-band, and standalone modes. The guard-band segment dominated the market in 2018 and is anticipated to emerge as the fastest-growing segment over the forecast period. The ability to use the prevailing cellular infrastructure, together with antenna and frequency (RF) modules, while not having to feature any further spectrum price act as a major factor fueling the segment.
Rather than sharing the spectrum with smartphone traffic, Mobile Network Operators (MNOs) can take use of vacant resource blocks in the LTE carrier signal and occupy a separate frequency of 180 kHz bandwidth specifically intended for IoT applications.
The consumer electronics segment is projected to grow at a rapid pace
Based on end-users, the market is fragmented into automotive, agriculture, infrastructure, healthcare, energy & utilities, manufacturing, consumer electronics, and others. The infrastructure segment dominated the market in 2018 owing to the large-scale adoption of the NB-IoT technology in applications associated with smart lighting, smart security & surveillance systems, smart building, environmental watching, and disaster management applications.
The consumer electronics segment is anticipated to expand at a rapid pace during the forecast period attributed to continuing integration of NB-IoT modules in wearables, smartphones, and different electronic devices to alter users to store knowledge associated with all electronic devices on the cloud.
Asia Pacific is anticipated to dominate the market
In terms of regions, the narrowband Iot market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2020. Several significant device makers and network service providers based in North America focus on testing and commercialising technologies for consumer and industrial applications.
Other important reasons driving the market include an increasing disposable income, growing tech-savvy population, and ongoing acceptance of emerging technologies for personal and corporate applications. Asia Pacific is anticipated to dominate the market due to increasing net penetration, continued rollout of high-speed net infrastructure network, rising range of smart town initiatives, and increasing levels of income, significantly in economies including China, India, and Japan.
Segments
Segments Covered in the Report
The global narrowband Iot market has been segmented on the basis of
Deployments
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- In-band
- Guard-band
- Standalone
Components
Device Types
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- Alarm & Detector
- Smart Parking
- Smart Meter
- Smart Lighting
- Tracker
- Wearables
- Others
End-users
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- Automotive
- Agriculture
- Infrastructure
- Healthcare
- Energy & Utilities
- Manufacturing
- Consumer Electronics
- Others
Regional
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Qualcomm Technologies, Inc.
- Cellco Partnership (Verizon Wireless)
- AT&T
- T-Mobile US, Inc.
- Nokia
- MediaTek Inc.
- Intel Corporation
- Vodafone Group PLC
- Telefonaktiebolaget LM Ericsson
- Sequans
- Huawei Technologies Co., Ltd.
- Altair Semiconductor
Competitive Landscape
Key players competing in the narrowband Iot market include Qualcomm Technologies, Inc.; Cellco Partnership (Verizon Wireless); AT&T; T-Mobile US, Inc.; Nokia; MediaTek Inc.; Intel Corporation; Vodafone Group PLC; Telefonaktiebolaget LM Ericsson; Sequans; Huawei Technologies Co., Ltd.; and Altair Semiconductor. These market players are engaged on developing new modules and deploying of NB-IoT networks to enhance the coverage and increase the scope of economic applications wherever the technology may be applied.
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