Narrowband-IoT Market by Application, by Technology, by Vertical, by Smart Application, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2019–2026

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.

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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.

Narrowband-IoT Market Trends, Drivers and Opportunities:

Inclination towards the use of enhanced devices available at cost-effective prices is the key trend influencing the growth of Narrowband-IoT (NB-IoT) market. Simultaneously, the widespread use of IoT devices is boosting the NB-IoT market.

At present, standalone, guard band and in band are the types of technology used in NB-IoT. Thus, the NB-IoT market sees an elevated growth & potential in all terms for the forecast period and therefore, the global market for NB-IoT is growing at a double-digit CAGR for the forecast period.

The major global driving factors greatly depend on the proliferated use of NB-IoT devices in the developed and developing economies. High demand for low-power wide area networks among inter-connected devices is further boosting the global market.

Additional factors such as encouraging initiatives by the government like proposing new policies, developing digital infrastructure, encouraging the opening of new startups and worldwide events to promote adoption to IoT are helping in market expansion.

However, factors such as lack of awareness of low-power connected devices among massive audience is expected to hinder the market growth. Still, with the growing popularity of NB-IoT devices the global market continues to grow at a rapid pace with moderate effects on the growth by restraints.