Global Narrowband Internet of Things Market Report 2023: Growing Adoption of IoT Technologies and Better Battery Life of Other Connected Devices Drives Sector


Dublin, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The "Global Narrowband Internet of Things Market Size, Share & Industry Trends Analysis Report By Component, By Application, By Deployment Mode, By Vertical, By Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The Global Narrowband Internet of Things Market size is expected to reach $9.6 billion by 2028, rising at a market growth of 51.5% CAGR during the forecast period.

In general, LPWA technologies bridges the gap between mobiles, such as 3G and LTE, and short-range wireless, such as ZigBee networks, Wi-Fi, and Bluetooth. Narrowband IoT is supported by all major module makers, mobile instrumentality, and chipsets. NB-IoT would co-exist with 4G, 3G, and 2G mobile networks and collaborative profits from the privacy and safety choices of mobile networks, such as entity authentication, support for user identity confidentiality, knowledge integrity, confidentiality, and mobile instrumentality identification.

The application of narrowband IoT leads to various benefits such as price savings, power potency, wider preparation, and dependability. Narrowband IoT allows the cost-effective powering of IoT devices. Because technologies such as NB-IoT have a few complex waveforms, they tend to use less power. NB-IoT chips are cheaper as they are less complex to make. Narrowband IoT application also leads to enhanced dependability for operators because of the bonded resource allotment needed for controlled quality of service.

NB-IoT is set to directly connect the narrowband IoT usage and might be perceived as extra wide-enforced with the growing urbanization worldwide. NB-IoT devices are employed within the commissioned spectrum and ensure reliable and secure property to consumers.

Market Growth Factors

Growing adoption of IoT technologies and better battery life of other connected devices

Battery life is a significant feature in the current scenario of IoT devices and various connected devices. Smartphone manufacturers are constantly attempting to enhance devices with massive battery life as the latest smartphones are so distinct from their previous versions that were available a few years back. Additionally, technologies are developing and turning out to be more sophisticated and advanced every year. As a result, the market demand for connected devices is growing, especially in the industrial sector, as M2M communications got more frequent. The growth of M2M or IoT devices involving livestock monitoring equipment, smart meters, smart parking solutions, and smart streetlights is expected to be propelled by the rising necessity for connected devices for long-range connectivity.

Low Initial and Maintenance Prices Together With Rising Reliability

Businesses will not make remarkable investments in the latsest technology if it doesn't expand their bottom line for prolonged period. With the quickly growing information infrastructure and the economy being so interconnected, this consideration has become more appropriate than before. NB-IoT and other technologies utilize a very simple waveform, which operates on low power. Nevertheless, it is not just about saving power. As NB-IoT is gaining more popularity, creating NB-IoT devices would become cheaper. This would provide with a positive feedback cycle that would further benefit both customers and companies. These factors are predicted to increase the adoption of narrowband internet of things, thereby supporting the market expansion.

Component Outlook

Based on components, the narrowband internet of things market is segmented into solutions and services. In 2021, the service segment garnered a significant revenue share in the narrowband internet of things. This is due to decreased power consumption of linked devices while expanding bandwidth efficiency and system capacity. In addition, the market is expanding in this segment due to the increased adoption of internet of things (IoT) in various industry verticals.

Application Outlook

By application, the narrowband internet of things market is divided into smart meter, smart packaging, alarm & detector, smart lightning, tracker, wearable and others. In 2021, the tracker segment recorded a prominent revenue share in the narrowband internet of things market. This is because of the expanding consumer and industrial usage comprising monitoring & tracking of people and assets. In addition, the growing demand for navigation, telematics, and in-car infotainment facilities from the automotive sector is expected to contribute to the development of the tracker segment throughout the predicted period.

Deployment Mode Outlook

On the basis of deployment, the narrowband internet of things market is fragmented into in-band, guard band, and standalone. In 2021, the standalone segment registered a substantial revenue share in the narrowband internet of things. In the standalone category, workers use NB-IoT to take advantage of idle spectrum resources. These resources may consist of the employee's non-standard bandwidth spectrum pieces or be exempt from other RATs (radio access technologies) through refarming.

Vertical Outlook

Based on vertical, the narrowband internet of things market is classified into infrastructure, agriculture, automotive, healthcare, energy & utilities, manufacturing, consumer electronics and others. In 2021, the automotive segment procured a considerable growth rate in the narrowband internet of things market. The automotive companies are trying to overcome the safety related issues faced by passengers by using advanced technologies that could provide more convenient and safer transportation. As such, the implementation of narrowband-IoT in the automotive industry is rapidly growing because of the ability of NB-IoT to avoid and determine main road congestions, track vehicles, and contribute in efficient traffic control.

Regional Outlook

Region-wise, the narrowband internet of things market, is analysed across North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region dominated the narrowband internet of things market with the maximum revenue share. North America is the hub of various dominating device producer businesses and network service suppliers concentrating on examining & commercializing solutions for industrial and consumer applications. The growing tech-savvy population, increasing disposable income, and continuous acceptance of developing technologies for business and personal applications are some of the prime factors propelling the regional market development.

Strategies deployed in Narrowband Internet of Things Market
Partnerships, Collaborations and Agreements:

  • Sep-2022: Vodafone signed an agreement with Topcon Positioning Group, a global designer and manufacturer of precision positioning systems. Under this agreement, both companies would advance the latest mass-market precise positioning system that would determine the place of Internet of Things (IoT) devices, vehicles, and machinery with higher accuracy than utilizing only specific global navigation satellite systems
  • Jun-2022: Huawei Technologies signed an Agreement with Nordic Semiconductor, a semiconductor company engaged in designing and producing connectivity and SoC solutions. This agreement would allow and support large-scale deployment of this low-power cellular IoT technology by different sectors

Product Launches and Product Expansions:

  • Jan-2023: MediaTek launched the octa-core Genio 700, the chipset in the Genio platform for IoT devices built for industrial IoT products, smart retail, and smart home. The product enables designers to customize products using Android, Ubuntu, and Yocto Linux. Moreover, with this launch customers can simply advance their products with the least amount of effort

Key Market Players

  • Intel Corporation
  • Qualcomm, Inc
  • Huawei Technologies Co., Ltd
  • MediaTek, Inc
  • Nokia Corporation
  • Verizon Communications, Inc
  • AT&T, Inc
  • Vodafone Group Plc
  • Orange S.A
  • Ericsson AB

For more information about this report visit https://www.researchandmarkets.com/r/pqwytq-narrowband?w=12

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