Narrowband Internet of Things (IoT) Market – Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Narrowband Internet of Things (IoT) Market
The narrowband internet of things (IoT) market size is valued at USD 136,539.9 million by 2028 is expected to grow at a compound annual growth rate of 58.73% in the forecast period of 2021 to 2028. Data Bridge Market Research report on narrowband internet of things (IoT) provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
Narrowband IoT helps to connect the devices more simply and proficiently on already established mobile networks. Its demand is increasing owing to several reasons, for instance very lower component cost, low power consumption, network security and reliability among others.
The high deployment flexibility with GSM, WCDMA or LTE is expected to influence the growth of narrowband internet of things (IoT) market over the forecast period of 2021 to 2028. Also the demand for LPWAN use cases across verticals is also anticipated to flourish the growth of the narrowband internet of things (IoT) market. Furthermore, the extended coverage and long battery life and low deployment cost are also likely to positively impact the growth of the Narrowband internet of things (IoT) market. Moreover, the high growth in applications of NB-IoT technology along with advances in artificial intelligence (AI), machine learning (ML) and big data analytics are also expected create a huge demand for narrowband internet of things (IoT) as well as lifting the growth of the narrowband internet of things (IoT) market.
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