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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

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 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

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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

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Application

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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.

Contact
Technavio Research
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Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio


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