26-Nov-2019: The global narrowband-Iot
(NB-IoT) market size is expected to reach USD 6,020.2
million by 2025, registering a CAGR of 34.9% from 2019 to 2025, according to a
new study conducted by Grand View Research, Inc. The growing demand for
deployment of innovative technologies to track and monitor assets and people
accurately in line with the smart city initiatives being pursued aggressively
all around the world is expected to drive the growth of the market. Other
factors, such as low power consumption, lower component costs, and wider
coverage, are also expected to contribute toward the growth of the market.
Narrowband-IoT,
which is also known as LTE Cat NB1, happens to be a Low Power Wide Area (LPWA)
network technology standard used to connect a wide range of smart sensors and
devices using a wireless cellular network. NB-IoT devices operate in the
licensed spectrum and ensure secure and reliable connectivity to end users.
Incumbents of the
automotive industry are responding to the passengers’ safety concerns by adopting
emerging technologies that can potentially offer safer, convenient, and
efficient transportation. As such, the use of Narrowband-IoT in the automotive
industry is growing rapidly owing to the capability of NB-IoT to accurately
track vehicles, identify and avoid highway congestions, and subsequently
contribute toward effective traffic management. The looming commercialization
of the upcoming connected and autonomous vehicles is also expected to play a
key role in driving the growth of the NB-IoT market over the forecast period.
Energy and utility
companies are widely adopting the NB-IoT technology for smart meters to
remotely monitor the usage of power, water, and gas in residential and
commercial buildings, and to obtain the usage data for issuing monthly bills.
The usage data also helps energy and utility companies in tracking the
consumption and formulating energy-saving strategies accordingly.
In
depth research report on Narrowband-IoT Market
Further key findings from the study suggest:
·
The module segment is anticipated to emerge as the
fastest-growing segment over the forecast period owing to the increasing number
of IoT applications and declining manufacturing costs of NB-IoT modules
·
The tracker segment is anticipated to gain traction over the
forecast period owing to the growing use of trackers for tracking and
monitoring production processes and assets, particularly those which are difficult
to monitor manually
·
The wearables segment is expected to witness the fastest
growth over the forecast period due to the increasing demand for wearables such
as fitness wristbands to monitor exercise activities and health monitoring
devices to monitor the health status, as well as other dedicated wearables to
track children and elderly people for safety purposes
·
Asia Pacific is expected to register the highest CAGR from
2019 to 2025 owing to the rapidly growing demand for wearables and smartphones
in line with the continued urbanization and various smart city initiatives
being undertaken
·
Key players operating in the NB-IoT market include AT&T;
Huawei Technologies Co., Ltd.; Qualcomm Technologies, Inc.; Cellco Partnership
(Verizon Wireless); MediaTek Inc.; T-Mobile US, Inc.; Intel Corporation; Nokia;
Vodafone Group PLC; Sequans; Telefonaktiebolaget LM Ericsson; and Altair
Semiconductor.
Grand View Research
has segmented the global NB-IoT market based on component, deployment, device
type, end use, and region:
NB-IoT Component Outlook (Revenue, USD Million, 2018 - 2025)
·
Network
·
Module
NB-IoT Deployment Outlook (Revenue, USD Million, 2018 - 2025)
·
In-band
·
Guard-band
·
Standalone
NB-IoT Device Type Outlook (Revenue, USD Million, 2018 -
2025)
·
Alarm & Detector
·
Smart Parking
·
Smart Meter
·
Smart Lighting
·
Tracker
·
Wearables
·
Others
NB-IoT End Use Outlook (Revenue, USD Million, 2018 - 2025)
·
Automotive
·
Agriculture
·
Infrastructure
·
Healthcare
·
Energy & Utilities
·
Manufacturing
·
Consumer Electronics
·
Others
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more research reports of this category:
About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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