The global market for NB-IoT is projected to have considerable CAGR during the forecast period. The major factors that propels the NB-IoT market include the growing integration of IoT technology in various sector such as logistics & transportation, energy & utilities, manufacturing and others. NB-IoT is a new cellular radio access technology specified by 3GPP(3rd Generation Partnership Project) to address the growing industry for low power wide area connectivity. The mobile industry is now integrating NB-IoT as a global coverage solution that enables  application service providers, to operate and deploy their services across the globe. NB- IoT has been composed using a wide variety of smart devices ranging from industrial machines process to sensors that allows tracking and monitoring information. NB-IoT Technology has been widely adopted by the cities across the globe in order to transform cities and urban areas into smart cities. Rapid surges in the smart cities development have been witnessed over the past few years across the globe. Therefore, growing trends of smart cities and smart buildings further provides significant opportunity to the market.

 Segmental Outlook  

The global NB-IoT market is segmented based on deployment type and industry. Based on the deployment type, the market is further classified into guard band, in-band, and standalone. The guard band segment is projected to grow at a significant CAGR during the forecast period. The various industries such as retail, IT & telecom are adopting guard band NB IoT due to cost effectiveness and scalability and other benefits. On the basis of industry the market is further segregated into logistics & transportation, energy & utilities, agriculture, industrial manufacturing, healthcare, and others.

 Global NB-IoT Market Share by Industry, 2019(%)

Global NB-IoT market to be driven by Energy & Utilities 

Among industry, the energy & utilities segment held a considerable share in the market owing to the significant rise in the deployment of smart devices in smart cities and smart infrastructure. Globally, nations have been promoting the concept of smart cities which include smart transportation, smart energy, smart healthcare and so forth. For instance, according to Government of India, around 90 smart cities proposal are finalised by the government which would impact around 96 million urban populations and will cost around $ 290 billion. Additionally, as per China government, by the end of 2017, more than 500 cities, including 95 % of provincial capitals and 83% of prefecture-level cities, had proposed transitioning into smart cities.Smart meters are one of the major components of smart energy as it put consumers in control of their energy utilization, allowing them to adopt energy efficient measures that can enable them to save money on their energy bills and offset price increases.

Regional Outlook 

Geographically, the global NB-IoT market is further classified into North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific is estimated to have considerable market growth in the global market during the forecast period. The market growth is attributed to the significant adoption advance communication technologies such as LTE, in economies such as China, Japan, India, South Korea, Thailand, and Australia.The increasing internet penetration, growing adoption of cloud-based services among small and medium enterprises and government policies to promote digitalization and smart city developments further propels the market growth in the region.

Global NB-IoT Market Growth, by Region 2020-2026

North America to hold a considerable share in the global NB-IoT market

Geographically, North America is projected to hold a significant market share in the global NB-IoT market. Major economies which are anticipated to contribute to the North America NB-IoT market are the US and Canada. The developed technological infrastructure and economic strength of the North America provides a substantial platform for the growth of the market. The high adoption of cloud-based solutions and smart devices in the region has led to a substantial growth in the market. Moreover, increasing adoption of high network technologies which promotes the adoption of IoT devices has been motivating the market. For instance, 280 Million LTE Connections were reported in 2013. More than 127 Million Connections were recorded in North America only accounting for 41% of the total LTE connections. Moreover, deployment of IoT solutions has been a part of government infrastructure which has accelerated its growth in the country. One of the major instances of cost cutting in the federal government has been reported in the form of smart-building applications.

  Market Players Outlook

The key players in the NB-IoT market contributing significantly by providing different types of deployments and increasing their geographical presence across the globe. The key players of the market include AT&T, Inc., Huawei Technologies Co., Ltd., Orange SA, Qualcomm Technologies, Inc., Sequans Communications S.A., Telstra Corporation Ltd., Telefonaktiebolaget LM Ericsson, Vodafone Group Plc,  and others. These market players adopt various strategies such as deployment launch, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. 

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global NB-IoT market. Based on the availability of data, information related to pipeline deployments, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.