Numerous factor such as due to rapid development in IoT industry and rising demand of new cellular communication technology which are integrated to IoT low power wide area applications drives the growth of the market globally. moreover, increasing demand for navigation, telematics and in-car infotainment services in automotive & transportation industry is fueling the market of NB-IoT globally.
However, licensing costs of NB-IoT are hindering the growth of narrowband- IoT Market. Furthermore, rising need for connectivity in IoT applications and emerging investment in smart cities and smart buildings is an opportunistic factor for the NB-IoT market in the forecasted years.
Organizations are adopting NB-IoT due to its advantages such as low power consumption, excellent penetration coverage, high deployment flexibility with GSM, WCDMA, or LTE and low component cost increasing the growth opportunity in narrowband IoT market.
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Low power wide area is specifically designed for connecting devices with using low power, low bandwidth requirements, while providing wider network coverage. Millions of devices are predicted to be connected via low power wide area.
Networks in the next few years due to its benefits of extended coverage and long battery life in IoT integrated devices. Therefore, increasing the demand for NB-IoT market in the forecasted years.
Narrowband IoT (NB-IoT) leverages direct sequence speed spectrum modulation technology. NB-IoT is very flexible and can operate in 2G, 3G and 4G band width. It eliminates the need for a gateway, which saves cost in the long run.
It is characterized by improved indoor coverage, low delay sensitivity, low device power consumption, support of a massive number of low throughput devices, optimized network architecture, and it is ultra-cost efficient. This factor will create opportunity in the NB IoT market.
Impact of COVID-19 on Narrowband IoT (NB-IoT) Market:
- The COVID-19 pandemic has acted as a catalyst for the development of automation technologies by global companies, especially in the area of drones for the purpose of surveillance and medicine delivery.
- The unprecedented economic impact of COVID-19 on demand and supply, along with implications on geopolitics, and globalization, will influence the future of automation.
- The coronavirus pandemic may drive enhancement of automation, digitalization, and artificial intelligence (AI) in the automobile sector in post COVID era to improve resilience to future pandemics.
- In a situation like this, automation and robotics could reduce dependence on human labor and increase productivity, preventing the chances of future plant shutdowns. In addition to this, IoT, AI, and digitalization will become extremely relevant going forward and are going to define the new way of working. This lockdown provides us an opportunity to adopt these new trends, thus increasing the opportunities for the Narrowband IoT market in the upcoming years.
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