Westford USA, June 05, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Narrowband-IoT (NB-IoT) Market will attain a value of USD 13,361.65 Million by 2031, with a CAGR of 40.0% over the forecast period (2024-2031). The market is expanding due to the rising need for real-time analytics and monitoring in logistical operations and supply chain activities, where timeliness and data accuracy are critical. Additionally, as NB-IoT consumes little power, the demand for it is being facilitated by the increased knowledge and acceptance of energy-efficient technologies. Additionally, the market is expanding due to the growing use of technology brought about by the increased demand for dependable machine-to-machine (M2M) communications in industrial settings.
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Narrowband-IoT (NB-IoT) Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $905.39 Million |
| Estimated Value by 2031 | $13,361.65 Million |
| Growth Rate | Poised to grow at a CAGR of 40.0% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Device Type and End-user |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Integration with AI & Edge Computing |
| Key Market Opportunities | Smart Cities to Create Substantial Market Opportunity |
| Key Market Drivers | Rising Use of IoT Devices |
Dominant Stance of Network Sub-Segment Is Made Possible by Efficient Base Stations and Robust Connectivity Solutions
Robust connection solutions and effective base stations are among the advanced network components that propel the dominance of the NB-IoT market. These constituents provide dependable and comprehensive coverage, hence engendering broad acceptance. Improved performance and scalability thereby provide a competitive advantage and strong market positioning.
Due to Enhancing User Experience and Reliability, the Application is Emerging as the Fastest-Growing Sector
Low power consumption and long battery life are key factors driving the global narrowband-IoT (NB-IoT) market's supremacy in the wearable device application. These elements guarantee long-term, continuous monitoring capabilities, improving dependability and user experience. As a result, this garners substantial acceptance and establishes market leadership.
North America Dominates Owing to the Presence of Key Connected Device and Network Providers
Due to the existence of important connected device and network providers, North America is predicted to hold a sizable proportion of the global narrowband-IoT (NB-IoT) market. Other reasons that contribute to this region's dominance in the global narrowband-IoT (NB-IoT) market include the quick acceptance of IoT technologies, developments in connectivity technology, and the strong demand for industrial IoT (IIoT). Going forward, the United States is anticipated to be the primary market for providers of narrowband-IoT (NB-IoT) in this region.
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Narrowband-IoT (NB-IoT) Market Insight
Drivers:
- Rising Use of IoT Devices
- Demand for Scalable Connectivity
- Widening Applications of NB-IoT Technology
Restraints:
- Deployment Challenges
- Lack of Standardization
- Stringent Competition from Alternate Technologies
Prominent Players in Narrowband-IoT (NB-IoT) Market
- Huawei (China)
- Qualcomm (US)
- Intel (US)
- Nordic Semiconductor (Norway)
- Sanechips (China)
- Samsung (South Korea)
- MediaTek (Taiwan)
- Sercomm (Taiwan)
- Cheerzing (China)
- u-blox (Switzerland)
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Key Questions Answered in Global Narrowband-IoT (NB-IoT) Market Report
- What will the Global Narrowband-IoT (NB-IoT) Market be worth by 2031, and what will be its anticipated compound annual growth rate (CAGR) throughout that time frame?
- What are the main reasons propelling the growth of the Narrowband-IoT (NB-IoT) market globally?
- Why is the global narrowband-IoT (NB-IoT) market expected to be dominated by North America?
This report provides the following insights:
- Analysis of key drivers (IoT devices have found application in multiple industry verticals, NB-IoT plays a vital role in ensuring connectivity of IoT device networks, narrowband-IoT is highly affordable & scalable and battery-operated applications that transmit data), restraints (Deploying a narrowband IoT network can be a challenging task, range-related limitations and networks eliminate a lot of unnecessary overheads), opportunities (IoT infrastructure is deployed to handle devices, technology cab be connected via any connectivity method and IoT to improve services such as waste management), and challenges (Standardization of NB-IoT technology is difficult and challenges in commercialization of NB-IoT) influencing the growth of narrowband-IoT (NB-IoT) market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the narrowband-IoT (NB-IoT) market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the narrowband-IoT (NB-IoT) market.
- Market Development: Comprehensive information on lucrative emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Global Internet Of Things (IoT) Market
Global IoT In Healthcare Market
Global Industrial Internet Of Things (IIoT) Market
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