PUNE, India, October 4, 2016 /PRNewswire/ --
According to the new market research report "Narrowband IoT Market by Offering (Hardware, Software, Cellular Network, and Service), Device (Alarms & Detector, Smart Appliance, Tracker, Smart Meter, Wearable), Deployment Type, End-Use Application, & Geography - Global Forecast to 2022", published by MarketsandMarkets, the market is expected to grow from USD 16.7 Million in 2017 to USD 181.02 Million by 2022, at a CAGR of 61.06% during the forecast period.
Browse 64 market data Tables and 65 Figures spread through 191 Pages and in-depth TOC on "Narrowband IoT Market"
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The factors driving the NB-IoT market are increasing adoption of IoT and growth in network-enabled devices, demand for long-range connectivity, and growing need for low-power and low-cost connectivity technology.
Infrastructure market to hold the largest share of the NB-IoT market
Emerging NB-IoT technology is expected to deliver an affordable and power-efficient way to connect battery-operated devices to Internet. From smart lighting to smart parking and smart utilities, the NB-IoT can help in connecting devices more efficiently than existing technology. Huawei (China) and Vodafone (U.K.) have successfully completed their NB-IoT trial for smart parking in Spain and Turkey.
Alarms & detector devices are expected to drive the growth of the NB-IoT market
The usage of safety alarms and detectors is increasing across several end-use applications, such as building automation, healthcare devices, smart infrastructure, automotive, and so on. Sensors have been effectively deployed in many applications for monitoring purposes and since NB-IoT provides large coverage and low data rate transmission, it is expected to be widely adopted by these industries for alarm & security purpose.
North America to hold the major market share for NB-IoT market during the forecast period
North America comprising the U.S., Mexico, and Canada dominated the Narrowband IoT Market. The U.S. is major contributor to the growth of the NB-IoT market in North America. Presence of major companies such as Qualcomm Inc. (U.S.), Verizon Wireless (U.S.), AT&T Inc. (U.S.) who are working towards commercialization of NB-IoT connectivity is the major factor driving the market.
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The major players in the narrowband IoT market are Huawei Technologies Co. Ltd. (China), Ericsson (Sweden), Vodafone Group PLC (U.K.), Qualcomm Incorporated (U.S.), Intel Corporation (U.S.), Samsung Group (South Korea), Nokia Networks (Finland), Verizon Communication (U.S.), CommSolid GmBH (Germany), U-Blox Holding AG (Switzerland) and MistBase AB (Sweden).
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