The Asia Pacific Narrowband Internet of Things Market would witness market growth of 52.8% CAGR during the forecast period (2022-2028).
More and more technology firms and telecommunications service providers are anticipated to develop NB-IoT devices and roll out services as a result of the fast expanding applications for NB-IoT technology, which is predicted to propel market expansion over the forecast period. Big data analytics, AI, and ML advancements would make it possible for businesses to examine the massive amounts of data collected from tracking and monitoring activities utilising IoT networks. As a result, the market is also anticipated to increase as a result of the increasing usage of IoT and connected devices as well as AI, ML, and big data analytics across industrial and commercial applications.
A lot of devices with low data usage can be connected to the internet due to the low power wide area (LPWA) network technology known as the NB-IoT. It is especially made for Internet of Things (IoT) applications including trackers, wearables, and smart metres. The technology is suitable for battery-operated gadgets since it uses less electricity. It also has a broad coverage area, making it perfect for rural and isolated areas. Additionally, it supports a sizable number of connections, which is anticipated to promote market expansion.
The government of Singapore released a Smart Nation Plan in 2017 with the aim of developing into a global digital hub. The administration is attempting to use IoT technology to enhance city living. The Smart Cities Mission of the Indian government is based on a long-term, inclusive development plan. The mission's objective is to develop a repeatable model that will hasten the development of comparable Smart Cities in other regions of the nation. In addition, the 100 Smart Cities Initiative was launched by the Indian government in 2015.
Moreover, urbanization is also expanding quickly in this region. With an increase in urbanization, the need for smart technologies involving smart alarms, smart meters, and several other connected devices is developing. Due to these factors, the narrowband internet of things market will witness a boost throughout the predicted period.
The China market dominated the Asia Pacific Narrowband Internet of Things Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $785.8 million by 2028. The Japan market is anticipated to grow at a CAGR of 51.8% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 53.7% during (2022 - 2028).
Based on Component, the market is segmented into Solution and Services. Based on Application, the market is segmented into Alarms & Detectors, Smart Meters, Trackers, Wearable Devices, Smart Parking, Smart Lighting, and Others. Based on Deployment Mode, the market is segmented into Guard, Stand-alone, and In-band. Based on Vertical, the market is segmented into Infrastructure, Energy & Utilities, Automotive & Transportation, Agriculture, Healthcare, Consumer Electronics, Manufacturing, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Narrowband Internet of Things Market is Projected to reach USD 9.6 Billion by 2028, at a CAGR of 51.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Intel Corporation, Qualcomm, Inc., Huawei Technologies Co., Ltd. MediaTek, Inc., Nokia Corporation, Verizon Communications, Inc., AT&T, Inc., Vodafone Group Plc, Orange S.A., and Ericsson AB.
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