NarrowBand-Internet of Things (NB-IoT) is a standards-based low power wide area (LPWA) technology developed to provide a wide range of new IoT devices and services. NB-IoT aids in improving the power consumption of user devices, system capacity, and spectrum efficiency, especially in in-depth coverage. A wide range of use cases can support battery life of more than ten years. It also offers a number of security and privacy features of mobile networks, such as support for user identity confidentiality, entity authentication, data integrity, and mobile equipment identification. According to a study published by Insure Insights, the global NarrowBand-Internet of Things (NB-IoT) is anticipated to grow at a CAGR of 39.1% during the forecast period.

Top Driver: Development in the IoT Industry and Rising Demand for New Cellular Communication Technology

The NB-IoT market is expected to show notable growth due to significant development in the IoT industry and the rising demand for new cellular communication technology dedicated to IoT LPWA applications. The increasing demand for telematics, navigation, and in-car infotainment services in the automotive & transportation industry is also fueling the NB-IoT market. The added benefits of NB-IoT, such as low power consumption, low component cost, and excellent penetration coverage, also drive growth in the narrowband IoT market.

Security Solutions to Make Crucial Contribution to Growth of the Market

On the basis of type the market can be segmented into Security solutions, Asset tracking solutions, Logistics tracking solutions, Smart parking management solutions, Others. Security solution segment is expected to anticipate the market growth in the forecast period. On the basis of application the market is segmented into Smart metering, Smart buildings, Smart governance, Smart asset tracking.

Rising Adoption Of Smart Cities To Benefit Asia Pacific Market

The Asia Pacific region is anticipated to attain the highest revenue shares owing to the increase in the adoption of NB-IoT technology in multiple applications, such as smart meters, smart parking, smart streetlights, and healthcare. China is anticipated to gain higher revenue shares in the market among other APAC regions. The higher favorable government policies and a strong presence of NB-IoT chipsets, modules, and infrastructure providers would help the market gain significant growth in the region. The growing demand for IoT in major verticals, such as healthcare and utilities, would propel the industry’s growth.

Players to Focus on Narrow Band- Internet Of Things Market

The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. Huawei Technologies, Vodafone, Emirates Telecommunications, Telecom Italia, Qualcomm, China Unicom, Intel, Ericsson, Nokia Networks, Verizon Communication. among others could be at the forefront of the competition in the global market.

Huawei: In July 2016, Huawei launched an end-to-end narrowband “internet of things” solution with the aim of helping operators expand their IoT services. Huawei confirmed its new NB-IoT solution will be commercially available in September 2016, with plans to conduct a commercial trial in the last quarter of this year and release the solution for large-scale commercial use in late December.

Vodafone Business: In October 2018, Vodafone Business and AT&T had agreed on a roaming relationship that they say creates the largest narrowband IoT footprint in the world for global devices, allowing devices to roam between AT&T’s nationwide NB-IoT footprint in the U.S. and Vodafone’s networks in Germany, Spain, the U.K., Italy and the Netherlands.

Scope of the Report

By Type

• Security solutions
• Asset tracking solutions
• Logistics tracking solutions
• Smart parking management solutions
• Others

By Application

• Smart metering
• Smart buildings
• Smart governance
• Smart asset tracking

By Region

• North America
• Europe
• Asia Pacific
• SAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.