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Key Findings
The global market for narrowband IOT is anticipated to expand at a CAGR of 70.24% during the forecast period of 2017-2024. Rising internet penetration across the world, increased demand across industrial and commercial applications and technological development are some of the major factors for growth narrowband IOT market. Prices of sensors have started falling down which are a major part of IOT applications and this has also been a major opportunity for the growth of the narrowband IOT market.
Market Insights
The global narrowband IOT market is segmented on the basis of deployment type, by end-user application, by device and geography. The global narrowband IOT market of deployment type is segmented into guard band, in-band, and standalone. The end-user application of narrowband IOT market is further segmented into agriculture, automotive and transportation, automotive building automation, energy, healthcare, infrastructure, manufacturing, retail, safety and security, and other application. The device market of narrowband IOT market is further segmented into alarm detectors, a smart appliance, smart meters, trackers and wearable devices. The global narrowband IOT market by geography is segmented into North America, Europe, Asia-Pacific and rest of the world. Increase in demand for IOT, increasing demand for LPWAN, the requirement for low cost and low power connectivity technology, intelligent network bandwidth management, smart applications and connected devices drive demand for connectivity, and Telco expecting traction of NB-IOT before 5G sets in are some of the major factors for growth of global narrowband IOT. The dispersion of smart connected devices is the major driving factor for the narrowband IOT. In every sector, there is a wide use of smart connected devices, in the industrial sector, the internet of thing holds widely. Agriculture is also the major benefited sector with the use of smart connected devices having low power consumptions.
Regional Insights
The Global Narrowband Internet of things market is dominated by North America. Currently, North America holds the colossal market share followed by APAC and Europe in global narrowband IOT market. Exclusive innovations in IOT technology in the region combined with excellent start-up culture and local government investments in these innovations have led to growth in North America narrowband IOT market. Asia pacific is the fastest growing market in the global narrow band internet of things market and expected to overtake other regions in terms of revenue and growth by the year 2024. Currently, China holds the largest market share in APAC market followed by Japan, India, and Australia.
Competitive Insights
The major players in the global narrowband IOT market are AT&T, Ericson, Huawei technologies Ltd., Intel Corp., Microsoft Ltd., HP, Qualcomm Inc., Samsung Electronics, Vodafone group PLC., Verizon Communications, CommSolid GmbH, Mistbase AB, Qualcomm Incorporated, T-Mobile International AG, U-blox, Sprint Corporation.