Narrowband IoT Market Size

Narrowband IoT Market Analysis

Narrowband IoT Market was valued at USD 4.55 billion in the previous year and is expected to register a CAGR of 31.82%, reaching USD 24.06 billion by the next five years. As a relatively new technology, NB-IoT is still in the early phases of adoption. However, in the upcoming years, it is anticipated to increase quickly.

• The NarrowBand-Internet of Things (NB-IoT) is a standards-based low-power wide area (LPWA) technology designed to support a variety of innovative IoT products and services. NB-IoT dramatically increases system capacity, spectrum efficiency, and user device power consumption, especially in deep coverage.
• NB-IoT is a wireless telecommunications technology standard created by 3GPP, the worldwide standards body responsible for all significant mobile telecommunications standards, including 4G standards like LTE and 5G standards like 5G NR. The NB-IoT modules' low power consumption during signal processing contributes to a ten-year battery life.
• All significant manufacturers of mobile devices, chipsets, and modules support NB-IoT, which can coexist alongside 2G, 3G, and 4G mobile networks. Additionally, it gains the advantages of all mobile networks' security and privacy characteristics, including support for user identity confidentiality, entity authentication, confidentiality, data integrity, and mobile equipment identification.
• In particular, NB-IoT is used in smart cities, smart agricultural, and asset-tracking applications that need low data rates, long battery life, and wide-area coverage. It is ideal for IoT applications that demand massive connectivity since it enables the connection of many devices, generally in hundreds or even millions.
• The wearables sector is also predicted to contribute a major portion of the market due to the fast expanding demand for sports, fitness, and healthcare gadgets for personal care and diagnostics. While the younger population is encouraged to use sports and fitness bands due to rising disposable income levels and increased knowledge of the benefits of physical fitness, the use of healthcare bands is rising in developed nations.
• As a result of the NB-IoT technology's fast-expanding uses, an increasing number of technology firms and telecommunications service providers are projected to develop NB-IoT devices and roll out related services, accelerating market growth throughout the projection period. Big data analytics, artificial intelligence (AI), and machine learning (ML) advancements would allow firms to study enormous volumes of data obtained by watching and monitoring activities via IoT networks.
• Automobile manufacturers are responding to passenger safety concerns by implementing new technology that will undoubtedly provide safer, more convenient, and cost-effective transportation. As a result, NB-IoT is increasingly being used in the automobile industry due to its ability to precisely track vehicles, identify and avoid major traffic jams, and contribute to efficient traffic management.
• Additionally, the capacity of the NB-IoT network to reach deep underground and enclosed locations would allow for the deployment of IoT devices indoors and underground. However, the impending lack of standardized and affordable network pricing models and sufficient network coverage to support the vastly expanded IoT deployments limits industry growth.