The private narrowband IoT market 2020 is presumed to gain traction. A report presented by Market Research Future (MRFR) indicates that the global private narrowband IoT market is strike 92.1% CAGR over the assessment period 2019 to 2025. The private NB-IoT market size is assessed to reach a valuation of USD 16,075.4 Mn by 2025.
A rise in demand for low-power wide-area network (LPWAN) has been observed which is anticipated to impact the private narrowband-IoT (NB-IoT) market favorably. The benefits offered by the technology such as long battery life and low deployment cost are further assessed to drive the growth of the private narrowband IoT market in the upcoming years. Rising demand across industry verticals are expected to catalyze market growth during the review period.
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On the basis of application, the private NB-IoT market has been segmented into real-time streaming analytics, smart parking management, asset tracking, security, soil monitoring, logistics tracking, and others. Among these, the smart parking management segment is anticipated to exhibit dominance over the market across the review period. It is anticipated to mark a CAGR of 89.7% across the forecast period. On the other hand, the logistics tracking segment is poised to strike the highest CAGR of 97.7%.
On the basis of deployment model, the private narrowband IoT market has been segmented into standalone, in-band, and guard band. Among these, the guard band segment led the market in 2019 and was valued at USD 199.6 Mn. It is anticipated to proliferate at a substantial rate in the coming years. The standalone segment held the second spot and is projected to register high growth rate over the forecast period.
On the basis of industry vertical, Private Narrowband IoT Market Size has been segmented into energy and utilities, agriculture, healthcare, logistics and transportation, industrial manufacturing, and others. Among these, the industrial manufacturing segment is prognosticated to dominate the market. It is expected to mark 92.7% CAGR through the review period. On the other hand, the energy & utility segment is projected to mark the highest CAGR of 95.9% over 2025.
The geographical evaluation of the global private narrowband IoT market is included in detail in this assessment. It provides an in-depth insight into the following regional segments – Asia-Pacific, South America, Europe, and the Middle East & Africa, and North America. Each of these segments is then assessed on the basis of countries to provide an impactful intelligence. North America is the leading segment due to rising adoption of IoT. Increasing number of connected devices is anticipated to lead the augmentation of the regional private narrowband IoT market. Asia Pacific is also projected to observe exponential growth. Increasing deployment of IoT devices in the region is anticipated to guide the growth trajectory of the private narrowband IoT market over the forecast period.
AT&T, China Mobile Limited, Verizon Communications, Huawei technologies co. LtdTelefónica, Intel Corporation, Vodafone Group Plc., China Unicom, Orange, Telstra, Ericsson, Nokia, Telecom Italia, Qualcomm Technologies Inc, and Emirates Telecommunications Corporation are few of the major participants of the global private narrowband IoT market. These players are extensively focusing on product development to capitalize on the thriving opportunities. It has been observed that the players are employing growth methodologies such as collaborations, mergers & acquisitions, agreements, strategic alliances, and partnerships, among others to gain edge over each other. Also, investments are likely to be injected into the industry to boost research & development activities. It is further projected to intensify competition and boost market growth.
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