Private Narrowband IoT Market

The global private narrowband-internet of things (NB-IoT) market is expected to grow at a CAGR of 92.1% from the year 2019­-2025. The market is driven by increasing demand for low power wide area network (LPWAN), globally. Also, since private NB-IoT offers several benefits including low deployment cost and long battery life, it is deployed for number of applications including for industrial manufacturing, logistics and transportation, energy & utilities, agriculture, healthcare among others. Private NB-IoTs offer extended coverage and higher security than its competitors. The private NB-IoT technology is being deployed recently for commercial purposes, with pilot testing projects being run at various locations in the past 2 years. The private NB-IoT solutions has evolved significantly over the last 2 years and the applications of this technology is expected to increase significantly in the future.

Global private NB-IoT market is expected to grow at 92.1% CAGR during the forecast period, 2019-2025. The market is expected to reach USD 16,075.4 million by the end of the year 2025. In 2019, the market of smart parking management application was expected to lead private NB-IoT applications market with 32.4% share, however, logistics tracking application is expected to grow at the highest CAGR 97.7%. In terms of deployment, guard band private NB-IoT is expected to account for the largest share in the year 2019, i.e. 62.5% and is expected to grow at the highest CAGR of 95.5%. In terms of verticals, industrial manufacturing is expected to have the largest share in the year 2019. The vertical is valued at USD 115.4 Million in the year 2019 and is expected to reach USD 5,912.6 Million in the year 2025. In terms of region, the private NB-IoT Market is led by North America which occupies 38.36% of market share in the year 2019. North America is followed by Asia-Pacific that accounted for a share of 33.17% in the year 2019. Asia-Pacific has the highest CAGR of 97.1% in the forecast period, 2019-2025. This basically means that the region has immense opportunity in terms of revenue growth.

TABLE 1 Market synopsis

Market Size

· 2019: USD 319.4 Million

· 2025: USD 16,075.4 Million

CAGR (2019–2024)

· 92.1%

Key Market Drivers

· Increasing Demand for LPWAN

· Low Deployment Cost and Long Battery Life

· Extended Coverage & Higher Security

Key Market Opportunities

· Application in Smart City and Buildings

· Deployment of Intelligent Devices and LPWA based devices

· Need for Connectivity in IoT Applications

Key Vendors

· Qualcomm Inc.

· Vodafone Group PLC

· Hauwei Technologies Co, Ltd