NEW YORK, July 31, 2023 /PRNewswire/ -- The narrowband-internet of things (NB-IoT) market is set to grow by USD 1,841.04 million from 2022 to 2027. However, the growth momentum will progress at a CAGR of 31.01% during the forecast period, according to Technavio. The narrowband-internet of things (NB-IoT) market is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market. Beacon Tower, China Telecom Global Ltd., Deutsche Telekom AG, GSM Association, Huawei Technologies Co. Ltd., MediaTek Inc., Nokia Corp., Nordic Semiconductor ASA, Qualcomm Inc., Quectel Wireless Solutions Co. Ltd., Samsung Electronics Co. Ltd., Semtech Corp., Sequans Communications SA, Smart Scandinavian Box AB, Sony Group Corp., Telefonaktiebolaget LM Ericsson, Telia Co. AB, u blox AG, Vodafone Group Plc, and ZTE Corp. are some of the major market participants -. To know about the vendor offerings - Request a sample report

Narrowband-Internet of Things (NB-IoT) Market 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The narrowband-internet of things (NB-IoT) market report covers the following areas:

• Narrowband-Internet of Things (NB-IoT) Market Size

• Narrowband-Internet of Things (NB-IoT) Market Trends

• Narrowband-Internet of Things (NB-IoT) Market Industry Analysis

• Porter's Five Forces Analysis

• Customer Landscape

The narrowband-internet of things (NB-IoT) market is fragmented, and the degree of fragmentation will accelerate. The increasing adoption of smart city initiatives and connected devices will offer immense growth opportunities. However, the Lack of standardization and interoperability among various IoT technologies and platforms will hamper the market growth.

Narrowband-Internet of Things (NB-IoT) Market 2023-2027: Drivers & Challenges

Key Narrowband-Internet Of Things (NB-IoT) Market Driver

The increasing adoption of smart city initiatives and connected devices is notably driving market growth. The increasing number of smart city initiatives and connected devices worldwide heavily influence the market. As cities aim to become smarter and more sustainable, there is a growing demand for IoT systems that can monitor and manage various urban infrastructure aspects like transportation, electricity, and waste disposal. NB-IoT technology is well-suited for these applications due to its low-power wide area (LPWA) connectivity, enabling devices to operate on battery power for extended periods without frequent maintenance. This makes it ideal for smart parking, environmental monitoring, and asset tracking, which are crucial components of smart city programs. With more cities embracing smart technologies and IoT-connected devices, the NB-IoT market is expected to experience significant growth during the forecast period.

Significant Narrowband-Internet Of Things (NB-IoT) Market Trends

The rising demand for edge computing and artificial intelligence (AI) in IoT applications is an emerging trend shaping market growth. The significant growth of the global NB-IoT market is attributed to the increasing demand for edge computing and AI in IoT applications. Edge computing reduces latency and enables real-time decision-making by processing data locally instead of sending it to centralized data centers or the cloud. Integration of AI algorithms at the edge allows automation and predictive maintenance for industrial IoT applications, providing actionable insights from data analysis. This trend is driving the demand for NB-IoT chipsets and related devices as they enable more effective, secure, and reliable IoT systems. As a result, NB-IoT chipset manufacturers have new opportunities to deliver enhanced processing and analytics at the edge, contributing to the market's growth during the forecast period.

Major Narrowband-Internet Of Things (NB-IoT) Market Challenge

The lack of standardization and interoperability among various IoT technologies and platforms may hinder market growth. The global NB-IoT market encounters challenges arising from the absence of standardization and interoperability among different IoT technologies and platforms. This issue stems from the complexity of IoT systems, where various devices, sensors, and apps must communicate effectively. The lack of globally recognized standards for IoT connectivity and interoperability results in fragmentation, raising concerns about compatibility across platforms and devices. This fragmentation slows down the development of new IoT solutions and creates barriers to their adoption. Moreover, the absence of standards and interoperability can lead to security vulnerabilities and difficulties in integrating IoT systems into existing infrastructures. As a result, this challenge is expected to impede the growth of the global NB-IoT chipset market during the forecast period.

To learn more about the global trends impacting the future of market research, download a PDF sample

Narrowband-Internet of Things (NB-IoT) Market 2023-2027: Segment Analysis

• End-user

• Application

• Geography

Narrowband-Internet of Things (NB-IoT) Market 2023-2027: Segmentation Highlights

This narrowband-internet of things (NB-IoT) market report extensively covers market segmentation by end-user (automotive, energy and utilities, healthcare, agriculture, and others), application (smart meters, smart parking, trackers, alarms and detectors, and wearable devices), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

• The market share growth by the automotive segment will be significant during the forecast period. The healthcare industry is a major driver of the global NB-IoT market's expansion. NB-IoT technology empowers healthcare professionals to remotely manage and monitor patient health, enhancing healthcare service efficiency and reducing the need for in-person visits. The healthcare sector's NB-IoT chipset market is expected to grow due to the rising prevalence of chronic diseases and the increasing elderly population, leading to higher demand for monitoring devices. The COVID-19 pandemic has also accelerated the adoption of telemedicine services, including telehealth, creating new opportunities for companies producing NB-IoT chipsets for the healthcare sector. Consequently, the healthcare segment of the global NB-IoT chipset market is projected to experience significant growth during the forecast period.

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share, among others Buy the Report

Narrowband-Internet of Things (NB-IoT) Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027

• Detailed information on factors that will assist narrowband-internet of things (NB-IoT) market growth during the next five years

• Estimation of the narrowband-internet of things (NB-IoT) market size and its contribution to the parent market

• Predictions on upcoming trends and changes in consumer behaviour

• The growth of the narrowband-internet of things (NB-IoT) market across North America, Europe, APAC, South America, and the Middle East and Africa

• Analysis of the market's competitive landscape and detailed information on vendors

• Comprehensive details of factors that will challenge the growth of narrowband-internet of things (NB-IoT) market vendors

Get Instant access to 17000+ market research report

 Technavio's Subscription Platform

Related Reports:

The Internet Of Things Security Market size is estimated to grow by USD 114.33 billion between 2022 and 2027 accelerating at a CAGR of 30.44% during the forecast period. This report extensively covers market segmentation by end-user (industrial sector, commercial sector, and consumer sector), deployment (on-premises and cloud), and geography (North America, Europe, APAC, Middle East and Africa, and South America). One of the key factors driving the IoT security market growth is the exponential growth of Internet-connected and operated devices.

The industrial Internet of Things (IoT) market is estimated to grow at a CAGR of 12.23% between 2022 and 2027. The size of the market is forecast to increase by USD 123.98 billion. This report extensively covers market segmentation by end-user (manufacturing, automotive and transportation, energy and utilities, healthcare, and others), component (hardware, software, and services), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The growing importance of data-driven business outcomes in the industrial sector is notably driving the market growth.

Table of contents

1 Executive Summary

• 1.1 Market overview

2 Market Landscape

• 2.1 Market ecosystem

3 Market Sizing

• 3.1 Market definition

• 3.2 Market segment analysis

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

• 4.1 Global narrowband-internet of things (NB-IoT) chipset market 2017 - 2021

• 4.2 End-user Segment Analysis 2017 - 2021

• 4.3 Application Segment Analysis 2017 - 2021

• 4.4 Geography Segment Analysis 2017 - 2021

• 4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

• 5.1 Five forces summary

• 5.2 Bargaining power of buyers

• 5.3 Bargaining power of suppliers

• 5.4 Threat of new entrants

• 5.5 Threat of substitutes

• 5.6 Threat of rivalry

• 5.7 Market condition

6 Market Segmentation by End-user

• 6.1 Market segments

• 6.2 Comparison by End-user

• 6.3 Automotive - Market size and forecast 2022-2027

• 6.4 Energy and utilities - Market size and forecast 2022-2027

• 6.5 Healthcare - Market size and forecast 2022-2027

• 6.6 Agriculture - Market size and forecast 2022-2027

• 6.7 Others - Market size and forecast 2022-2027

• 6.8 Market opportunity by End-user

7 Market Segmentation by Application

• 7.1 Market segments

• 7.2 Comparison by Application

• 7.3 Smart meters - Market size and forecast 2022-2027

• 7.4 Smart parking - Market size and forecast 2022-2027

• 7.5 Trackers - Market size and forecast 2022-2027

• 7.6 Alarms and detectors - Market size and forecast 2022-2027

• 7.7 Wearable devices - Market size and forecast 2022-2027

• 7.8 Market opportunity by Application

8 Customer Landscape

• 8.1 Customer landscape overview

9 Geographic Landscape

• 9.1 Geographic segmentation

• 9.2 Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027

• 9.4 Europe - Market size and forecast 2022-2027

• 9.5 APAC - Market size and forecast 2022-2027

• 9.6 South America - Market size and forecast 2022-2027

• 9.7 Middle East and Africa - Market size and forecast 2022-2027

• 9.8 US - Market size and forecast 2022-2027

• 9.9 China - Market size and forecast 2022-2027

• 9.10 Germany - Market size and forecast 2022-2027

• 9.11 Japan - Market size and forecast 2022-2027

• 9.12 UK - Market size and forecast 2022-2027

• 9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape

• 11.3 Landscape disruption

• 11.4 Industry risks

12 Vendor Analysis

• 12.1 Vendors covered

• 12.2 Market positioning of vendors

• 12.3 China Telecom Global Ltd.

• 12.4 Deutsche Telekom AG

• 12.5 GSM Association

• 12.6 Huawei Technologies Co. Ltd.

• 12.7 MediaTek Inc.

• 12.8 Nokia Corp.

• 12.9 Qualcomm Inc.

• 12.10 Quectel Wireless Solutions Co. Ltd.

• 12.11 Semtech Corp.

• 12.12 Sequans Communications SA

• 12.13 Sony Group Corp.

• 12.14 Telefonaktiebolaget LM Ericsson

• 12.15 u blox AG

• 12.16 Vodafone Group Plc

• 12.17 ZTE Corp.

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist

• 13.3 Currency conversion rates for US$

• 13.4 Research methodology

• 13.5 List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
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

View original content to download multimedia:https://www.prnewswire.com/news-releases/narrowband-internet-of-things-nb-iot-market-to-grow-by-usd-1-841-04-million-from-2022-to-2027market-driven-by-the-increasing-adoption-of-smart-city-initiatives-and-connected-devices---technavio-301888555.html

SOURCE Technavio