Authored By: Sarah
22 Aug 2024

Narrowband-Internet Of Things (Nb-Iot) Market Size to grow by USD 5102.1 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Narrowband-Internet Of Things (Nb-Iot) Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

  • Market Research Overview: According to Technavio, the Narrowband-Internet of Things (Nb-IoT) market is a segment of the larger global Technology Hardware, Storage, and Peripherals market, which encompasses manufacturers of cellular phones, personal computers, servers, electronic components, data storage, and various peripherals. The market size is determined by the revenue generated from sales of these hardware devices, equipment, and components. Key growth drivers for the Technology Hardware, Storage, and Peripherals market include the escalating demand for data centers, fueled by the increased need for remote work solutions due to the COVID-19 pandemic. - The Narrowband-Internet Of Things (Nb-Iot) Market is experiencing significant growth, fueled by the Increasing adoption of smart city initiatives and connected devices. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

  • Major Findings:
    • Increasing adoption of smart city initiatives and connected devices
    • Growing demand for industrial automation and the Industrial Internet of Things (IIoT)
    • Lack of standardization and interoperability among various IoT technologies and platforms
    • Security and privacy concerns related to IoT devices and networks
  • Growth Projections

The market size is estimated to grow by USD 5102.1 million, at a CAGR of 47.86% during the forecast period. The NB-IoT chipset market is experiencing robust growth due to the escalating demand for edge computing and artificial intelligence (AI) in Internet of Things (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 capacity to make real-time decisions. In industrial IoT applications, edge computing and AI integration enable automation and predictive maintenance by analyzing data at the source and providing actionable insights. This integration is expected to augment the efficiency, security, and reliability of IoT systems, thereby fueling the demand for NB-IoT chipsets and associated devices.

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  • Regional Insights

The Narrowband-Internet of Things (Nb-IoT) market signifies a significant business opportunity for organizations seeking to optimize their operations through low-power, wide-area network connectivity. This technology enables the deployment of a vast number of devices for remote monitoring, asset tracking, and automated data transfer, enhancing efficiency and reducing costs. As businesses continue to digitize their operations, the demand for Nb-IoT solutions is poised to grow exponentially.

About Technavio                                                                        

Technavio is a global market research company offering comprehensive reports and insights on various industries. Our research helps businesses make informed decisions by providing actionable data and trends. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Technavio is one of the most influential market research and advisory firms in the world. We work with business and technology leaders to provide cutting-edge market research and insights to companies. 

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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