Narrowband IoT (NB-IoT) Market - Economic Advantages of Smart Meters make it Leading Application Segment
As per a report by Transparency Market Research (TMR), the global narrowband IoT market is expected to attain a value of US$1052.69 mn by the end of 2025, expanding at a jaw-dropping CAGR of 33.12% between 2017 and 2025.
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In terms of component, the key segments of the narrowband IoT market are hardware, software, and services. Hardware segment accounts for the leading share vis-à-vis revenue mainly because of the rising adoption of NB-IoT technology across a number of industry verticals.
The key segments of the global narrowband IoT market depending upon application are smart metering, alarms and event detectors, smart bins, asset tracking, smart packing, and others. Of them, the segment of smart metering holds the leading share in the market as smart meters offer a number of advantages leading to its rising adoption.
Europe stands as the leading regional market for narrowband IoT. The region being home to some of the key players in the industry along with early adoption of NB-IoT technology in the region account for the dominance of the region.
Benefits of Low Cost and Low Power Consumption for Increased Coverage Area Drive Adoption
The growth of the global narrowband IoT market is primarily driven by growth in adoption of technology and widened application areas of technology for building smart cities. The Low Power Wide Area (LPWA) characteristic of narrowband IoT is leading to its rising adoption predominantly for the development of smart cities. NB-IoT offers a number of advantages such as very low power consumption, easy deployment into existing cellular network, lower component cost, excellent extended range in buildings and underground, and increased network security and reliability.
Narrowband IoT is supported by all major mobile equipment, chipset, and module manufacturers and it can co-exist with 2G, 3G, and 4G mobile networks. It also benefits from security and privacy features of mobile networks such as confidentiality, data integrity, support for user identity, and mobile equipment identification.
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Narrowband IoT is a newly released cellular narrowband standard from 3rd Generation Partnership Project (3GPP). The relation of narrowband IoT to long term evolution (LTE) and its use for a number of frequency bands is acting in favor of adoption of narrowband IoT. Using a bandwidth of 200 kHz, narrowband IoT offers improved indoor coverage as compared to GSM, battery life of more than 10 years, high level of security, and compatibility with existing low cost device as well as with existing cellular network infrastructure.
Furthermore, growing adoption rate of narrowband-IoT across the world, the widened application areas of narrowband IoT, and improved security and network coverage over LTE cellular technology is also anticipated to boost the growth of narrowband IoT market.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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