Narrowband-Internet of Things (NB-IoT) Market to grow by USD 1.84 billion from 2022 to 2027
As more and more cities around the world strive to become smarter and more sustainable, there is a need for IoT systems that can monitor and manage many elements of urban infrastructure such as traffic, electricity as well as waste collection and treatment will increase rapidly.
In addition, NB-IoT technology is especially suitable for these applications because it provides LPWA (Low Power Wide Area) connectivity that allows devices to operate on battery power for years without regular maintenance. This makes it ideal for applications such as smart parking, environmental monitoring, and asset tracking, which are key elements of smart city programs. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
Technavio has announced its latest market research report titled Global Narrowband-Internet of Things (NB-IoT) Chipset Market 2023-2027
Technavio has announced its latest market research report titled Global Narrowband-Internet of Things (NB-IoT) Chipset Market 2023-2027
Market Challenge
The lack of standardization and interoperability among various IoT technologies and platforms is a significant challenge restricting market growth. The lack of standardization and interoperability among different Internet of Things platforms and technologies is creating problems for the NBIoT market. For this reason, it is necessary to provide an interconnected network of devices, sensor nodes, and applications for effective communication between the Internet of Things systems. The absence of global standards for Internet of Things connectivity and interoperability, though, has led to confusion and concerns about compatibility and interoperability on a number of platforms and devices. This is leading to a slowdown in the development of new Internet of Things solutions, which leads to high barriers to their adoption. Hence, these factors are expected to restrict market growth during the forecast period.
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The narrowband-internet of things (NB-IoT) market has been segmented by end-user (automotive, energy and utilities, healthcare, agriculture, and others), application (smart meters, smart parking, trackers, alarms and detectors, and wearable devices), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The market share growth by the automotive segment will be significant during the forecast period. The NB-IoT chipset market in healthcare is expected to grow due to the increasing prevalence of chronic diseases and the growing geriatric population, which will increase the demand for monitoring devices. The COVID-19 pandemic has also spurred the adoption of telemedicine services, such as telehealth, opening up new potential for companies producing NB-IoT chipsets for the healthcare industry. Overall, the healthcare segment of the global NB-IoT chipset market is expected to grow significantly during the forecast period.
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