Narrowband IoT market is estimated to be valued at $ 16.7 million in 2017 and is expected to reach $ 181.02 million by 2022, growing at a CAGR of 61.06% during the forecast period. Long range connectivity and capability of consuming less power is expected to drive the demand for NB-IoT market. However, low-speed data transmission and privacy & security concerns are expected to restrict the growth of NB-IoT market.
“Increasing fraudulent activities such as theft and missing of shipment drives the demand for real-time tracking”
The report ” Narrowband IoT Market by Offering (Hardware, Software, Cellular Network, And Service), Device (Alarms & Detector, Smart Appliance, Tracker, Smart Meter, Wearable), Deployment Type, End-Use Application, & Geography – Global Forecast to 2022 “, analyses and studies the major market drivers, restraints, opportunities, and challenges in the emerging nations.
“Need for low-power consumption and low cost is expected to drive the NB-IoT market”
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Narrowband IOT Market Drivers
Narrowband IOT Market Restraints
Narrowband IOT Market Opportunities
Narrowband IOT Market Challenges
“The market for digital substations with a voltage range of 220kV–550kV is expected to grow at a high rate during the forecast period”
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“The market in APAC is expected to grow at the highest rate during the forecast period.”
The digital substation market in APAC is expected to grow at the highest CAGR between 2016 and 2022. The market growth can be attributed to the several initiatives taken up by the Government of India to improve its power and energy sector. Plans to build renewables with an energy capacity of 175GW by 2022, several schemes organized to revive distribution in utilities, and village electrification programs, among others, are some of the initiatives taken up by the Government of India.
Narrowband IOT Market Company Profiles
The report offers the Narrowband IOT Market analysis by systematically segmenting the market into four major geographies, namely
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