The new “narrowband-Internet of Things (NB-IoT) market by end-user (automotive, energy and utilities, healthcare, agriculture, and others), application (smart meters, smart parking, trackers, alarms and detectors, and wearable devices), and geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2023-2027” is now available from technavio. Technavio has happily collaborated with more than 100 Fortune 500 organizations for more than 16 years and holds ISO 9001:2015 certification. Between 2022 and 2027, the narrowband Internet of Things (NB-IoT) market has a potential growth difference of USD 1.84 billion. A major factor fueling market expansion is the growing usage of connected devices and smart city projects.
The industry is heavily driven by the expanding number of connected devices and smart city efforts around the world. The demand for IoT systems that can monitor and manage many parts of urban infrastructure, such as traffic, power, as well as garbage collection and treatment, will rise quickly as more and more cities across the world work to become smarter and more sustainable. Additionally, LPWA (Low Power Wide Area) connectivity offered by NB-IoT technology enables devices to run on battery power for years without needing to be maintained, making it particularly well suited for these applications. As important components of smart city initiatives, this makes it perfect for applications like smart parking, environmental monitoring, and asset tracking.
Therefore, during the forecast period, these factors are anticipated to fuel market expansion. Learn more about the market’s size, its current state, its growth prospects, its main drivers, its most recent trends, and much more.
Market Obstacle
One major obstacle limiting market expansion is the lack of standardization and interoperability among diverse IoT technologies and platforms. The NBIoT market is having issues due to the lack of standardization and interoperability among various Internet of Things platforms and technologies. To ensure effective communication across Internet of Things systems, it is important to create a network of linked devices, sensor nodes, and applications. However, the lack of international standards for connectivity and interoperability of the Internet of Things has caused ambiguity and raised worries regarding compatibility and interoperability on a multitude of platforms and devices. New Internet of Things solutions are being developed more slowly as a result, which raises adoption obstacles.
