DUBLIN–(BUSINESS WIRE)–The “Narrowband IoT Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029” report has been added to ResearchAndMarkets.com’s offering.
The global narrowband IoT market is expected to grow at an exponential CAGR of 61.5%during the forecast period of 2021-2029.
The internet of things is creating hyper-connectivity by establishing digital connectivity between people and things at any time and anywhere. 50 billion networked devices exist globally as of 2020. The global Narrowband IoT market is majorly driven by increasing internet penetration across the world, rising demand across industrial and commercial applications, and technological development. Also, the reducing price of sensors which act as a key to IoT applications is a major growth opportunity for Narrowband IoT market. However, skill shortage and security concerns are the major challenges hampering the growth of the global IoT market.
Quick Adoption of IoT Remains as the Most Impactful Driver
The Internetworking of physical devices vehicles buildings and other items surrounded with electronics, sensors actuators, the software is the internet of things. Acceptance of the internet of things is growing due to the increasing access of mobile devices and smart consumer electronics products worldwide. The increasing penetration along with the advancement in wireless communication technology is anticipated to considerably drive the growth in the coming years. Internet is also having acceptance in the energy sector due to the rising investment in smart grid communications. Internet of things is the strength of smart grids since it contains data gathering and further analysis for energy optimization.
The internet of things is growing virtual worlds containing industrial systems, medical devices, automobiles and growing use of consumer electronics devices. Such as the Amazon Echo the smart speakers, the acceptance of the internet of things is also due to low cost, indoor coverage, long battery life, and enabling a large number of connected devices. Narrowband IOT is an arrow band radiotechnology designed for the internet of things, the acceptance of the internet of things will drive the narrowband internet of things market to a great extent the internet of things represents the ultimate development of technology.
Energy Sector to Evidence the Quickest growth Owing To Increasing Demand for Energy
The global IoT market is segmented on the basis of various consumer and commercial applications which include agriculture, automotive & transportation, building & automation, energy, healthcare, infrastructure, manufacturing, and so on. Among these applications of narrowband IoT in the energy sector are expected to grow at the highest CAGR of 67.1%during the forecast period of 2021-2029. The major drivers include increasing awareness levels, rising demand for energy and utility analytics, and so on. Narrowband IoT is expecting high demand from manufacturing sectors. The rising demand for increasing efficiency from the manufacturing industry is the major driving force.
Key questions answered in this report
What are the key market segments in the current scenario and in the future by product categories? What are the key market segments in the current scenario and in the future by regions? What is the key impact of Covid-19 over market revenues and market determinants in the narrowband IOT market? What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period? What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period? How to overcome the current market challenges and leverage the opportunities in each of the market segments? Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies? What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc that companies are deploying to enhance market revenues and growth? Market Dynamics
Drivers
Growing Acceptance of IoT increasing Demand For Long Range Connectivity Requirement For Low Cost and Low Power Connectivity Technology Requirement For Smart Network Bandwidth Management Rising Dispersion of Smart Connected Devices increasing Acceptance of Telco Cloud Restraints
Low Data Transmission Speed Security and Privacy Concerns Opportunities
Rising Acceptance of Smart Technology Development of High Range Low Power Narrowband IOT Technology Allowing Telecom Operators Developing Smart Buildings and Smart Cities Existence of Uneven and Non-Standardized Technologies Challenges
Long Tail Ecosystem Containing of, Module, Application Platform, and Device Nonexistence of interoperability and Data Management Companies Mentioned
IBM Inc. AT&T CISCO Ericson Huawei technologies Ltd. Intel Corp. Microsoft Ltd. Apple Inc HP Google Inc. Qualcomm Inc. Samsung Electronics Vodafone group PLC. Verizon Communications For more information about this report visit https://www.researchandmarkets.com/r/5mdjdw