The narrowband IoT market is anticipated to record an exponential CAGR of 33.12% from 2017 to 2025 and be worth more than US 1 billion by the end of 2022.
Albany, NY -- (SBWIRE) -- 10/13/2017 -- An oft-heard buzzword in the second decade of the interconnected 21st century globe is IoT or the Internet of Things. Within IoT, there are numerous advantages for opting for narrowband IoT as decreased power consumption and lower costs allow a greater area to be covered by this game-changing technology. Narrowband IoT is a newly developed form of cellular narrowband developed by the 3rd Gen Partnership Project. Narrowband IoT goes a long way in making municipal applications including toll road charges, street light utility metering, and smart parking both effective and efficient. It is possible to deploy narrowband IoT across different frequency bands with a bandwidth of 200 kHz to enable greater indoor coverage when compared to conventional GSM technology. Narrowband IoT is also helped in no small measure by its ten-year battery life, high security levels, low cost per device, and compatibility with present cellular infrastructure. Market Research Reports Search Engine has recently added the 'Global Narrowband IoT (NB-IoT) Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025' report to its repository hub. The narrowband IoT market is anticipated to record an exponential CAGR of 33.12% from 2017 to 2025 and be worth more than US 1 billion by the end of 2022.
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Smart Meters Major Application Segment in Narrowband IoT Market
The narrowband IoT market has been studied in terms of software, hardware, and services. Hardware segment is additionally bifurcated into module and others. Hardware segment comprises a large portion of the revenue in narrowband IoT market largely due to the skyrocketing adoption of narrowband IoT equipment across diverse industry verticals. Nonetheless, the services segment should witness higher growth rates over the duration of the study period. Smart metering has a major share by application in narrowband IoT market because smart meters provide numerous advantages to users. Smart meters can reduce the cost because of manual meter reading and changing of the meter batteries. Smart bins are poised to record higher growth rate during the period while other application areas may hold steady as customers are spending substantial sums on home automation systems because of their safety and security.
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Europe Leading Region in the Narrowband IoT Market
Europe is one of the largest contributors in narrowband IoT market because the continent has adopted narrowband IoT technology at a quicker rate than other regions. In addition to this, the continent hosts the headquarters of several companies involved in narrowband IoT market. The second largest share in narrowband IoT market is held by the APAC region and this dynamic continent is estimated to record a massive CAGR of 34.28% from 2017 to 2025. The APAC narrowband IoT market growth is primarily on account of smart city projects across the region.
Competition Dashboard in the Narrowband IoT Market
The companies profiled in the narrowband IoT market report are Ericsson Corporation, Huawei Technologies., Quectel Wireless Solutions, Etisalat Corporation, China Unicom, Sierra Wireless, Deutsche Telekom, SEQUANS Communications SA, China Telecom, Qualcomm Technologies Inc., Nokia Corporation, Intel Corporation, ZTWE Corporation, u-blox, and Vodafone Group plc.
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