Narrowband IoT offers advantages such as reduced cost and reduced power consumption for an increased coverage area which is primarily boosting the adoption of emerging narrowband IoT technology. Being a newly released cellular narrowband offering from 3rd Generation Partnership Project, Narrowband IoT makes municipal applications such as street lighting, utility metering, toll road charges, and smart parking more efficient and effective.
Narrowband IoT can be deployed across several frequency bands using a bandwidth of 200 kHz to provide better indoor coverage as compared to GSM. Some other advantages of narrowband IoT include battery life of more than 10 years, high level of security, and compatibility with existing cellular infrastructure and low cost device.
As per estimates of a report by Transparency Market Research, the global narrowband IoT market will be valued at US$1052.69 mn by the end of 2025, expanding at a CAGR of 33.12% between 2017 and 2025.
The global narrowband IoT (NB-IoT) market is segmented on the basis of component, application, end-use industry and geography. The component is segmented into hardware, software and services. The hardware segment is further sub segmented into module and others for better understanding of the sub segments, which are playing key role in narrowband IoT (NB-IoT) market.
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On the basis of Application, it can be further bifurcated smart metering, asset tracking, alarms & event detectors, smart bins and others. Furthermore, the end–use industry is further segmented as healthcare, retail, energy & utilities, transportation & logistics, agriculture, smart cities and others.
Geographically, the report classifies the global narrowband IoT (NB-IoT) market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America; the regions are analyzed in terms of revenue and also included analysis of countries such as the U.S., Canada, U.K, France, Germany, China, India, Japan, Australia, GCC Countries, South Africa, and Brazil. The market size and forecast for each region and country has been provided for the period from 2016 to 2025 along with the CAGR (%) for the forecast period from 2017 to 2025.