Narrowband-internet of things (NB-IoT) technology market is estimated to grow with a high CAGR during the forecast period, i.e., 2020-2029. Extensive research associated with narrowband-internet of things (NB-IoT) Technology in western countries, along with the Growing demand for low power wide area network (LPWAN) use cases across verticals are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the increasing adoption of emerging communication technologies, high network infrastructure and low spectrum costs worldwide.
Moreover, NB-IoT can co-exist with the existing 2G, 3G, and 4G mobile networks and hence supported by all major chipset, module, and mobile equipment manufacturers. Furthermore, government agencies and public safety organizations are deploying NB-IoT networks for smart city infrastructure projects to ensure the safety and security of people and public assets.
Based on the component, the market has been further segmented into network and module. The network segment is estimated to dominate the market in 2020 owing to the high service costs and increasing number of IoT deployments. However, the module segment is anticipated to emerge as the fastest-growing segment over the forecast period owing to the growing demand for NB-IoT modules for consumer-oriented applications as well as industrial applications. The increasing demand for consumer wearable, smart parking solutions, smart security and surveillance solutions, smart metering solutions, and smart agriculture solutions is particularly anticipated to increase the demand for NB-IoT modules over the forecast period.
Based on end-use, the market has been further segmented into automotive, agriculture, infrastructure, healthcare, energy & utilities, manufacturing, consumer electronics, and others. The infrastructure segment is projected to dominate the market in 2020 owing to the large-scale adoption of the NB-IoT technology in applications related to smart lighting, smart building, environmental monitoring, and disaster management applications as well as smart infrastructure and smart city projects. Additionally, the consumer electronics segment is anticipated to emerge as the fastest-growing segment over the forecast period owing to the continued integration of NB-IoT modules in wearable, smartphones, and other electronic devices to enable users to store data related to all electronic devices on the cloud. For instance, in Germany, Vodafone and Panasonic Corporation collaborated on a pilot project aimed at realizing the value of the technology for home-based appliances.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region, out of which The North America market is estimated to dominate the global market in 2020. North America is home to several leading device manufacturers and network service providers focusing on testing and commercial deployment of solutions for consumer and industrial applications. Some of these device manufacturers and network operators include Qualcomm inc., AT&T, Cellco partnership (Verizon Wireless), T-Mobile Us, inc., and Intel corporation.
Increasing disposable income, growing tech-savvy population, and continued adoption of emerging technologies for personal and business applications are some of the other major factors driving the growth of the North American regional market.
Moreover, The Asia Pacific regional market is projected to emerge as the fastest-growing regional market owing to the increasing internet penetration, the continued rollout of high-speed internet infrastructure network, rising number of smart city initiatives, and larger customer base, thus providing abundant business opportunities to the players. Hih growth is witnessed in economies including India, and Japan as well as other countries in the region. Asia Pacific is also a home for some of the major module manufacturers such as MediaTek inc. and Huawei technologies co., ltd. CLICK TO DOWNLOAD SAMPLE REPORT
Narrowband-internet of things (NB-IOT) technology market is further classified on the basis of region as follows:
Our in-depth analysis of the narrowband-internet of things (NB-IOT) technology market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing adoption of emerging communication technologies, Low network infrastructure and spectrum costs and Growing demand for low power wide area network (LPWAN) use cases across verticals are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.
Deployment issues and less roaming support and Uncertainty in pricing model are estimated to hamper market growth.
The market in Asia Pacific regional market is projected to emerge as the fastest-growing regional market owing to the increasing internet penetration, the continued rollout of high-speed internet infrastructure network, rising number of smart city initiatives, and larger customer base.
The major players dominating the narrowband-internet of things (NB-IOT) technology market are Qualcomm Technologies, Inc., Huawei Technologies Co., Ltd., Intel Corporation, MediaTek Inc., Telefonaktiebolaget LM Ericsson, Vodafone Group plc, AT&T Inc. among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, deployment, device type, application and region.
With respect to application, the infrastructure segment is projected to dominate the market in 2020 owing to the large-scale adoption of the NB-IoT technology in applications related to smart lighting, smart building, environmental monitoring, and disaster management applications as well as smart infrastructure and smart city projects.
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