The Narrowband IoT market size is expected to grow from USD 320.5 Million in 2017 to USD 8,221.3 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 91.3% during the forecast period.
The major drivers of this market include growing demand for Low-Power Wide Area Network (LPWAN) use cases across verticals, high deployment flexibility with GSM, WCDMA, or LTE, extended coverage, long battery life, and low deployment.
Some of the Prominent Key Players in the NarrowBand IoT Market are: Vodafone Group Plc;
China Mobile; China Telecom; AT&T; Etisalat; Telstra; Orange S.A., Telefonica; SK Telecom; and Deutsche Telekom.
Smart parking management is expected to be the most promising application software during the forecast period
Smart parking management solution is expected to dominate the application software segment in the Narrowband IoT Market as the number of vehicles are increasing day by day, smart parking would help the management of vehicles, utilizing the parking space in an optimized way with the help of NB-IoT application software.
Logistics tracking solutions is the second most dominating market in the NB-IoT enterprise application market.
Managed services in the services segment is expected to grow at a fast rate in the Narrowband IoT market
Managed services is expected to grow at the highest CAGR in the services segment as these services assist companies in developing strong strategies and provide resources that allow them to manage the technology at a lower cost. Until recently, a majority of managed services have been adopted for very specific needs, but more competitors are ramping up to offer enterprise service models.
Asia-Pacific (APAC) contributes the maximum market share in the Narrowband IoT Market
APAC is expected to account for the largest share of the overall Narrowband IoT market at the highest CAGR during the forecast period.
As this region is expected to witness a huge number of smart cities, it is likely to witness increase in the number implementation of smart applications and other advanced software. This would mark a rise in demand for NB-IoT platform for speed operation with optimized cost.