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Narrowband-IoT (NB-IoT) Market to Transcend USD 13,361.65 Million Valuation by 2031, Adoption of Novel Digital Transportation Initiatives to Boost Market Expansion| SkyQuest Technology

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SkyQuest Technology

09 Jul, 2024, 14:25 GMT

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WESTFORD, Mass., July 9, 2024 /PRNewswire/ -- According to SkyQuest, the global Narrowband-IoT (NB-IoT) Market size was valued at USD 646.71 Million in 2022 and is expected to grow from USD 905.39 Million in 2023 to reach USD 13,361.65 Million by 2031, at a CAGR of 40.0% during the forecast period (2024-2031).

Rapidly increasing demand for novel Internet of Things (IoT) devices and technologies around the world is predicted to create a lucrative setting for narrowband-IoT (NB-IoT) companies. Narrowband-IoT refers to the use of low-power wide area networks that fall under the 3GPP standard. Increasing use of IoT technologies for digital transformation and automation across multiple industry verticals will bolster the demand for narrowband-IoT (NB-IoT) over the coming years. The global narrowband-IoT (NB-IoT) market is segmented into component, deployment, device type, end user, and region.

Download a detailed overview:
https://www.skyquestt.com/sample-request/narrowband-iot-market

Narrowband-IoT (NB-IoT) Market Overview:

Report Coverage

Details

Market Revenue in 2023

$ 905.39 million

Estimated Value by 2031

$ 13,361.65 million

Growth Rate

Poised to grow at a CAGR of 40.0%

Forecast Period

2024–2031

Forecast Units

Value (USD Million)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Component, Device Type and End-User

Geographies Covered

North America, Europe, Asia Pacific, Middle East & Africa, Latin America

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Advancements in connectivity technologies

Key Market Drivers

Integration of artificial intelligence and other advanced technologies to improve application scope of NB-IoT  devices

Segments covered in Narrowband-IoT (NB-IoT) Market are as follows:

  • Component
    • Network, Module
  • Device Type
    • Wearables, Tracker, Smart Lighting, Smart Parking, Alarm & Detector, Others
  • End-User
    • Automotive Industry, Infrastructure, Healthcare, Manufacturing Industry, Others

Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/narrowband-iot-market

High Demand for Better Connectivity Infrastructure Bolsters Demand for Advanced Narrowband Network

Network plays a crucial role in determining the connectivity of devices and this is why most companies are projected to focus on the network segment going forward. Telecommunication companies are projected to lead the development of novel narrowband networks for a wide array of applications including IoT devices. High investments in the development of novel communication networks to maximize NB-IoT adoption are also slated to help this segment bring in a substantial amount of revenue for market players.

Meanwhile, the demand for innovative NB-IoT modules is also projected to surge at an impressive pace over the coming years. Narrowband-IoT (NB-IoT) companies should invest in the development of specific modules designed for particular applications to stand out from the competition and boost market presence. Demand for affordable and cheap narrowband IoT modules will be high and this is where new as well as leading companies can boost their sales potential going forward.

High Demand for Real-time Health Monitoring Promoting Demand for Wearable NB-IoT Devices

The high use of wearable devices in the healthcare space makes the wearable device segment a highly opportune one for narrowband-IoT (NB-IoT) market players. Growing demand for remote health monitoring and the rising popularity of telemedicine are projected to uplift the sales of wearable NB-IoT devices in the future. Moreover, the rising use of activity and health trackers by fitness-conscious people around the world will also favor market development via this segment in the long run. Moreover, the integration of wearable devices in multiple industry verticals will also help this segment bring new opportunities for narrowband-IoT (NB-IoT) providers.

View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/narrowband-iot-market

Healthcare and Manufacturing Industries are a Gold Mine of Opportunities for NB-IoT Providers

The use of IoT and other connected devices is increasing rapidly in manufacturing and healthcare industries as the use of automation and remote monitoring increases. NB-IoT devices are perfect for these applications as they provide excellent connectivity and also help these industries in adoption of advanced approaches. Adoption of telemedicine and smart manufacturing will help the aforementioned industry verticals provide new moneymaking opportunities across the forecast period. Automotive and infrastructure industries are also estimated to emerge as highly opportune verticals in the long run.

Growing investments in the development of new connectivity technologies and connected devices are projected to bolster the demand for narrowband-IoT (NB-IoT) going forward. New companies should focus on the development of wearable devices whereas established companies should target the development of new narrowband network infrastructure to maximize their business potential. Narrowband-IoT (NB-IoT) companies are also projected to target smart technologies to boost their revenue generation in the future.

Related Reports:

IoT Security Market 

Internet Of Things (IoT) Market

Consumer IoT Market

Internet of Things (IoT) in Smart Cities Market 

Internet of Things (IoT) Professional Services Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific. 

Contact:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/

Logo: https://mma.prnewswire.com/media/2446095/SkyQuest_Logo.jpg

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