Narrowband-Internet of Things (NB-IoT) Market to grow by USD 1.84 billion from 2022 to 2027, Growth Driven by Increasing adoption of smart city initiatives and connected devices- Technavio

NEW YORK, Oct. 6, 2023 /PRNewswire/ -- The "narrowband-Internet of Things (NB-IoT) market 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) - Forecast and Analysis 2023-2027" report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the narrowband Internet of Things (NB-IoT) market from 2022 to 2027 is USD 1.84 billion. The increasing adoption of smart city initiatives and connected devices is a key factor driving market growth. The market is highly influenced by the growing number of smart city initiatives and connected devices worldwide. As more and more cities around the world strive to become smarter and more sustainable, there is a need for IoT systems that can monitor and manage many elements of urban infrastructure such as traffic, electricity as well as waste collection and treatment will increase rapidly. In addition, NB-IoT technology is especially suitable for these applications because it provides LPWA (Low Power Wide Area) connectivity that allows devices to operate on battery power for years without regular maintenance. This makes it ideal for applications such as smart parking, environmental monitoring, and asset tracking, which are key elements of smart city programs. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Challenge

The lack of standardization and interoperability among various IoT technologies and platforms is a significant challenge restricting market growth. The lack of standardization and interoperability among different Internet of Things platforms and technologies is creating problems for the NBIoT market. For this reason, it is necessary to provide an interconnected network of devices, sensor nodes, and applications for effective communication between the Internet of Things systems. The absence of global standards for Internet of Things connectivity and interoperability, though, has led to confusion and concerns about compatibility and interoperability on a number of platforms and devices. This is leading to a slowdown in the development of new Internet of Things solutions, which leads to high barriers to their adoption. Hence, these factors are expected to restrict market growth during the forecast period. 

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The narrowband-internet of things (NB-IoT) market has been segmented 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 NB-IoT chipset market in healthcare is expected to grow due to the increasing prevalence of chronic diseases and the growing geriatric population, which will increase the demand for monitoring devices. The COVID-19 pandemic has also spurred the adoption of telemedicine services, such as telehealth, opening up new potential for companies producing NB-IoT chipsets for the healthcare industry. Overall, the healthcare segment of the global NB-IoT chipset market is expected to grow significantly during the forecast period. 

• North America is estimated to contribute 29% to the growth of the global market during the forecast period. 

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Key Companies in the Narrowband-Internet of Things (NB-IoT) 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.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-User

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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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SOURCE Technavio