Impact of COVID-19 on the Global Narrowband-IoT Market
The Internet of Things (IoT) is a network of physical, electronic devices having IP addresses for communication and Internet connectivity between such devices and other Internet-enabled devices & systems. IoT platforms play a critical role in assisting designers of IoT devices in linking their projects to the Internet. The Narrowband IoT (NB-IoT) refers to a wide area network technology that functions on low power and links a range of devices and related services on cellular networks. This technology operates in a certified spectrum offering safe and reliable connectivity along with assured service quality. These benefits are expected to support market growth. The COVID-19 pandemic has rapidly spread globally and has impacted a few industries positively, while most others have been affected negatively. Governments have imposed restrictions confining people to their homes as a precautionary measure to contain the spread of the pandemic. The rising number of people staying at home has boosted the demand for rapid Internet connectivity. It has substantially increased data usage propelling the growth of the narrowband-IoT market during the pandemic.
The people under lockdown have now increased their usage of social media as compared to the pre-lockdown period. During the pandemic, companies have allowed their employees to work from home, propelling the use of conferencing platforms, which has boosted the growth of the narrowband-IoT market. Furthermore, the increasing demand for multiple deployments, including stand-alone, guard band, and in-band technologies, offering low power consumption and superior coverage, is also responsible for the growth of the narrowband-IoT market. This demand is expected to propel the growth of the IoT platforms’ market over the projected timeframe. According to the MRFR analysis, the global narrowband-IoT market is expected to stabilize by Q1 of 2021.