Summary:
A New Study Title “ Private Narrowband IoT Market Size, Status And Forecast 2027” Has Been Featured On Market Research Future.
Market Overview
Market Research Future (MRFR) expects the private narrowband-internet of things/NB-IoT market 2020 to gain a highly lucrative CAGR of 92.1% from 2019 to 2025 (analysis period). We will provide COVID-19 impact analysis with the report, detailing the key developments that followed the coronavirus disease outbreak.
Top Drivers and Main Challenges
Technology has been playing a significant role in the battle against the novel coronavirus, with private narrowband IoT market standing at the forefront. Lower cost, remote and autonomous diagnosis, and the extensive patient data are some of the ways that IoT in general has helped the healthcare industry since the COVID-19 outbreak. For disease control, private NB-IoT technologies are the ideal solutions, since the most pressing need is to detect and isolate people that are infected. Since the lockdown and the surge in the pandemic, the demand for wireless technology such as Bluetooth Low Energy, RFID, Wi-Fi, magnetic field signature and GPS for location tracking has increased considerably worldwide.
The private NB-IOT market is further bolstered by the mounting demand for LPWAN/ low-power wide-area network. Additionally, considering the benefits of private NB-IoT such as long battery life and low deployment cost, its use in logistics and transportation, industrial manufacturing, agriculture, healthcare and energy & utilities has multiplied massively across the globe. It is projected that the escalating demand for LPWAN technology can lead to better growth for the overall narrowband IoT market in the years ahead.
LPWAN provides a combination of low power consumption, secure data transmission and long-range, which has helped it gain favor among various industries. These benefits have been more useful in the SARS-CoV-2 era, in terms of tracking and detecting the spread of the pandemic. Encouraged by immense growth of the private NB-IoT technology, an increasing number of technology vendors and telecommunications service firms are developing more advanced private NB-IoT devices and services, which can be favorable for the global market.
For instance, in July 2020, HiSilicon collaborated with Nowi to launch an Energy Autonomous NB-IoT platform, which is a power-free technology in possibly the smallest size. The latest innovation is a combination of Nowi’s NH2 energy harvesting power management IC and HiSilicon’s Hi2115 NB-IoT solution.
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Segmental Analysis
Private Narrowband-IoT (NB‑IoT) Market has been considered for application, deployment and vertical.
The main application areas of private narrowband IoT include asset tracking, logistics tracking, security, smart parking management, soil monitoring, real-time streaming analytics, and others. In 2019, smart parking management took the lead in the market since NB-IoT powered vehicle detectors use low power and also have a lifespan of five years. Moreover, NB-IoT-based smart parking systems enable companies to better monitor their parking places and achieve more revenue in the process.
The key deployment models discussed in the market study are standalone, guard band and in-band. In 2019, the guard band segment seized the biggest portion in the market.
The various industry verticals that deploy the private narrowband IoT are energy and utilities, agriculture, logistics and transportation, industrial manufacturing, healthcare, and more. The industrial manufacturing vertical has been leading segment since 2019. In this vertical, NB-IoT finds widespread applications in safety and security, warehouse monitoring, smart lighting, asset tracking, infrastructure monitoring and smart parking.
Regional Insight
The private NB‑IoT Market Size has been evaluated on the basis of South America, Asia Pacific (APAC), North America, MEA/the Middle East & Africa and Europe.
North America continues to be the most lucrative market since 2019, and can remain the global leader throughout the given period. The market growth in the region is the result of the high concentration of renowned device manufacturers and well as network service vendors that are highly focused on developing advanced private narrowband IoT services for diverse consumer applications. The high disposable income level, massive tech-savvy population, and the escalating use of the latest technologies for business and personal applications are some other growth promoters in the market.
Interestingly, the APAC market is slated to procure the fastest expansion rate of a whopping 97.1% between 2019 and 2025. Some of the major markets in the region are India, Japan and China. China is estimated to hold the biggest market in the region, while Japan is fast catching up due to the expanding narrowband IoT Infrastructure in line with the increasing spending by the government ads well as private agencies.
Renowned Industry Contenders
Some of the private NB‑IoT market leaders profiled by MRFR include China Unicom, Telstra, Intel Corporation, Huawei Technologies Co. Ltd, Nokia, Ericsson, Qualcomm Technologies Inc., AT&T, Orange, Telefónica, Verizon Communications, Emirates Telecommunications Corporation, China Mobile Limited, Vodafone Group Plc., Telecom Italia, to mention a few.
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Market Research Future (MRFR) is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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