Narrowband Internet of Things (NB-IoT) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 08/02/2017 -- Narrowband internet of things (NB IoT) is an emerging IoT technology which is being developed to meet challenges of future cellular IoT. This technology will meet the requirement of connecting low-power devices which relies on batteries and send small-scale information. Furthermore, this new technology would enhance indoor coverage, lowering delay sensitivity among interconnected devices, decrease device cost, enable multiple devices connectivity, optimize network architecture and consumes low power. This technology is expected to use resource blocks of the normal LTE carrier or unused resource blocks of guard bands of the LTE carrier. The developing ecosystem of IoT is the key trends influencing the growth of NB-IoT market. Along with this, expanding network of connected devices throughout is globe is paving the growth of NB-IoT market. Presently, NB-IoT deployment is characterized on three scenarios viz. standalone, guard band and In Band, of which standalone and guard band deployment of NB-IoT offers optimum performance and superior indoor coverage.
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The elevating growth of NB-IoT technology possess strong revenue potential in near future. The revenue generation is expected to be largely from those end-use verticals which have started adoption of IoT technology. On the basis of end-use industry, NB-IoT market is segmented as agriculture, healthcare, automotive & logistics, manufacturing, energy and utilities and retail. With shifting consumer interests in IoT ecosystem, NB-IoT is likely to be adopted in various applications. In terms of applications, NB-IoT market is further classified as smart metering especially in gas, electricity and water meters, facility management services, safety and security systems, connected personal appliances especially the one used in healthcare industry, connected industrial appliances and people and animal tracking. Companies which are in the development of NB-IoT services, have shown some crucial developments occurred in recent past. For instance, Huawei Technologies Co. Ltd. released world's first NB-IoT commercial chip in Global MBB forum health at Hong Kong. Similarly in February 2016, Nokia along with Intel Corporation and Vodafone group demonstrated NB-IoT at Mobile World Congress held at Barcelona, Spain.
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Significant penetration of Internet among developed economies and rising penetration of the same amongst nascent economies is the primary growth driver of NB-IoT market. Alongside, escalating demand for low power indoor connectivity among connected devices is further uplifting the NB-IoT market. However, lack of awareness amongst large pool of consumers is expected to restrain the growth of NB-IoT market. This factor is expected to have a moderate impact on the market growth throughout the forecast period. With IoT is still increasing its footprint globally, NB-IoT holds strong market oppournity to develop its footprint across the world.