Narrowband IoT Market Definition
The narrowband IoT market deals in providing Internet connection to IoT devices over long distances by using less power. The components of this industry consist of networks and modules. There are various types of narrowband IoT devices available on the market, including trackers, smart metering, and wearables. It can be deployed using different modes, including in-band, guard-band, and standalone. The growing demand for scalable connectivity, along with the increased use of IoT devices, has shaped the industry in a positive way. This market is likely to rise significantly with the growth of the consumer electronics sector across the world.
The growing application of narrowband IoT in smart lighting, smart meters, smart parking, and some others, coupled with the rise in the number of smart cities around the world, has boosted the market growth. Also, the rising demand for narrowband IoT from several industries, such as automotive, agriculture, infrastructure, healthcare, energy and utilities, manufacturing, and some others, is impacting the industry in a positive way. Moreover, the increasing trend of connected devices, along with developments in IoT technology, is expected to boost the growth of the narrowband IoT market.
Advancements in 5G technology along with growing adoption of NB-IoT in agricultural sector is expected to create ample growth opportunities for the market players in the future. In February 2024, BT launched a narrowband IoT drive. This NB-IoT network is designed for various industries and helps in shaping ecosystems such as smart cities and smart agriculture.
