Narrowband IoT Market Trends, Business Overview, Industry Growth and Forecast to 2031

The global narrowband IoT market is expected to grow at a significant CAGR during the forecast period 2024-2031. The narrowband IoT stands for narrowband internet of things (NB-IoT). It was a low power wide area (LPWA) standard-based technology developed to introduce a broad spectrum of IoT devices and services. The narrowband IoT considerably improves the system capacity, power consumption and spectrum efficiency of user devices and provide deep coverage to the system.

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The feature comprises narrowband IoT including- low power consumption, highly-economic, wide-area coverage, high spectrum and high system capacity that are subjected to emerge a robust growth in the global narrowband IoT market. The rising deployment of technological infrastructure and high usage of the internet is expected to witness a sequential rise in the growth of the global narrowband IoT market.

The growing advancement in artificial intelligence (AI), big data analytics, machine learning (ML) and rising implementation of IoT and connected devices is anticipated to emerge as a vital factor attributed to driving the market growth in the global narrowband IoT market during the forecast period. The better performance and function of narrowband IoT over other LPWAN technologies including Lora, Sigfox and e-MTC among others, concerning reliability, network coverage, uplink and downlink traffic. This instance offers lucrative growth opportunities and raised market shares for the global narrowband IoT market. The increasing emergence of smart cities and smart buildings and the rising deployment of intelligent devices is further expected to provide significant growth in the global narrowband IoT market.

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Market Coverage

Segment Covered-
o By Component

o By Deployment

o By Device Type

Competitive Landscape- Huawei Technologies Co. Ltd., Vodafone Group PLC, Emirates Telecommunications Corporation, Telecom Italia, Qualcomm Inc.

Key questions addressed by the report

What is the market growth rate?
Which segment and region dominates the market in base year?
Which segment and region will project fastest growth in the market?
How COVID-19 impacted the market?
o Recovery Timeline

o Deviation from pre-COVID forecast

o Most affected region and segment

Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?

Global Narrowband IoT Market by Segment

By Component

· Network

· Module

By Deployment

· In-band

· Guard-band

· Standalone

By Device Type

· Alarm & Detector

· Smart Parking

· Smart Meter

· Smart Lighting

· Tracker

· Wearables

· Others

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