Increases number of competitors to encourage competition in the global narrowband IoT (NB-IoT) market. Key players are deploying this technology to provide faster services to their customers and to gain competitive edge. Some of the noticeable players in the global narrowband IoT (NB-IoT) market are Quectel Wireless solutions Co. Ltd., Vodafone Group plc, u-blox, Etisalat Corporation, Huawei Technologies Co. Ltd., Nokia Corporation, and China Unicom.
Leading players in the market are engaged in strategic decisions such as collaboration, partnership, expansion, and mergers. For example, China Unicom partnered with Huawei to launch NB-IoT based smart parking solution. This partnership will improve the operation management capabilities and efficiency in Shanghai. Other companies are also using this technology in areas and applications.
Significant growth in IoT connections and applications, there are high chances of growth in the global narrowband IoT market. This market is expected to rise at staggering CAGR of 33.12% over the projected period 2017 to 2025. If the market see the growth at this rate, the market valuation is likely to reach US$1.05 bn by 2025.
Application of narrowband IoT is widely seen in comprise smart agriculture, smart bicycles, smart wearable, smart kids monitoring solutions, engineering truck predictive maintenance solution, logistics and container tracking, and pollution monitoring. Regionally, Europe is likely to be at the forefront in driving demand in the global narrowband IoT market. However, Asia Pacific is also expected to contribute in expanding this market. Increasing investment in development of smart cities in emerging economies has further augmented demand in this market.
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Easy Compatibility with Existing Cellular Networks to Expand Market Performance
Globally, the demand narrowband IoT technologies have grown significantly due to its rising application in multiple industries. In addition, high-end network coverage and increased security over LTE cellular technology are expected to further accelerate growth in this market. Narrowband IoT support key and prevalent chipset, mobile equipment, and module manufacturers. It also co-exists efficiently with 3G, 2G, and 4G mobile networks.
Other advantages of using narrowband IoT are its lower component cost, low power consumption, and easy deployment into existing cellular networks. Moreover, it provides increased network security, reliability, and excellent extended range in buildings and underground. Adding further, increasing deployment of intelligent devices and increasing need for connectivity in IoT applications might trigger growth in the global narrowband IoT market. Demand for narrowband IoT is growing in automotive industry, as there is high demand for telematics, navigation, and infotainment services.