The global market for NB-IoT is projected to have considerable CAGR during the forecast period. The major factors that propel the NB-IoT market include the growing integration of IoT technology in various sectors such as logistics & transportation, energy & utilities, manufacturing and others. NB-IoT is a new cellular radio access technology specified by 3GPP(3rd Generation Partnership Project) to address the growing industry for low power wide area connectivity. The mobile industry is now integrating NB-IoT as a global coverage solution that enables application service providers, to operate and deploy their services across the globe. NB- IoT has been composed using a wide variety of smart devices ranging from industrial machines process to sensors that allows tracking and monitoring information. NB-IoT Technology has been widely adopted by the cities across the globe in order to transform cities and urban areas into smart cities. Rapid surges in the smart cities development have been witnessed over the past few years across the globe. Therefore, growing trends of smart cities and smart buildings further provides significant opportunity to the market.
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The global NB-IoT market is segmented based on deployment type and industry. Based on the deployment type, the market is further classified into guard band, in-band, and standalone. The guard band segment is projected to grow at a significant CAGR during the forecast period. The various industries such as retail, IT & telecom are adopting guard band NB IoT due to cost effectiveness and scalability and other benefits. On the basis of industry the market is further segregated into logistics & transportation, energy & utilities, agriculture, industrial manufacturing, healthcare, and others.
Among industry, the energy & utilities segment held a considerable share in the market owing to the significant rise in the deployment of smart devices in smart cities and smart infrastructure. Globally, nations have been promoting the concept of smart cities which include smart transportation, smart energy, smart healthcare and so forth. For instance, according to Government of India, around 90 smart cities proposal are finalised by the government which would impact around 96 million urban populations and will cost around $ 290 billion. Additionally, as per China government, by the end of 2017, more than 500 cities, including 95 % of provincial capitals and 83% of prefecture-level cities, had proposed transitioning into smart cities.Smart meters are one of the major components of smart energy as it put consumers in control of their energy utilization, allowing them to adopt energy efficient measures that can enable them to save money on their energy bills and offset price increases.
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NB-IoT Market Segmentation
By Deployment Type
- Guard Band
- In-Band
- Standalone
By Industry
- Logistics and Transportation
- Energy & Utilities
- Agriculture
- Industrial Manufacturing
- Healthcare
- Other (Retail)
