Narrowband-IoT Market Outlook
According to a new report by Expert Market Research titled, “Narrowband-IoT Market Size, Share, Analysis, Report and Forecast 2024-2032″,the global narrowband-IoT market reached a value of USD 1057.05 million in 2023. Aided by the increased preference for energy efficient narrowband IoT and growing adoption of advanced technology, the market is projected to further grow at a CAGR of 35% between 2024 and 2032.
Narrowband Internet of Things (NB-IoT) is a sophisticated technology specially designed for IoT devices to work effectively over carrier networks. It is characterised by its minimal energy consumption, extended coverage in both rural and deep indoor environments, and the capability to support a vast number of connected devices. Aside from these features, its low cost and greater penetration depth strengthen its position as a preferred choice in IoT connectivity.
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The rise in narrowband-IoT market demand can be attributed to the rapid integration of IoT applications in various sectors. As industries increasingly transition towards digitalisation, the need for efficient, reliable, and scalable communication platforms has risen. NB-IoT, with its enhanced connectivity and reduced power consumption, has become pivotal in areas such as smart cities, industrial automation, health monitoring, and agriculture.
One of the significant narrowband-IoT market trends is the rising inclination towards combining NB-IoT with other advanced technologies, such as Artificial Intelligence (AI) and Machine Learning (ML). These hybrid models not only enhance the operational efficiencies of industries but also offer analytical insights, which further assist in decision-making processes, streamlining operations and ensuring excellent value delivery.
The multifaceted applications of NB-IoT across various sectors play a vital role in boosting the narrowband-IoT market growth. In sectors like healthcare, NB-IoT aids in patient monitoring, ensuring timely alerts and interventions. Similarly, in agriculture, it facilitates precision farming by providing accurate data on weather conditions, soil quality, and crop health. The transportation sector, on the other hand, leverages it for fleet management, ensuring optimised routes and fuel consumption.
The narrowband-IoT market analysis provides an insight on the rising demand for solutions that offer seamless connectivity while being cost-effective. Enterprises, both big and small, are perpetually on the lookout for technologies that can augment their operational efficiencies while being cost-effective. NB-IoT, with its ability to provide enhanced connectivity at reduced costs, has emerged as an essential component for many such enterprises, further bolstering its position in the global market.
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Narrowband-IoT Market Segmentation
The market can be divided based on type, deployment mode, device type, end use, and region.
Market Breakup by Type
- Hardware
- Software
- Service
Market Breakup by Deployment Mode
- Stand-Alone
- Guard Band
- In-Band
Market Breakup by Device Type
- Smart Parking
- Smart Meters
- Trackers
- Alarms and Detectors
- Smart Streetlights
- Smart Appliances
- Wearable Devices
- Others
Market Breakup by End Use
- Agriculture
- Automotive and Transportation
- Energy and Utilities
- Healthcare
- Manufacturing
- Safety and Security
- Infrastructure
- Healthcare
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global narrowband-IoT market. Some of the major players explored in the report by Expert Market Research are as follows:
- Huawei Technologies Co., Ltd.
- Qualcomm Technologies, Inc.
- Nordic Semiconductor ASA
- Samsung Electronics Co., Ltd.
- Riot Micro
- Intel Corporation
- MediaTek Inc.
- ZTE Corporation
- Shenzhen Goodix Technology Co., Ltd.
- Others
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