New York, US, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Private Narrowband IoT Market information by Deployment, by Vertical, by Application and Region – forecast to 2027” market was valued to USD 199.6 million in 2019; it is expected surpass USD 16,075.4 Million at a compound annual growth rate of 92.1% by 2025.
Market Scope:
The global private narrowband IoT market is growing continually. Expansion of the NB-IoT ecosystem enables utilities, energy, and other critical infrastructure industries to deploy massive IoT solutions supporting internal operations and local communities. Therefore, the private narrowband IoT market is garnering significant traction worldwide.
Besides, vast deployments of private NB-IoT in various organizations to improve operations by improving their communication networks push market growth. Increasing adoption of IoT systems incorporated into various business systems and growing digitization boost the market size. With the proliferation of IoT devices in industrial uses, the market is expected to gain huge momentum in the next six years.
Dominant Key Players on Private Narrowband IoT market covered are:
- Verizon Communications
- AT&T
- China Mobile Limited
- Intel Corporation
- Huawei technologies co. Ltd.
- Telefónica
- Orange
- Vodafone Group Plc.
- China Unicom
- Ericsson
- Qualcomm Technologies Inc
- Telstra
- Nokia
- Telecom Italia
- Emirates Telecommunications Corporation
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Private Narrowband IoT Market Drivers
Rising Demand for 5G-Compatible Network Solutions Influences Market Size
With 5G-compatible network solutions like NB-IoT, IoT can enable quick and connected space, paving the way for a fully connected world. The proliferation of 5G is expected to drive market growth, increasing control service-based use cases. Additionally, rising numbers of location-based services and remote monitoring applications substantiate the market growth.
Increasing business needs to remotely track, trace, and monitor the status of their assets and goods create vast market demand. Besides, augmented and virtual reality applications, alongside the penetration of power autonomous vehicles, increase the market size. Furthermore, increasing demand for IoT solutions providing real-time information and data for more sustainable farming positively impacts the market value.
Rising numbers of private cellular networks with satellite NB-IoT boost market revenues. Moreover, increasing demand for satellite constellations to address challenges with terrestrial networks defines the growing market landscape. Evolving narrow band-internet of things (NB-IoT) communications technology and the emergence of various 4G and 5G compatible devices are expected to drive market growth in the years to come.
Lack of Standardization is a Major Growth Impeder
The lack of standardization of IoT regulations is a major headwind restricting market growth. Although there are some regulatory initiatives implemented, the ecosystem still lacks unified private narrowband IoT standards globally. Also, existing private NB-IoT solutions for devices, networks, data, and applications, do not address concerns around IoT as a whole.
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Segmentation of Market Covered in the Research:
The market is segmented into applications, deployments, verticals, and regions. The application segment is sub-segmented into real-time streaming analytics, asset tracking, smart parking management, security, logistics tracking, soil monitoring, and others.
The deployment segment is sub-segmented into in-band, standalone, and guard band. The vertical segment is sub-segmented into agriculture, logistics and transportation, healthcare, industrial manufacturing, energy and utilities, and others. The region segment is sub-segmented into Americas, Europe, APAC, and the Rest-of-the-World.
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Regional Analysis
North America is assessed to retain its dominance over the global Private narrowband IoT market. The market is driven by the presence of various leading device manufacturers and network service providers focusing on testing & commercial deployment of private NB-IoT solutions for consumer applications. Increasing initiatives for the development of new modules and deployment of private NB-IoT networks substantiate the market size.
Moreover, increasing demand for the improved coverage and wider scope of commercial applications where the technology can be applied create significant growth opportunities. Technological expertise and continued adoption of emerging technologies for personal and business applications are other major factors driving the growth of the private NB-IoT market in North America.
COVID-19 Impact on the Global Private Narrowband IoT Market
The onset of the pandemic impacted the private narrowband IoT industry positively. Remote working (Work-from-home) mandates increased the market demand for high-speed networks and IoT securities.
The pandemic has also fostered digitization and automation across the manufacturing sectors, which increased IoT deployments and the need for private NB-IoT solutions. The market is experiencing a constant uptick over the last few months, and increasing investments by solution providers are seen fostering R&D activities to develop NB-IoT solutions.
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Competitive Analysis
The private narrowband IoT market is estimated to witness significant product launches and major strategic deals, such as mergers & acquisitions, collaboration, expansion, and product development. Leading market players make significant investments in research and development activities and drive their expansion plans.
For instance, recently, on March 03, 2021, Deutsche Telekom (Germany), the parent company of T-Mobile, announced the expansion of its IoT roaming agreements, making its NB-IoT service available in 20 countries, including the United States. Other partners signing onto roaming agreements with DT are Vodafone, Orange, Telia, Telenet (Belgium), Swisscom, and Telecom Italia. The company claims that its IoT services are picking up even more momentum.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
