Private Narrowband-Internet of Things (NB-IoT) plays a fundamental role in networking. The global Private Narrowband-Internet of Things (NB-IoT) market 2020 depends on this factor significantly, and based on this, it could expect an impactful growth of 92.1% CAGR during the forecast period (2019-2025), reveals Market Research Future (MRFR) in an extensively studied report.
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Top Impacting Factors
Private narrowband IoT and its advantages, such as reduced cost and reduced power consumption for an increased coverage area, are primarily noted to be boosting the adoption of this technology across the world. Being a newly released private narrowband offering from the 3rd Generation Partnership Project, it makes municipal applications such as utility metering, street lighting, smart parking, and toll road charges more efficient and effective. Therefore, the rising demand for a low-power wide-area network (LPWAN) globally has impacted the market dynamics, which has resulted in gaining maximum traction over the year. Such a situation has created a greater possibility for the market to gain more valuation in the forecast period.
The global market for private narrowband IoT also has chances of proliferation as the number of competitors has increased to encourage competition. Giant market players are actively deploying this technology to provide faster services to the customers to gain a competitive edge. In this case, some of the noticeable players in the global narrowband IoT (NB-IoT) market are named to be Vodafone Group plc, Quectel Wireless Solutions Co. Ltd., Etisalat Corporation, u-blox, Nokia Corporation, Huawei Technologies Co. Ltd., and China Unicom. In fact, these players have engaged in strategic decisions, which include partnership, expansion, collaboration, and mergers. In a case of point, China Unicom came into news when partnered with Huawei to launch NB-IoT based smart parking solution. This partnership improved operation management capabilities and efficiency in Shanghai. Following the steps, many other companies are lined up for using this technology in areas and applications, thus making the market share double in the future timeframe.
Segmentation of Market:
From the viewpoint of segmentation, the global private narrowband IoT market has been studied under the segments of application, deployment, and vertical.
Among the application, the market has included asset tracking, real-time streaming analytics, security, smart parking management, soil monitoring, logistics tracking, and others. Among these, the smart parking management segment acquired the largest market share back in 2019, and it could be expected with recording CAGR of 89.7% during the assessment period. Also, the asset tracking segment occupied the second-largest share back in 2019, and now it is projected to exhibit substantial CAGR during the assessment period. However, the logistics tracking segment could further record the highest CAGR of 97.7% in the future timeframe.
Among the deployment model, the market has included standalone, in-band, and guard band segments. Out of this, the guard band segment earlier occupied the largest market share in the year 2019, with a market valuation of USD 199.6 million. And now, it is likely to record substantial growth during the assessment period. The standalone segment was at the second-largest position in the market in the year 2019.
Among the industry vertical, Private Narrowband IoT Market has been categorized into logistics and transportation, agriculture, industrial manufacturing, healthcare, and energy and utilities. Out of which, the industrial manufacturing segment signified for having the largest market share back in 2019, and now it is probable to record a CAGR of 92.7% during the assessment period. Nevertheless, the energy & utility segment is also in line to register the highest CAGR of 95.9%.
From the viewpoint of the regional aspect, the global private narrowband IoT market has been studied among the critical regions of Asia-Pacific, Europe, North America, and the Middle East & Africa, and South America.
The market in North America leads owing to the presence of various leading device manufacturers and network service providers. They have been actively focusing on testing and commercial deployment of private narrowband IoT solutions for various consumer applications. These market players also work towards the development of new modules and implementation of private NB-IoT networks when required to enhance the coverage and increase the scope of commercial applications where the technology can be applied. Besides all, the rising tech-savvy population and continued adoption of emerging technologies for personal and business applications are other significant factors driving the growth of the private narrowband IoT market in North America.
IoT device shipments in the APAC region are probable to reach 12.7 billion units by the year 2030. The market for NB-IoT might inflate significantly in the forecast period in this region. At present, NB-IoT is deployed in countries such as Taiwan, China, Singapore, Hong Kong, Bangladesh, Thailand, Japan, Sri Lanka, New Zealand, Indonesia, South Korea, and Australia. The region is also notable for a massive potential as NB-IoT uses the mobile wireless network, which offers better scalability, quality of service, and security as compared to unlicensed LPWA networks such as LoRa/Sigfox. With this, it also provides extended battery life owing to low power consumption.
Top Market Contenders:
The key market players of the global private narrowband IoT Market are listed as Verizon Communications, AT&T, Huawei technologies co. Ltd., China Mobile Limited, Telefónica, Intel Corporation, Orange, China Unicom, Vodafone Group Plc., Nokia, Telstra, Qualcomm Technologies Inc, Ericsson, Emirates Telecommunications Corporation and Telecom Italia.
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