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The narrowband IoT (NB-IoT) market is expected to grow from USD 16.7 Million in 2017 to USD 181.02 Million by 2022, at a CAGR of 61.06% between 2017 and 2022.
Long range connectivity and capability of consuming less power is expected to drive the demand for NB-IoT market. However, low-speed data transmission and privacy & security concerns are expected to restrict the growth of NB-IoT market.
Increasing fraudulent activities such as theft and missing of shipment drives the demand for real-time tracking
Trackers are expected to grow at the highest rate for the NB-IoT market during the forecast period. The narrowband IoT applications for tracking include logistic tracking, asset tracking, and pet tracking. Tracking devices are widely used by automotive & shipping industry to identify the status of their vehicles and shipping containers. Due to increasing fraudulent activities such as theft, missing shipments, and so on, the companies are using tracking device to get the real-time location of their vehicles and shipments.
Telematics & vehicle tracking applications are expected to drive NB-IoT market for automotive & transportation
Automotive & transportation is expected to grow at the highest CAGR between 2017 and 2022. The increasing demand for in-car infotainment, telematics, and navigation drives the growth of NB-IoT in automotive & transportation market. Telematics and logistics tracking are the major applications in automotive & transportation that contributes to the growth of this market. Traffic analysis, navigation, vehicle maintenance, security plays a vital role in the adoption of NB-IoT in the transportation sector.
NB-IoT would enable real-time collection of massive data from vehicles, drivers, pedestrians, road sensors, and cameras to help streamline the flow of the traffic. It can help optimize traffic lights and road usage, direct public transportation to where it is needed most, navigate vehicles to avoid congestion, and raise tolls to limit traffic entering a congestion zone.
NB-IoT market in Asia-Pacific to grow at a high rate
China is the largest market in the APAC region for the development of smart cities. Japan has a strong base of technologically advanced manufacturing industries which offer multiple opportunities for the growth of the NB-IoT market. Huawei (China) and China Unicom (Shanghai) jointly released the NB-IoT-based smart parking solution at 2016 MWC Shanghai. In May 2016, China Unicom (Shanghai) and the Shanghai government signed an agreement to promote “Internet +” and the company would deploy dedicated NB-IoT networks in Shanghai. However, North America is expected to hold the largest market for NB-IoT in 2017. Regional presence of major companies such as Qualcomm Inc. (U.S.), Verizon Wireless (U.S.), AT&T Inc. (U.S.) that are working towards commercialization of NB-IoT connectivity is the major factor driving the market.
The breakup of the profile of primary participants is given below:
- By Companies: Tier 1 – 20 %, Tier 2 – 35%, and Tier 3 – 45%
- By Designation: C-level Executives – 25%, Directors – 35%, and Others – 40%
- By Region: North America – 50%, Europe – 30%, Asia-Pacific – 10%, and RoW – 10%
The major players in narrowband IoT market are Huawei Technologies Co. Ltd. (China), Ericsson (Sweden), Vodafone Group PLC (U.K.), Qualcomm Incorporated (U.S.), Intel Corporation (U.S.), Samsung Group (South Korea), Nokia Networks (Finland), Verizon Communication (U.S.), CommSolid GmBH (Germany), U-Blox Holding AG (Switzerland), MistBase AB (Sweden).
The NB-IoT market based on device has further been segmented into alarms & detectors, trackers, smart appliances, and many others. The end-use applications for NB-IoT are agriculture, infrastructure, healthcare, building automation, automotive & transportation, and others. On the basis of geography, the market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World.