Growth in adoption of IoT, rise in use of connected devices, and surge in demand for low-power, low-cost, and long-range connectivity technologies are some of the major key factors that drive growth of the market. However, low speed data transmission applications and privacy & security concerns restrain growth of the market.
Furthermore, rise in participation of industry players in development of NB-IoT and wide applications of NB-IoT technology are expected to provide lucrative opportunities for the market.
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COVID-19 scenario analysis:
- The demand for private narrow band IoT solutions is anticipated to decline in the COVID-19 period, owing to recent government regulations.
- However, once the situation gets better and economy gets back on track, it is expected that the demand for NB-IoT would grow during the forecast period.
- The healthcare segment is expected to witness demand for NB-IoT solutions as these are also deployed in personal appliances measuring health parameters.
Currently, telecom operators are investing in private NB-IoT projects and are running pilot projects in various regions/countries, which drives growth of the market. For instance, Bharti Airtel and Vodafone Idea have launched commercial narrow-band IoT (NB-IoT) services in India and have already started conducting commercial pilots in metro cities to expand this network to tap specific opportunities in smart cities along with other applications.
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Asia-Pacific is expected to attain significant market growth during the forecasted period as countries such as India and China are taking smart city initiatives which creates demand for private narrow band-internet of things (NB-IoT). In addition, rise in internet use and increase in level of disposable income in developing nations of Asia-Pacific in recent years are anticipated to boost the market growth.
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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Key benefits of the report:
- This study presents analytical depiction of the global private narrowband IoT market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global private narrowband IoT market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the market.
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Key Market Players:
- Cellco Partnership (Verizon Wireless),
- T-Mobile US, Inc.,
- Nokia,
- Intel Corporation,
- MediaTek Inc.,
- Altair Semiconductor,
- AT&T,
- Huawei Technologies Co., Ltd.,
- Telefonaktiebolaget LM Ericsson,
- Sequans
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