ALBANY, New York, March 13, 2019 /PRNewswire/ --The global narrowband IoT (NB-IoT) market consists of numerous global and local players. The global market is considerably competitive and fragmented says Transparency Market Research (TMR) in a report. The global narrowband IoT market share is evenly categorized among various major players. Several noteworthy players head the global market to deliver quality products to end-users. The most important enterprises operating in the global narrowband IoT (NB-IoT) market are ZTWE Corporation, SEQUANS Communications SA, Intel Corporation, China Telecom, and Etisalat Corporation.
As said in the report of TMR, the global narrowband IoT (NB-IoT) market is projected to achieve US$1052.69 mn before the end of 2025, stretching out at a CAGR of 33.12% in the duration of 2017 and 2025. Geographically, Europe will lead the global narrowband IoT (NB-IoT) market in the forthcoming years. Owing to increasing applications of NB-IoT in transportation and automation sector is responsible for leading in this region. North America is also leading the global narrowband IoT (NB-IoT) market owing to the rising adoption of cloud based and IoT services in this economy.
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Based on end-user section, the global narrowband IoT (NB-IoT) market is divided into healthcare, retail, energy & utilities, transportation & logistics, agriculture, and smart cities are some of the key applications of narrowband IoT. Among these, smart cities are the leading segments as IoT devices are deployed in both residential and commercial buildings to make resource and energy allocation more effective with improved security.
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Reliable Connectivity Factoring the Global Narrowband IoT (NB-IoT) Market
The narrowband IoT (NB-IoT) is a low power wide area network technology (LPWA) standard that connects a wide range of devices and services on established cellular network. NB-IoT is well suited for applications that deals with small amount of infrequent data transfer over long period. NB-IoT operates in licensed spectrum that offers secure and reliable connectivity while assuring quality of service.
The NB-IoT market is expected to show significant growth due to rapid development in IoT industry and rising demand of new cellular communication technology that are dedicated to IoT LPWA applications. The increasing demand for navigation, telematics, and in-car infotainment services in automotive & transportation industry is also supporting the market of The NB-IoT. The added advantages of NB-IoT such as low power consumption, excellent penetration coverage, and low component costs are also supporting growth in the global narrowband IoT market.
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Front-End Complexity, the Biggest Challenge for the Global Market
Deployment, front-end complexity, and licensing costs of NB-IoT are hindering the growth of the market. Low-speed data transmission with privacy & security is also hindering the growth of the global narrowband IoT (NB-IoT) market. However, the global market is projected to show substantial growth owing to quick development in IoT industry and increasing demand of new cellular communication technology that are dedicated to IoT LPWA applications.
This review is based on Transparency Market Research's report, titled "Narrowband IoT (NB-IoT) Market (Component - Hardware (Module), Software and Services; Application - Smart Metering, Asset Tracking, Alarms & Event Detectors, Smart Parking, and Smart Bins; End-use Industry - Healthcare, Retail, Energy & Utilities, Transportation & Logistics, Agriculture, and Smart Cities) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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Global narrowband IoT (NB-IoT) market is segmented as follows:
o Smart Metering
o Asset Tracking
o Alarms & Event Detectors
o Smart Parking
o Smart Bins
- End-use Industry
o Energy & utilities
o Transportation & logistics
o Smart Cities
- North America
o Rest of North America
o Rest of Europe
- Asia Pacific
o Rest of Asia Pacific
- Middle East & Africa
o GCC Countries
o South Africa
o Rest of Middle East & Africa
- South America
o Rest of South America
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