Report ID: SQMIG45I2196
Report ID:
SQMIG45I2196 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|
Tables:
94 |
Figures:
76
Narrowband-IoT (NB-IoT) Market size was valued at USD 905.39 Million in 2023 and is poised to grow from USD 1267.55 Million in 2024 to USD 18706.31 Million by 2032, growing at a CAGR of 40.0% during the forecast period (2025-2032).
Narrowband IoT is a protocol that refers to the use of low-power wide area network (LPWAN) for wireless communication of IoT devices. Rapidly increasing use of Internet of Things (IoT) devices and connected devices around the world is projected to bolster the demand for narrowband-IoT (NB-IoT) going forward. Advancements in IoT technology are also slated to play a crucial role in governing future narrowband-IoT (NB-IoT) market growth. Growing need for affordable and scalable connectivity solutions across industry verticals is also estimated to uplift the demand for narrowband-IoT (NB-IoT) in the long run. On the contrary, standardization issues and challenges in network deployment and coverage are forecasted to hamper narrowband-IoT (NB-IoT) market development potential across the forecast period and beyond. Increasing use of artificial intelligence and machine learning are also estimated to create new opportunities for narrowband-IoT (NB-IoT) providers going forward.
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Report ID: SQMIG45I2196