Industry Insights
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 (2020-2027), reveals Market Research
Future (MRFR) in an extensively studied report.
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.
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Segmentation of Market: Private
Narrowband IoT
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, the 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%.
Regional Framework
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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