The global narrowband IoT market is expected to grow at an exponential CAGR of 61.5% during the forecast period of 2023-2030. 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 that 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.
The Internetworking 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.
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 2023-2030. 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.
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 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 24X7 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 2023-2030.
The regional paradigm of the Global Narrowband Internet of things market is dominated by North America. However, the North America 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.
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 NBIoT 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 study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Narrowband IoT market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
End User
| |
Deployment Type
| |
Devices
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
