New report “Global Narrowband IOT Market” accounted for USD 282.1 million in 2016 growing at a CAGR of 92.2% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
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Market Definition of Global Narrowband IOT Market
Narrowband IoT connects devices more simply and efficiently on already established mobile networks. Its demand is increasing due to several reasons for instance very low power consumption, lower component cost, network security & reliability, and others.
Other advantage of narrowband IoT is battery life is of more than 10 years. It has its wide application in agriculture, logistics and transportation, healthcare, industrial manufacturing, energy and utilities, retail, and others.
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Extended coverage and long battery life may act as the major driver in the growth of narrowband IoT market. On the other side, competition from rival LPWAN technologies may hamper the market.
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Global Narrowband IoT Market, By Geography; Application Software (Security solutions, Real-time streaming analytics, Soil monitoring solutions, Asset tracking solutions, Logistics tracking solutions, Smart parking management solutions); Technology Services; Smart Application; Vertical – Industry Trends and Forecast to 2024
Major market drivers & restraints
- Growing demand for LPWAN use cases across verticals
- High deployment flexibility with GSM, WCDMA, Or LTE
- Extended coverage and long battery life
- Low deployment cost
- Transformation downtime during up gradation of existing base stations
- Competition from rival LPWAN technologies
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AT&T, China Mobile Limited., Orange, SK TELECOM CO., LTD., Vodafone Group, China Unicom (Hong Kong) Limited, Deutsche Telekom AG, Etisalat, Telefónica S.A., Telstra, Ericsson AB , Nokia, Quectel Wireless Solutions Co., Ltd., Sierra Wireless, Qualcomm Technologies, Inc., u‑blox, ZTE Corporation, SEQUANS, and others.
The global narrowband IoT market is segmented on the basis of application software into security solutions, real time streaming analytics, soil monitoring solutions, asset tracking solutions, logistics tracking solutions, smart parking management solutions, and others.
On the basis of technology services, the global narrowband IoT market is segmented into professional services, and managed services.
On the basis of smart applications, the global narrowband IoT market is segmented into smart governance, smart metering, smart buildings, smart asset tracking, ad others.
On the basis of vertical, the global narrowband IoT market is segmented into agriculture, logistics and transportation, healthcare, industrial manufacturing, energy and utilities, retail, and others.
On the basis of geography, the global narrowband IoT market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
In 2017, North America is expected to dominate the market.
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