Private Narrowband-Internet of Things (NB-IoT) Market is expected to reach USD 43.871 with a CAGR of 36.0% from the year 2024–2032. The market is driven by increasing demand for low-power wide-area network (LPWAN), globally. Also, since private NB-IoT offers several benefits including low deployment cost and long battery life, it is deployed for a number of applications including industrial manufacturing, logistics and transportation, energy & utilities, agriculture, and healthcare among others, thereby driving the overall market. Private NB-IoTs offer extended coverage and higher security over its substitutes. The private NB-IoT technology is being deployed recently for commercial purposes, with pilot testing projects being run at various locations in the past two years. The private NB-IoT solutions have evolved significantly over the last two years and the applications of this technology are expected to increase significantly in the future.
Figure 1: Private Narrowband-Internet of Things Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The value chain of private narrowband IoT consists of four key stakeholders namely, component manufacturers, telecom operators (MNOs and MVNOs), system integrators, and verticals. The manufacturers usually partner with other stakeholders in order to efficiently sell their solutions in the market. They tend to build strong relationships with regional resellers/suppliers so that they can expand their presence in the stipulated area. In terms of Porter's five forces analysis, the market is expected to witness moderate to high rivalry. Currently, telecom operators are investing in private NB-IoT projects and are running pilot projects in various regions/countries. As the demand for NB-IoT connectivity increases among industry verticals, these telecom operators will try to cater to the market demand by providing efficient private NB-IoT services, thereby increasing the competition/rivalry in the market in the years to come.
The Private Narrowband IoT Market has been segmented based on Application, Deployment, Vertical, and Region.
Based on the application, the private narrowband IoT has been segmented into real-time streaming analytics, asset tracking, smart parking management, security, logistics tracking, soil monitoring, and others. The smart parking management segment accounts for the largest market share in 2019, and it is expected to register a CAGR of 89.7% during the forecast period. The asset tracking segment holds the second-largest share in 2019; it is projected to exhibit substantial CAGR during the forecast period. However, the logistics tracking segment is expected to register the highest CAGR of 97.7%.
Based on the deployment model, the market has been segmented into in-band, standalone, guard band. The guard band segment accounts for the largest market share in 2019, with a market value of USD 199.6 million; it is expected to register substantial growth during the forecast period. The standalone segment is the second-largest market in 2019.
Based on industry vertical, the Private Narrowband IoT has been categorized as agriculture, logistics and transportation, healthcare, industrial manufacturing, energy and utilities, and others. The industrial manufacturing segment accounts for the largest market share in 2019, and it is expected to register a CAGR of 92.7% during the forecast period. However, the energy & utility segment is expected to register the highest CAGR of 95.9%.
Geographically, the global private narrowband IoT market has been segmented into Asia-Pacific, North America, Europe, and the Middle East & Africa, and South America.
North America dominates the global private narrowband IoT market owing to the presence of various leading device manufacturers and network service providers focusing on testing and commercial deployment of private narrowband IoT solutions for consumer applications. These market players are working towards the development of new modules and deployment of private NB-IoT networks to enhance the coverage and increase the scope of commercial applications where the technology can be applied. Moreover, the growing tech-savvy population and continued adoption of emerging technologies for personal and business applications are some of the other major factors driving the growth of the private narrowband IoT market in North America.
IoT device shipments in Asia is expected to reach 12.7 billion units by 2030. The market for NB-IoT is expected to grow significantly in the forecast period in the region. At present, NB-IoT is deployed in countries such as China, Taiwan, Hong Kong, Singapore, Thailand, Bangladesh, Sri Lanka, Japan, South Korea, New Zealand, Indonesia, and Australia. The region has a huge potential as NB-IoT as it uses the mobile wireless network which offers better scalability, quality of service, and security as compared to unlicensed LPWA networks such as LoRa/Sigfox. Along with this, it offers long battery life due to low power consumption. The price of NB-IoT modules/chipset is expected to decline in the coming year.
The Key Players of the Global Private Narrowband IoT Market are,
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)