Latest News- Narrowband-Internet Of Things (NB-IoT) Market: Automotive is expected to lead the End-user segment during 2024-2028

The Narrowband-Internet Of Things (NB-IoT) Market is being driven by Increasing adoption of smart city initiatives and connected devices

The Narrowband-Internet Of Things (NB-IoT) Market is expected to grow at a CAGR of 47.86% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 5102.1 million. The NB-IoT chipset market is experiencing robust growth due to the increasing demand for edge computing and artificial intelligence (AI) in Internet of Things (IoT) applications. Edge computing, which allows data processing at the source rather than transmitting it to a centralized data center or the cloud, offers several advantages. These include reduced latency, enabling real-time decision-making, and enhancing the security and dependability of IoT systems. In industrial IoT applications, edge computing and AI can facilitate automation and predictive maintenance through local data analysis and actionable insights. This integration is expected to significantly improve the effectiveness and reliability of NB-IoT chipset networks, leading to increased demand for related devices. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Automotive
  • Energy and utilities
  • Healthcare
  • Agriculture
  • Others
• Application
  • Smart meters
  • Smart parking
  • Trackers
  • Alarms and detectors
  • Wearable devices
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing adoption of smart city initiatives and connected devices
• Growing demand for industrial automation and the Industrial Internet of Things (IIoT)
• Deployment of NB-IoT networks by telecom operators

However, the market also witnesses some limitations, which are as follows:

• Lack of standardization and interoperability among various IoT technologies and platforms
• Security and privacy concerns related to IoT devices and networks
• High cost of NB-IoT chipsets and associated devices

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Market Scope in Narrowband-Internet Of Things (NB-IoT) Market Research Report

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Research Analysis Overview

NB-IoT Technology, a cellular-grade LPWA solution, empowers connected devices with long battery life and secure, stable connectivity. Utilizing 4G standards and spectrum potency, NB-IoT enhances system capacity and spectrum efficiency for IoT devices in deep coverage areas. Wearables, utilities, and various industries benefit from NB-IoT's low power consumption and network connections, driving its adoption in wireless telecommunications.

Market Research Overview

The Narrowband-Internet of Things (NB-IoT) market is a significant segment within the larger global technology hardware, storage, and peripherals market, according to Technavio's market research. NB-IoT technology, a low-power wide area network (LPWAN) solution, is gaining traction in various industries, including wearables, utilities, and industrial solutions. This technology's system capability, spectrum potency, and long battery life make it an ideal choice for IoT devices that require minimal power consumption. Key components of the NB-IoT market include solutions and services. The solution segment includes hardware components, such as sensors, modules, and gateways, while the service segment encompasses network connectivity and management services. Spectrum potency and network architecture are critical factors influencing the market's growth. The adoption of IoT is a primary driver for the NB-IoT market. With the increasing demand for smart parking, indoor coverage, and other industrial solutions, the need for reliable and efficient IoT connectivity is escalating. Moreover, the integration of 5G technology with NB-IoT is expected to further boost market growth. Regulations and policies related to IoT are also shaping the NB-IoT market. Satellite telecom operators and LTE-M are significant competitors in the LPWAN market, but NB-IoT's ability to provide extended coverage and better penetration in buildings makes it a preferred choice for many applications. In conclusion, the NB-IoT market is a crucial component of the global technology hardware, storage, and peripherals market, driven by the growing demand for IoT devices and solutions. Its unique features, such as long battery life, low power consumption, and extended coverage, make it an attractive option for various industries, including wearables, utilities, and industrial solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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