A new report by Transparency Market Research (TMR), titled “Narrowband Internet of Things (NB-IoT) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”, methodically examines the various aspects of the market.
Albany, NY -- (SBWIRE) -- 11/25/2016 -- Narrowband internet of things (NB IoT) is gaining popularity due to its ability to meet the requirement of connecting low-power devices, enhancing indoor coverage, reducing device cost, consuming low power, and optimizing network architecture. The developing ecosystem of the internet of things along with the rapidly growing network of connected devices is paving way for the growth of the global NB IoT market. The increasing adoption of IoT technology in various industrial verticals including healthcare and manufacturing is propelling the growth of the market. Other factors driving the market are growing adoption of smart metering and rising focus towards development of smart cities.
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On the other hand, the lack of consumer awareness is expected to hamper the growth of the market. However, government agencies are promoting IoT by proposing new development policies, developing digital infrastructure, and organizing international events and conferences. For instance, in November 2016, Istanbul is anticipated to organize the Smart City Expo World Congress. Along this, Amsterdam, with the initiative of Euroforum, held the Smart City Event in June 2016. Such promotional activities are expected to positively impact the dynamics of the global NB IoT market in the near future.
Based on end-user industry, the global narrowband IoT market is segmented into agriculture, automotive and logistics, energy and utilities, healthcare, manufacturing, and retail. On the basis of application, the market is categorized into gas, electricity, and water meters, safety and security systems, connected personal and industrial appliances, facility management services, and animal and people tracking.
Geographically, the market is classified into North America, Asia Pacific, the Middle East and Africa, Latin America, Eastern Europe, and Western Europe. North America and Western Europe likely to experience a significant growth throughout the forecast period owing to increasing consumer awareness and rapid technological advancements. The growth of the Asia Pacific region can be attributed to the flourishing growth of the IT and telecom sectors, widening base of smart devices users, and increasing number of internet subscribers. The rapid growth of the industrial sector and rising penetration of automation in emerging economies is fuelling the growth of Latin America and the Middle East and Africa.
The leading companies in the global NB IoT market are conducting conferences and events across the world to spread awareness about the technology and also enhance their visibility. A case in point is Nokia Solutions and Network, which in February 2016, along with Vodafone Group Plc. and Intel Corporation demonstrated NB-IoT at Mobile World Congress organized at Barcelona, Spain. Other key players in the market are Deutsche Telekom AG, Ericsson AB, Huawei Technologies Co. Ltd., and Qualcomm Technologies Inc.
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