Global Private Narrowband-Internet of Things (NB-IoT) Market is expected to grow at a CAGR of 92.1% from the year 2019–2025.
Posted October 10,2020 in Science and Technology.
Global Private Narrowband IoT Market is expected to reach USD 16,075.4 Million by 2025, growing at a CAGR of 92.1% during the forecast period (2019–2025). In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the coming years.
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Private narrowband Internet of Things (NB-IoT) is a new cellular standard for low-power wide-area (LPWA) M2M (machine to machine) communication. It is a standard created by the 3rd Generation Partnership Project (3GPP). Private NB-IoT offers several advantages over conventional 4G/LTE mobile connectivity technologies such as better indoor coverage, low cost, energy efficiency, and greater device connectivity. The hardware manufacturers offer various private NB-IoT modules that exhibit a maximum life expectancy of up to ten years. Private NB-IoT modules cost USD 15–20 and it is expected that the price will further drop in the upcoming years. Due to all these benefits, private NB-IoT technology is being significantly deployed for various end-use applications across the globe. Some of the key factors driving the market growth are increasing demand for LPWAN, low deployment cost, long battery life, extended coverage, and high security.
With the growth in the demand for LPWAN technology, the overall narrowband IoT market is increasing. LPWAN allows long-range communication at a low bit rate and is, therefore, regarded as one of the key technology choices for building IoT networks across the globe. These wireless technologies can be integrated into vehicles, streetlights, home appliances, manufacturing equipment, and even wearable devices. LPWAN offers a combination of long-range, low power consumption, and secure data transmission, which makes it one of the preferred network technologies. Well-established technology providers like NWave Technologies, Qualcomm Inc., Cisco Systems, AT&T Inc., and Huawei Technologies Co. Ltd among others offer various LPWAN technologies to a number of clients worldwide.
The Global Private Narrowband IoT Market has been segmented based on Application, Deployment, Vertical, and Region.
Based on the application, the private narrowband IoT has been segmented into real-time streaming analytics, asset tracking, smart parking management, security, logistics tracking, soil monitoring, and others. The smart parking management segment accounts for the largest market share in 2019. NB-IoT based vehicle detectors consume low power; they also have a standby life of three to five years. NB-IoT base stations offer broad and in-depth coverage. Along with this, the signals are enough to cover a one-story underground parking lot. Due to all the above-mentioned benefits, NB-IoT is increasingly being used for network communications in smart parking solutions. The companies are able to manage their parking places and increase the revenue collected from them with the help of NB-IoT-based smart parking systems.
Based on the deployment model, the Private Narrowband IoT Market has been segmented into in-band, standalone, guard band. The guard band segment accounts for the largest market share in 2019. In the guard band deployment type, the operators deploy NB-IoT in the unused resource blocks within an LTE carrier. Here, the cellular services are present and NB-IoT is positioned in the guard band of LTE carriers. However, the LTE resources are not allocated which prevents the possible interference of LTE with NB-IoT.
Based on industry vertical, the private narrowband IoT has been categorized as agriculture, logistics and transportation, healthcare, industrial manufacturing, energy and utilities, and others. The industrial manufacturing segment accounts for the largest market share in 2019. In the industrial manufacturing sector, NB-IoT is being implemented for various applications such as warehouse monitoring, safety and security, asset tracking, smart lighting, smart parking, and infrastructure monitoring. For instance, China Telecom, Huawei and a manufacturing company worked together to create an NB-IoT-based mold management solution. This solution automatically collects data about mold locations, tooling opening and closing numbers, and forming period. Based on this information, the SaaS-based execution operations provide services such as asset, spare part, and capacity management, mold operations, maintenance and repair management, and enterprise-level mold sharing.
The regional analysis for the global private narrowband IoT has been conducted for North America, Europe, Asia-Pacific (APAC), and the Middle East & Africa, and South America.
The market in North America accounted for the largest market share in 2019, and it is expected to dominate the market in the coming years. The large share is owing to the presence of various leading device manufacturers and network service providers focusing on testing and commercial deployment of private narrowband IoT solutions for consumer applications.
The market in Asia-Pacific is expected to grow at the highest CAGR of 97.1% during the forecast period. For the purpose of analysis, Asia-Pacific has been categorized into China, Japan, India, and the rest of Asia-Pacific. China accounts for the largest share in the Asia-Pacific region. Japan and other emerging countries are also validly moving towards narrowband IoT Infrastructure due to the growing investment by various government and private agencies.
The Prominent Players operating in the Private Narrowband IoT Market are The Key Players of the Global Private Narrowband IoT Market are AT&T, Verizon Communications, China Mobile Limited, Huawei Technologies Co. Ltd, Intel Corporation, Telefónica, Vodafone Group Plc., Orange, China Unicom, Telstra, Nokia, Ericsson, Qualcomm Technologies Inc, Telecom Italia, Emirates Telecommunications Corporation.
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