Press release
Rapid Growth Ahead: Narrowband-IoT Market from 1387.1 USD Billion in 2024 to 5139.0 USD Billion by 2032
Narrowband-IoT Market
The Narrowband Iot Nb Iot Market Industry is expected to grow from USD1387.1Billion in 2024 to USD 5139.0 Billion by 2032. The Narrowband Iot Nb Iot Market CAGR (growth rate) is expected to be around 17.78% during the forecast period 2024 - 2032.
Narrowband IoT (NB-IoT) is a low power wide area network (LPWAN) radio technology standard developed by the 3rd Generation Partnership Project (3GPP) to enable a wide range of IoT devices and services. NB-IoT focuses on indoor coverage, low cost, long battery life, and high connection density, making it ideal for applications such as smart metering, smart cities, and asset tracking. The NB-IoT market is experiencing rapid growth due to the increasing demand for connected devices and the expansion of IoT applications across various industries.
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✿➤ Key Market Segments
By Component:
- Modules, sensors, and chipsets.
- Software: Platforms, middleware, and analytics software.
- Services: Professional services, managed services, and consulting.
By Deployment:
- In-Band: Deploying within an LTE carrier's bandwidth.
- Guard Band: Using the unused resource blocks within an LTE carrier's guard
band.
- Standalone: Using dedicated spectrum for NB-IoT.
By Application:
- Smart Cities: Smart parking, lighting, waste management, etc.
- Smart Buildings: Security, HVAC, lighting control, etc.
- Agriculture: Soil monitoring, livestock tracking, etc.
- Healthcare: Wearable devices, remote monitoring, etc.
- Manufacturing: Predictive maintenance, asset tracking, etc.
- Logistics: Fleet management, asset tracking, etc.
✿➤ By End-User:
Utilities: Energy, water, and gas companies.
Automotive: Connected cars and fleet management.
Healthcare: Hospitals and clinics.
Industrial: Manufacturing and processing plants.
Retail: Inventory and asset management.
✿➤ Industry Latest News
Expansion of NB-IoT Networks: Telecom operators globally are expanding their NB-IoT networks to cater to the growing demand for IoT applications.
Collaborations and Partnerships: Companies are partnering to develop new NB-IoT solutions and services.
Technological Advancements: Innovations in NB-IoT modules and chipsets are improving performance and reducing costs.
Government Initiatives: Various governments are promoting the adoption of IoT technologies through funding and policy support.
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✿➤ Key Companies
• Huawei
• Ericsson
• Qualcomm
• Sierra Wireless
• Telit Communications
• Nordic Semiconductor
• Mediatek
• Gemalto
• Sequans Communications
• ublox
• Thales (Gemalto)
• NXP Semiconductors
• STMicroelectronics
• Rambus
✿➤ Market Drivers
Growing Demand for IoT Applications: The increasing adoption of IoT solutions in various industries is driving the demand for NB-IoT technology.
Advancements in LPWAN Technologies: Technological advancements in low power wide area networks are enhancing the capabilities of NB-IoT.
Cost-Effective and Efficient: NB-IoT offers cost-effective and energy-efficient solutions, making it attractive for large-scale IoT deployments.
Government Support: Government initiatives and policies promoting the adoption of IoT technologies are boosting the market.
Increasing Connectivity: The proliferation of connected devices is fueling the need for reliable and scalable connectivity solutions like NB-IoT.
✿➤ Regional Insights
North America: Leading the market with significant investments in IoT infrastructure and strong presence of key players.
Europe: Rapid adoption of smart city projects and industrial IoT applications are driving market growth.
Asia-Pacific: The fastest-growing region due to increasing IoT deployments in smart cities, manufacturing, and agriculture.
Latin America: Emerging market with growing investments in IoT technologies.
Middle East & Africa: Increasing adoption of smart city and industrial IoT applications.
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✿➤ Frequently Asked Questions (FAQ)
What is NB-IoT?
➜ NB-IoT is a low power wide area network (LPWAN) technology developed by 3GPP for IoT applications that require long battery life, low cost, and high connection density.
What are the key applications of NB-IoT?
➜ Key applications include smart cities, smart buildings, agriculture, healthcare, manufacturing, and logistics.
Who are the leading companies in the NB-IoT market?
➜ Leading companies include Huawei Technologies, Qualcomm Technologies, Ericsson, Vodafone Group, and Nokia Corporation.
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