The global market for NB-IoT is estimated to have considerable CAGR of during the forecast period. The major factor that propels the market growth is the significant adoption of IoT technology in various sector such as logistics & transportation, manufacturing, energy & utilities, healthcare and other sectors. For instance, the IoT technology in healthcare sector is widely adopted and allows augmented asset monitoring and tracking. Industrial-scale analytics and interconnected machines, data and people offer optimized asset monitoring and operations. Several enterprise grade technologies including distributed computing and big data analytics, asset management beside M2M communication possess capabilities to provide drastically efficient and cost-effective results by IoT applications.
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Moreover, there is a significant integration of IoT technology in energy & utilities sector that enabled the concept of smart devices in every from the grid to the city. At present, smart metering and smart grid are widely used solutions. However, energy management is isolated from smart metering. Smart grids are one of the most widely used energy solutions which can co-ordinate the requirements and capabilities of multiple entities. These entities include grid operators, generators, electricity market stakeholders and end-users and allow efficient operation of all parts of the system. It minimizes the costs and environmental impacts while maximizes the reliability, resilience and stability of the system.
There is significant adoption of IoT in government sector that further augment the NB-IoT market. IoT in government and safety applications allow improved law enforcement, defense, city planning, and economic management. The technology possesses the capabilities to fill the current gaps as well as corrects many current flaws along with expanding the reach of these efforts. For instance, IoT can help city planners to have a clearer view of the impact of their design as well as governments can have a better idea of the local economy. IoT promotes the development of smart nations and smart cities by focusing on enhancement of infrastructure in numerous sectors such as healthcare, transportation, energy, and so forth.
IoT solutions have been adopted by the retailers across a number of applications. This adoption of IoT by the retailers improves store operations, increases purchases through cross selling, enables precise inventory management,reduces theft, and most importantly enhances the shopping experience of the consumers. The IoT solutions enable offline retailers to have a strong competition against the online challengers, for regaining the lost market share. In addition, it continually attracts the consumers into the store, making it easier for the customers to buy more while saving money. The IoT presents an opportunity for the retailers for developing a much-improved ecosystem to connect physical and digital world.
Global NB-IoT Market Segmentation
By Deployment Type
By Industry
Global NB-IoT Market – Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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