The report predicts that Europe will lead the global narrowband IoT (NB-IoT) market in the forthcoming years – owing to increasing applications of NB-IoT in the transportation and automation sectors. North America is also a leader owing to the rising adoption of cloud based and IoT services.
Key applications for narrowband IoT include healthcare, retail, energy and utilities, transportation and logistics, agriculture. Among these, the report finds that smart cities are the leading segment as IoT devices are deployed in both residential and commercial buildings to make resource and energy allocation more effective with improved security.
The NB-IoT market is expected to show significant growth due to rapid development in the IoT industry and rising demand of new cellular communication technology that are dedicated to IoT LPWA applications. The increasing demand for navigation, telematics, and in-car infotainment services in automotive and transportation industry is also supporting the market.
Added advantages of NB-IoT such as low power consumption, excellent penetration coverage, and low component costs further support growth.