DUBLIN, Dec 1, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "NB-IoT Enterprise Application Market - Global Forecast To 2021" report to their offering.
Global Narrow Band-IoT market size expected to grow from USD 320.5 million in 2017 to USD 8.2 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 91.3% from 2017 to 2022. Growing demand for LPWAN use cases across verticals, high deployment flexibility with GSM, WCDMA, or LTE, extended coverage and long battery life, and low deployment cost are some of the general driving factors for NB-IoT market. Transformation downtime of IT systems and competition from rcival LPWAN technologies are some of the restraints in the NB-IoT technology market. In 2016, smart metering is expected to dominate the NB-IoT enterprise application market in smart application segment. Smart metering is also sub-segmented into smart water, smart gas, and smart electric. These meters are important elements in our day to day life for utility monitoring and billing and one of the main components of the smart cities. They ensure most accurate energy bills. Measurement of energy usage through these meters becomes easy, so there is an expected rise in demand for smart meters for which it seems to be a dominating market. Asset tracking is expected to be the fastest growing market in the NB-IoT smart application market as wireless asset tracking, sensing, and control of products would provide a round-the-clock visibility concerning the whereabouts and state of assets in the supply chain. Its mapping abilities with custom data cover the visualization of the real-time state and location as well as the status history of any asset being tracked. Asset tracking helps the owners to sense and take preventive actions against unexpected events such as theft/loss of pets or livestock or kids and others.