Narrowband IoT Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029

The global narrowband IoT market is expected to grow at an exponential CAGR of 61.5% during the forecast period of 2021-2029. The internet of things is creating hyper-connectivity by establishing digital connectivity between people and things at any time and anywhere. 50 billion networked devices exist globally as of 2020. The global Narrowband IoT market is majorly driven by increasing internet penetration across the world, rising demand across industrial and commercial applications, and technological development. Also, the reducing price of sensors which act as a key to IoT applications is a major growth opportunity for Narrowband IoT market. However, skill shortage and security concerns are the major challenges hampering the growth of the global IoT market.

Quick Adoption of IoT Remains as the Most Impactful Driver

The Internet working of physical devices vehicles buildings and other items surrounded with electronics, sensors actuators, the software is the internet of things. Acceptance of the internet of things is growing due to the increasing access of mobile devices and smart consumer electronics products worldwide. The increasing penetration along with the advancement in wireless communication technology is anticipated to considerably drive the growth in the coming years. Internet is also having acceptance in the energy sector due to the rising investment in smart grid communications. Internet of things is the strength of smart grids since it contains data gathering and further analysis for energy optimization. The internet of things is growing virtual worlds containing industrial systems, medical devices, automobiles and growing use of consumer electronics devices. Such as the Amazon Echo the smart speakers, the acceptance of the internet of things is also due to low cost, indoor coverage, long battery life, and enabling a large number of connected devices. Narrowband IOT is a narrowband radio technology designed for the internet of things, the acceptance of the internet of things will drive the narrowband internet of things market to a great extent the internet of things represents the ultimate development of technology. 

Energy Sector to Evidence the Quickest growth Owing To Increasing Demand for Energy

The global IoT market is segmented on the basis of various consumer and commercial applications which include agriculture, automotive & transportation, building & automation, energy, healthcare, infrastructure, manufacturing, and so on. Among these applications of narrowband IoT in the energy sector are expected to grow at the highest CAGR of 67.1% during the forecast period of 2021-2029. The major drivers include increasing awareness levels, rising demand for energy and utility analytics, and so on. Narrowband IoT is expecting high demand from manufacturing sectors. The rising demand for increasing efficiency from the manufacturing industry is the major driving force. 

Focus on Healthcare Raises the Demand for Wearable Devices

There are enough reasons to state that Wearable devices and technology are one of the ultimate applications of IoT. These devices can strap on to the arm and can be handy. There is enough room for innovation and development in wearable technology. Healthcare, fitness so far the major arenas exploited by IoT companies for wearable devices. Healthcare will be the biggest catalyst for growth in wearable IoT devices with the need of 24/7 monitoring and real time data processing of patient’s health. Companies like Apple, Samsung, Google, Fitbit, Jawbone, Adidas, etc., are some of the companies to watch out for the forecasted period, for the wearable IoT device market. Data privacy and accuracy will be the most challenging task for wearable device manufacturing companies. The wearable device market is estimated to grow at a CAGR of 61.9% for the forecasted period 2021-2029.

The Future of Narrowband IoT Market Remains in Developing Economies

The regional paradigm of the Global Narrowband Internet of things market is dominated by North America. However, the North American IoT market will witness slow growth due to saturation levels at various points. The future Narrowband IoT market is driven by significant growth in Asia Pacific & European region. The increasing awareness level in both these continents is the major driver for growth. Also increasing the technological capabilities of various developing countries in these regions is responsible for the positive growth in the IoT industry. Asia Pacific region holds the potential growth opportunities specifically in energy, safety & security, healthcare, and agriculture. Asia Pacific, growing at a CAGR of 65.4% is projected to be the fastest-growing region for the global narrowband IoT market (NB-IoT). Asia Pacific is a native place to developing economies has attributed massively towards its growth rate. China, India, Japan, Australia, and Korea are some countries leading NB-IoT market for the forecasted period. Growing middle-class income disposable population, changing FDI policies of developing economies, increasing smartphone internet subscribers are the factors driving NB-IoT growth in Asia Pacific.

Increased Stakeholders Intensifies Competition among Market Players

The market is filled with many companies, each of which is specialized in IoT for specific purposes. The current competition is in between the giant players, but as the NB-IoT chipset technology continues to grow there is a huge number of startups based upon IoT technology are ready to hit the market. However, global IoT market is largely filled with many players such as IBM Inc., AT&T, CISCO, Ericson, Huawei technologies Ltd., Intel Corp., Microsoft Ltd., Apple Inc, HP, Google Inc., Qualcomm Inc., Samsung Electronics, Vodafone group PLC., Verizon Communications.

Historical & Forecast Period

This research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2029.

Report Methodology

Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top-down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and regions.

Segmentation

 By End User Segment (2019-2029; US$ Mn)

• Agriculture
• Automotive & Transportation
• Building Automation
• Energy
• Healthcare
• Infrastructure 
• Manufacturing
• Retail
• Safety & Security

 By Deployment Type (2019-2029; US$ Mn)

• Guard band
• In-Band
• Standalone

 By Devices (2019-2029; US$ Mn)

• Alarms & Detectors
• Smart Appliances
• Smart Meters 
• Trackers
• Wearable Devices
• Others

 By Region (2019-2029; US$ Mn)

• North America
• Europe
• Asia Pacific
• Latin America
• Africa

 Global Impact of Covid-19 Segment (2020-2021; US$ Mn )

• Pre Covid-19 situation
• Post Covid-19 situation

Key questions answered in this report

• What are the key market segments in the current scenario and in the future by product categories?
• What are the key market segments in the current scenario and in the future by regions?
• What is the key impact of Covid-19 over market revenues and market determinants in the narrowband IOT market?
• What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
• What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
• How to overcome the current market challenges and leverage the opportunities in each of the market segments?
• Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
• What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc that companies are deploying to enhance market revenues and growth?