The Global Narrowband-IoT Market is valued to reach USD 6,212 Million by 2024, growing at CAGR of 35.2% from 2020-2026. Key factors like rapid development in IoT industry, rise in use of connected devices and new cellular communication technology coupled with rising demand for navigation and in-car infotainment services in automotive are driving the market.
The technology enhances inner and inter connectivity, rapid transmission, optimizes network architecture, minimizes device cost and enables multiple device connectivity. The associated benefits of NB-IoT over LPWAN are low power consumption during operations, low component costs, handles wider deployment coverages, helps in faster upgrade of existing networks, enables plug & play, ensures higher reliability, gives unified platform for business management, ensures improved indoor connectivity and coverage and enables wider connectivity.
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