Emphasis on Component (Network and Module); Deployment (Standalone, In-band, and Guard-band); Device Type (Wearables, Tracker, Smart Meter, Smart Lighting, Alarm & Detector, and Others); Application (Smart Cities, Transportation & Logistics, Energy & Utilities, Agriculture, and Others); and Region/Country
The NB-IoT Market is expected to grow at a steady rate of around 40% during the forecast period (2022-2030) owing to the rising adoption of IoT and connected devices as well as AI, ML, and big data analytics across industrial and commercial applications. NB-IoT is a low-power wide-area network (LPWAN) technology designed for IoT devices. It operates on existing 4G cellular networks, using a narrow band of radio frequency to transmit small amounts of data over long distances. NB-IoT is designed to support a large number of low-bandwidth IoT devices that require infrequent data transmissions and have low power requirements. This makes it ideal for applications such as smart metering, environmental monitoring, and asset tracking. Further on, the rapidly growing number of IoT devices globally is one of the most prominent factors driving the growth of the market. For instance, according to Ericsson, The number of devices connected by Massive-IoT technologies grew strongly in 2021 and reached almost 500 million by the end of 2022.
Some of the major players operating in the market include Huawei Technologies Co., Ltd.; Telefonaktiebolaget LM Ericsson; Qualcomm Technologies, Inc.; AT&T; Verizon; T‑Mobile USA, Inc.; Vodafone Group Plc; Nokia; MediaTek Inc.; and Intel Corporation. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst component, the network segment held a dominating share of the market in 2021”
Based on component, the market is bifurcated into network and module. The network segment held a dominating share of the market in 2021 owing to the high adoption of NB-IoT networks due to their cost-effectiveness, lower deployment costs, and lower operating costs. They offer better coverage and a longer range than traditional cellular networks and are designed to operate in challenging environments where other wireless technologies may not be practical.
“Amongst deployment, the guard-band segment held the significant share of the market in 2021”
On the basis of deployment, the market is categorized into standalone, in-band, and guard-band. Among these, the guard-band catered to a significant share of the market in 2021 and is expected to grow at a robust CAGR during the forecast period. One of the most important factors driving the expansion of this market is the capacity to utilize the cellular infrastructure that is already in place, such as antennas and Radio Frequency (RF) modules, without having to incur additional costs for spectrum.
“North America dominated the NB-IoT market in 2021”
North America dominated the global NB-IoT market in 2021. Several prominent device manufacturers and network service providers in North America concentrate on the testing and commercialization of consumer and industrial application solutions. Qualcomm Inc., AT&T, Cellco Partnership (Verizon Wireless), T-Mobile US, Inc., Intel Corporation, and Verizon Wireless are a few of these network operators and device manufacturers. The North American regional market is also being driven by other major factors such as rising disposable income, a growing population of tech-savvy individuals, and the continued adoption of new technologies for personal and business purposes.
NB-IoT Market Report Coverage
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Narrowband Iot (nb-iot) Market
6. Narrowband Iot (nb-iot) Market Revenue, 2020-2030f
7. Market Insights By Component
8. Market Insights By Deployment
9. Market Insights By Device Type
10. Market Insights By Application
11. Market Insights By Region
12. Narrowband Iot (nb-iot) Market Dynamics
13. Narrowband Iot (nb-iot) Market Opportunities
14. Narrowband Iot (nb-iot) Market Trends
15. Demand And Supply-side Analysis
16. Value Chain Analysis
17. Pricing Analysis
18. Strategic Insights
19. Competitive Scenario
20. Company Profiled
21. Disclaimer
Research Methodology for the Narrowband IoT (NB-IoT) Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global NB-IoT market were the three major steps undertaken to create and analyze the adoption of NB-IoT in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global NB-IoT market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the NB-IoT market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the NB-IoT market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, deployment, device type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the NB-IoT market. Further, we conducted factor analysis using dependent and independent variables such as component, deployment, device type, and application of the NB-IoT market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the NB-IoT market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global NB-IoT market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global NB-IoT market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, deployment, device type, and application in the global NB-IoT market.
The main objective of the Global NB-IoT Market Study
The current & future market trends of the global NB-IoT market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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