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
End-user
Automotive
Energy And Utilities
Healthcare
Agriculture
Others
Application
Smart Meters
Smart Parking
Trackers
Alarms And Detectors
Wearable Devices
Geography
North America
Europe
APAC
South America
Middle East And Africa
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 market share growth by the automotive segment will be significant during the forecast period. The healthcare industry is a major driver of the global NB-IoT market's expansion. NB-IoT technology empowers healthcare professionals to remotely manage and monitor patient health, enhancing healthcare service efficiency and reducing the need for in-person visits. The healthcare sector's NB-IoT chipset market is expected to grow due to the rising prevalence of chronic diseases and the increasing elderly population, leading to higher demand for monitoring devices. The COVID-19 pandemic has also accelerated the adoption of telemedicine services, including telehealth, creating new opportunities for companies producing NB-IoT chipsets for the healthcare sector. Consequently, the healthcare segment of the global NB-IoT chipset market is projected to experience significant growth during the forecast period.
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
CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist narrowband-internet of things (NB-IoT) market growth during the next five years
Estimation of the narrowband-internet of things (NB-IoT) market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behaviour
The growth of the narrowband-internet of things (NB-IoT) market across North America, Europe, APAC, South America, and the Middle East and Africa
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of narrowband-internet of things (NB-IoT) market vendors
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The Internet Of Things Security Market size is estimated to grow by USD 114.33 billion between 2022 and 2027 accelerating at a CAGR of 30.44% during the forecast period. This report extensively covers market segmentation by end-user (industrial sector, commercial sector, and consumer sector), deployment (on-premises and cloud), and geography (North America, Europe, APAC, Middle East and Africa, and South America). One of the key factors driving the IoT security market growth is the exponential growth of Internet-connected and operated devices.
The industrial Internet of Things (IoT) market is estimated to grow at a CAGR of 12.23% between 2022 and 2027. The size of the market is forecast to increase by USD 123.98 billion. This report extensively covers market segmentation by end-user (manufacturing, automotive and transportation, energy and utilities, healthcare, and others), component (hardware, software, and services), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The growing importance of data-driven business outcomes in the industrial sector is notably driving the market growth.
Narrowband-Internet Of Things (NB-IoT) Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 31.01%
Market growth 2023-2027
USD 1,841.04 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
30.64
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 29%
Key countries
US, China, Japan, Germany, and the UK
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
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.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of contents
1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary ? Chart on Market Overview
Exhibit 02: Executive Summary ? Data Table on Market Overview
Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
Exhibit 04: Executive Summary ? Chart on Market by Geography
Exhibit 05: Executive Summary ? Chart on Market Segmentation by End-user
Exhibit 06: Executive Summary ? Chart on Market Segmentation by Application
Exhibit 07: Executive Summary ? Chart on Incremental Growth
Exhibit 08: Executive Summary ? Data Table on Incremental Growth
Exhibit 09: Executive Summary ? Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global narrowband-internet of things (NB-IoT) chipset market 2017 - 2021
Exhibit 18: Historic Market Size ? Data Table on global narrowband-internet of things (nb-iot) chipset market 2017 - 2021 ($ million)
Exhibit 172: Sequans Communications SA - Product / Service
Exhibit 173: Sequans Communications SA - Key offerings
12.13 Sony Group Corp.
Exhibit 174: Sony Group Corp. - Overview
Exhibit 175: Sony Group Corp. - Business segments
Exhibit 176: Sony Group Corp. - Key news
Exhibit 177: Sony Group Corp. - Key offerings
Exhibit 178: Sony Group Corp. - Segment focus
12.14 Telefonaktiebolaget LM Ericsson
Exhibit 179: Telefonaktiebolaget LM Ericsson - Overview
Exhibit 180: Telefonaktiebolaget LM Ericsson - Business segments
Exhibit 181: Telefonaktiebolaget LM Ericsson - Key news
Exhibit 182: Telefonaktiebolaget LM Ericsson - Key offerings
Exhibit 183: Telefonaktiebolaget LM Ericsson - Segment focus
12.15 u blox AG
Exhibit 184: u blox AG - Overview
Exhibit 185: u blox AG - Business segments
Exhibit 186: u blox AG - Key offerings
Exhibit 187: u blox AG - Segment focus
12.16 Vodafone Group Plc
Exhibit 188: Vodafone Group Plc - Overview
Exhibit 189: Vodafone Group Plc - Business segments
Exhibit 190: Vodafone Group Plc - Key offerings
Exhibit 191: Vodafone Group Plc - Segment focus
12.17 ZTE Corp.
Exhibit 192: ZTE Corp. - Overview
Exhibit 193: ZTE Corp. - Business segments
Exhibit 194: ZTE Corp. - Key news
Exhibit 195: ZTE Corp. - Key offerings
Exhibit 196: ZTE Corp. - Segment focus
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 197: Inclusions checklist
Exhibit 198: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 199: Currency conversion rates for US$
13.4 Research methodology
Exhibit 200: Research methodology
Exhibit 201: Validation techniques employed for market sizing
Exhibit 202: Information sources
13.5 List of abbreviations
Exhibit 203: List of abbreviations
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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