WESTFORD, Mass., July 9, 2024 /PRNewswire/ -- According
to SkyQuest, the global Narrowband-IoT (NB-IoT)
Market size was valued at USD 646.71
Million in 2022 and is expected to grow from USD 905.39 Million in 2023 to reach USD 13,361.65 Million by 2031, at a CAGR of 40.0%
during the forecast period (2024-2031).
Rapidly increasing demand for novel Internet of Things (IoT)
devices and technologies around the world is predicted to create a
lucrative setting for narrowband-IoT (NB-IoT) companies.
Narrowband-IoT refers to the use of low-power wide area networks
that fall under the 3GPP standard. Increasing use of IoT
technologies for digital transformation and automation across
multiple industry verticals will bolster the demand for
narrowband-IoT (NB-IoT) over the coming years. The global
narrowband-IoT (NB-IoT) market is segmented into component,
deployment, device type, end user, and region.
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overview:
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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
Million)
|
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
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Advancements in
connectivity technologies
|
Key Market
Drivers
|
Integration of
artificial intelligence and other advanced technologies to improve
application scope of NB-IoT devices
|
Segments covered in Narrowband-IoT (NB-IoT)
Market are as follows:
- Component
- Device Type
- Wearables, Tracker, Smart Lighting, Smart Parking, Alarm &
Detector, Others
- End-User
- Automotive Industry, Infrastructure, Healthcare, Manufacturing
Industry, Others
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report:
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High Demand for Better Connectivity Infrastructure Bolsters
Demand for Advanced Narrowband Network
Network plays a crucial role in determining the connectivity of
devices and this is why most companies are projected to focus on
the network segment going forward. Telecommunication companies are
projected to lead the development of novel narrowband networks for
a wide array of applications including IoT devices. High
investments in the development of novel communication networks to
maximize NB-IoT adoption are also slated to help this segment bring
in a substantial amount of revenue for market players.
Meanwhile, the demand for innovative NB-IoT modules is also
projected to surge at an impressive pace over the coming years.
Narrowband-IoT (NB-IoT) companies should invest in the development
of specific modules designed for particular applications to stand
out from the competition and boost market presence. Demand for
affordable and cheap narrowband IoT modules will be high and this
is where new as well as leading companies can boost their sales
potential going forward.
High Demand for Real-time Health Monitoring Promoting Demand
for Wearable NB-IoT Devices
The high use of wearable devices in the healthcare space makes
the wearable device segment a highly opportune one for
narrowband-IoT (NB-IoT) market players. Growing demand for remote
health monitoring and the rising popularity of telemedicine are
projected to uplift the sales of wearable NB-IoT devices in the
future. Moreover, the rising use of activity and health trackers by
fitness-conscious people around the world will also favor market
development via this segment in the long run. Moreover, the
integration of wearable devices in multiple industry verticals will
also help this segment bring new opportunities for narrowband-IoT
(NB-IoT) providers.
View report summary and Table of Contents
(TOC):
https://www.skyquestt.com/report/narrowband-iot-market
Healthcare and Manufacturing Industries are a Gold Mine of
Opportunities for NB-IoT Providers
The use of IoT and other connected devices is increasing rapidly
in manufacturing and healthcare industries as the use of automation
and remote monitoring increases. NB-IoT devices are perfect for
these applications as they provide excellent connectivity and also
help these industries in adoption of advanced approaches. Adoption
of telemedicine and smart manufacturing will help the
aforementioned industry verticals provide new moneymaking
opportunities across the forecast period. Automotive and
infrastructure industries are also estimated to emerge as highly
opportune verticals in the long run.
Growing investments in the development of new connectivity
technologies and connected devices are projected to bolster the
demand for narrowband-IoT (NB-IoT) going forward. New companies
should focus on the development of wearable devices whereas
established companies should target the development of new
narrowband network infrastructure to maximize their business
potential. Narrowband-IoT (NB-IoT) companies are also projected to
target smart technologies to boost their revenue generation in the
future.
Related Reports:
IoT Security Market
Internet Of Things (IoT) Market
Consumer IoT Market
Internet of Things (IoT) in Smart Cities Market
Internet of Things (IoT) Professional Services Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
Contact:
Mr. Jagraj
Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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