Market Size of Narrowband IoT Enterprise Application Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 61.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Narrowband IoT Enterprise Application Market Analysis
The NB-IoT Enterprise Application Market is expected to register a CAGR of 61.3% over the forecast period (2021 - 2026). Many service providers are into setting up of their IoT business units in order to counter the growing number of companies embracing the benefits that mobile IoT brings with major operators acquiring business to capture the wider part of the value chain and revenues.
- There is a growing demand for LPWAN across various verticals, along with high deployment flexibility with WCDMA, GSM, or LTE, low deployment cost, and extended coverage and long battery life. These are some of the factors responsible for driving the NB-IoT application market.
- The narrowband IoT also offers better performance in terms of network coverage, reliability and uplink, and downlink traffic as compared to other LPWA technologies such as Lora, SigFox, e-MTC. Vendors claimed that nb-IoT provides 20+dB coverages, 200 kHz bandwidth and 1000x connections, unlike the competition. This instance of NB IoT opens up a plethora of business opportunities for various end-users.
- NB-IoT is mostly used in applications having projects where non-cellular standards are often found. Examples include smart agriculture, smart city applications such as smart parking, smart street lighting, waste management), smart home applications, smart meters, manufacturing automation, smart grid applications, IIoT applications with many low-power devices. It also finds use across Industry 4.0 with condition monitoring and predictive maintenance, environmental monitoring, trackers and more.
- The factors hindering the market growth include transformation downtime of IT systems and competition from rival LPWAN technologies.
