The global narrowband-Iot (NB-IoT) market size is expected to reach USD 6,020.2 million by 2025, registering a CAGR of 34.9% from 2019 to 2025, according to a new study conducted by Grand View Research.
The growing demand for deployment of innovative technologies to track and monitor assets and people accurately in line with the smart city initiatives being pursued aggressively all around the world is expected to drive the growth of the market. Other factors, such as low power consumption, lower component costs, and wider coverage, are also expected to contribute toward the growth of the market.
The module segment is anticipated to emerge as the fastest-growing segment over the forecast period owing to the increasing number of IoT applications and declining manufacturing costs of NB-IoT modules. The tracker segment is anticipated to gain traction over the forecast period owing to the growing use of trackers for tracking and monitoring production processes and assets, particularly those which are difficult to monitor manually.
The wearables segment is expected to witness the fastest growth over the forecast period due to the increasing demand for wearables such as fitness wristbands to monitor exercise activities and health monitoring devices to monitor the health status, as well as other dedicated wearables to track children and elderly people for safety purposes.
Asia Pacific is expected to register the highest CAGR from 2019 to 2025 owing to the rapidly growing demand for wearables and smartphones in line with the continued urbanization and various smart city initiatives being undertaken.
