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The narrowband-internet of things (NB-IoT) market size is forecast to increase by USD 5.10 Billion at a CAGR of 47.86% between 2023 and 2028. The market is experiencing significant growth due to several driving factors. The increasing adoption of smart city initiatives and the proliferation of connected devices are key growth drivers. Additionally, the rising demand for edge computing and artificial intelligence (AI) in IoT applications is expected to further fuel market growth. However, the lack of standardization and interoperability among various IoT technologies and platforms poses a significant challenge to market growth. Despite this, the market is expected to witness steady progress, driven by the potential of Nb-IoT to offer reliable, low-power connectivity for a wide range of IoT applications.
Narrowband-Internet of Things (NB-IoT) is an LPWA (Low Power Wide Area) technology designed for connecting IoT devices with long battery life and deep coverage. NB-IoT is a cellular-grade technology that offers secure and stable connectivity with low power consumption. The system capability of NB-IoT is optimized for IoT applications, enabling it to support a large number of connected devices. Spectrum potency is a significant factor in the adoption of NB-IoT technology. It operates in licensed spectrum, ensuring reliable network coverage and connections. The technology's spectrum efficiency allows it to transmit data using minimal bandwidth, making it ideal for applications in various industries, including wearables, utilities, and more.
Moreover, the NB-IoT's connectivity and long battery life make it an attractive option for IoT applications where devices are located in hard-to-reach areas or have limited power sources. The technology's low power consumption and deep coverage capabilities make it an essential component of wireless telecommunications technology, as outlined in the 3GPP and 4G standards. The adoption of NB-IoT is expected to grow significantly due to its system capacity and stable connectivity, making it a promising technology for the future of IoT.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The automotive segment is estimated to witness significant growth during the forecast period.The market is witnessing significant growth due to the increasing adoption of IoT devices and the requirement for low-power, wide-area network (LPWAN) solutions. NB-IoT technology, a component of LPWAN, offers system capability and spectrum potency that caters to various industries, including wearables, utilities, and industrial solutions. The long battery life of NB-IoT devices is a key factor driving their adoption, as they can transmit data over long distances with minimal power consumption. NB-IoT technology's regulatory compliance and integration with 5G technology make it an attractive option for smart parking, smart metering, and energy management applications. The NB-IoT ecosystem includes IT companies, satellite telecom operators, smartphone makers, and M2M communications providers, offering a range of solutions and services in the component and solution segments.
Moreover, the network architecture of NB-IoT technology provides secure and stable connectivity, ensuring the and reliable connections for connected devices. Moreover, LTE-M and NB-IoT technologies offer cellular-grade technology for IoT devices, enabling them to transmit data over long distances with minimal power consumption. NB-IoT's network coverage and low power consumption make it an ideal solution for industrial applications requiring indoor coverage and cellular connectivity. Due diligence is crucial for organizations looking to implement NB-IoT technology, ensuring they select the right transmitters, LTE base stations, and service providers to meet their specific requirements.
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The automotive segment was valued at USD 82.50 million in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Narrowband-Internet of Things (NB-IoT) is revolutionizing various sectors, particularly healthcare and personal care, with the integration of diagnostics and technology firms. Telecommunications service providers are playing a crucial role in deploying NB-IoT devices, enabling big data analytics and artificial intelligence (AI) capabilities for scalable and secure solutions. Mobile operators are collaborating with smart city asset owners to connect smart city assets, such as smart lighting solutions and smart energy, through NB-IoOT. The market is witnessing strategic partnerships and product developments between key players, including satellite communication operator Sateliot and IoT connection provider Vodafone NZ. The increasing internet penetration and disposable income in developing economies are driving the demand for smart connected devices and connections.
However, the cybersecurity risk associated with NB-IoT devices necessitates Draft Security Recommendations for ensuring standardized security measures. LTE-M (Cat-M1) technology is also gaining popularity due to its low power consumption and cost-effectiveness. Digital Matter, a hardware and software provider, is an example of a company that offers NB-IoT solutions for various applications.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing adoption of smart city initiatives and connected devices is the key driver of the market. The NB-IoT market is experiencing significant growth due to the increasing adoption of IoT devices and systems in various sectors, particularly in smart cities. LPWA technology, such as NB-IoT and LTE-M, plays a crucial role in this growth by providing cellular-grade connectivity with low power consumption and extended battery life, making it ideal for IoT devices. This is especially important for wearables, utilities, and industrial solutions that require indoor coverage and stable connectivity. The NB-IoT ecosystem includes chipset manufacturers, solution providers, and service segments. The component segment includes transmitters, LTE base stations, and other necessary components. The solution segment offers complete NB-IoT solutions for various applications, such as smart parking, smart metering, and industrial solutions.
Moreover, the service segment provides secure and connectivity, ensuring reliable data transmission. NB-IoT technology's spectrum potency and system capability make it a preferred choice for IoT regulations, surpassing M2M communications and satellite telecom operators. With the advent of 5G technology, NB-IoT is expected to coexist and complement 5G networks, further expanding its reach and applications. In conclusion, the global NB-IoT chipset market is poised for growth due to its suitability for various IoT applications, long battery life, and connectivity. Its low power consumption and network coverage make it an essential component of smart city initiatives, including smart parking, environmental monitoring, and asset tracking. Companies in IT, telecommunications, and smartphone makers are conducting due diligence to capitalize on the potential of this technology.
The rising demand for edge computing and artificial intelligence (AI) in IoT applications is the upcoming trend in the market. The NB-IoT market is witnessing substantial growth due to the increasing adoption of IoT devices and the requirement for low-power, wide-area (LPWA) technology. NB-IoT, a cellular-grade LPWAN technology, offers system capability and spectrum potency that is ideal for various IoT applications, including wearables, utilities, and industrial solutions. With long battery life and secure connectivity, NB-IoT technology is gaining popularity among IT departments, smartphone makers, and satellite telecom operators. The NB-IoT ecosystem consists of chipset and solution segments, with the solution segment expected to dominate the market due to the growing demand for smart parking, smart metering, and other industrial applications.
Moreover, the service segment is also expected to witness significant growth due to the increasing need for stable, connectivity for IoT devices. NB-IoT technology offers low power consumption, making it suitable for applications where devices are not easily accessible for battery replacement. This technology also provides better network coverage, enabling connectivity in areas where traditional cellular networks may not reach. The integration of NB-IoT technology with 5G and LTE-M networks is expected to further enhance its capabilities, providing faster data transfer rates and improved network architecture. Due diligence is essential when selecting NB-IoT components, as security and reliability are critical factors in IoT applications.
Furthermore, the use of AI algorithms and edge computing in NB-IoT networks is anticipated to improve the effectiveness, security, and dependability of IoT systems. This integration will enable real-time decision-making, automation, and predictive maintenance, increasing the demand for NB-IoT chipsets and related devices.
Lack of standardization and interoperability among various IoT technologies and platforms is key challenge affecting the market growth. The NB-IoT market is witnessing significant growth due to the increasing adoption of IoT devices and the need for low-power, wide-area network (LPWAN) technologies like NB-IoT and LTE-M. NB-IoT technology, a component of LPWAN, offers system capability and spectrum potency, making it an ideal solution for various applications such as wearables, utilities, and industrial solutions. The long battery life of NB-IoT devices is a major advantage, enabling seamless connectivity for smart parking, smart metering, and other IoT applications. However, the NB-IoT market faces challenges related to IoT regulations, interoperability, and standardization. The absence of globally endorsed standards for IoT connectivity and interoperability can result in fragmentation and compatibility issues between various platforms and devices.
However, this can slow down the development of new IoT solutions and raise major barriers to adoption. Furthermore, security concerns and the need for secure and stable connectivity are critical factors that need to be addressed in the NB-IoT ecosystem. The NB-IoT market can be segmented into chipset, solution, and service segments. IT, smartphone makers, satellite telecom operators, and M2M communications companies are some of the major players in the NB-IoT ecosystem. The integration of NB-IoT technology with 5G technology is expected to revolutionize the market by providing connectivity and low power consumption, enabling new applications and use cases.
Moreover, the network architecture of NB-IoT is designed to provide indoor coverage and stable connectivity, making it an ideal solution for various IoT applications. Transmitters and LTE base stations are essential components of the NB-IoT network, ensuring reliable and secure connectivity for connected devices. Due diligence is crucial for businesses looking to adopt NB-IoT technology to ensure compatibility, interoperability, and security.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
China Telecom Global Ltd.: The company offers narrowband internet of things for B2B applications.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Narrowband-Internet of Things (NB-IoT) is an LPWA (Low Power Wide Area) technology designed for connecting IoT devices with minimal power consumption and optimal network coverage. NB-IoT system capability and spectrum potency enable long-range communication, making it suitable for various applications such as wearables, utilities, and industrial solutions. The adoption of IoT has led to the growth of the NB-IoT market, with a focus on extending connectivity to areas with limited or no network coverage. The technology's low power consumption and stable connectivity make it ideal for battery-operated devices, including smart parking systems, smart metering, and industrial solutions. NB-IoT's network architecture is based on LTE-M and operates in the licensed cellular spectrum.
Moreover, it offers secure and connectivity, ensuring reliable data transmission between components in the NB-IoT ecosystem. Satellite telecom operators are also integrating NB-IoT technology into their offerings to expand their connectivity solutions. The NB-IoT market comprises solution and service segments. Solutions include hardware components like NB-IoT transmitters and LTE base stations, while services encompass M2M communications, IT services, and consulting. The technology's low power consumption and long battery life make it a preferred choice for various applications, including energy management and smartphone makers' IoT devices. 5G technology's emergence may impact the NB-IoT market, but due diligence is required to assess its implications. NB-IoT's cellular-grade technology and connectivity make it a reliable choice for IoT applications that require low power consumption and extensive network coverage.
Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 47.86% |
Market growth 2024-2028 |
USD 5.10 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
34.84 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key countries |
US, China, Germany, Japan, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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, market forecast, 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 market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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