Latest News- Narrowband-Internet Of Things (NB-IoT) Market: Automotive is expected to lead the End-user segment during 2025-2029

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 49.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 7400.7 million. The Narrowband-Internet of Things (NB-IoT) market is witnessing robust growth due to the escalating demand for edge computing and artificial intelligence (AI) in IoT applications. Edge computing, which involves processing data locally instead of transmitting it to a centralized data center or the cloud, reduces latency and enhances the capability to make real-time decisions. In industrial IoT applications, automation and predictive maintenance can be facilitated by AI algorithms installed at the edge to analyze data and provide actionable insights. The fusion of edge computing and AI in NB-IoT chipset networks is projected to boost the efficiency, security, and reliability of IoT systems, leading to heightened demand for NB-IoT chipsets and associated 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
• Component
  • Network
  • Module
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
  • 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 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

The NB-IoT market encompasses various aspects, including certification of NB-IoT devices, comparison of LoRaWAN technology with other options, Sigfox network architecture, sensor network topologies, and gateway deployment strategies. Key features include data security protocols, network performance indicators, power efficiency improvements, remote diagnostics, predictive maintenance, asset tracking solutions, and applications in smart agriculture, industrial monitoring, smart cities, environmental sensing, water management systems, energy metering solutions, supply chain optimization, smart parking solutions, public safety applications, healthcare monitoring devices, location tracking technology, smart metering systems, remote control functionality, data visualization tools, alarm management systems, and fault detection algorithms.

Market Research Overview

The Narrowband-Internet of Things (NB-IoT) market is a segment of the larger Low-Power Wide-Area Network (LPWAN) connectivity sector within the global Technology Hardware, Storage, and Peripherals market. This market encompasses manufacturers of cellular IoT devices and components, contributing to the overall IT market size. Factors driving growth in this sector include the increasing volume, velocity, veracity, and variety (4Vs) of data, necessitating advanced data storage solutions. The expansion of data centers is a primary catalyst for the demand for these solutions. Technavio's market analysis indicates that the global Technology Hardware, Storage, and Peripherals market will experience significant growth due to the increasing adoption of IoT technologies and the resulting data explosion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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