The LPWA market is the market in which there are many shortcomings such as poor security, poor reliability and high maintenance and operational costs. These problems are created by the new technologies that are supporting this market are uneven and not standardized. The narrowband IoT enterprise overcomes all these problems as it consists of features such as wide area ubiquitous coverage, low-power consumption with the assurance of high battery life, low-cost terminal, high carrier class network security with reliability, fast upgrade of the network, high coupling, plug and play and unified business platform management. The initial installation cost may be high but is worthy in the long run.
The global narrowband IoT enterprise application market is segmented on the basis of application software, vertical, technology service, smart application, and regions. Based on the application software, the global market is segmented into security solutions, soil monitoring, logistics tracking solutions, real-time streaming analytics, asset tracking solutions, smart parking management solutions and others. On the basis of the technology, the global narrowband IoT enterprise application market is segregated into professional and managed. Based on the vertical, the global market is categorized into agriculture, healthcare, energy and utilities, logistics and transportation, manufacturing, retail, and others. The narrowband IoT enterprise application market has different smart applications such as smart governance, smart buildings, smart metering, smart asset tracking and others. Region wise, global the narrowband IoT enterprise application market is diversified into Europe, the Middle East and Africa, North America, Asia-Pacific and Latin America.
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The global narrowband IoT enterprise application market is growing owing to the rise in demand for the low-power wide area network across different verticals. The factors that are driving the global market growth include high deployment flexibility with GSM, extended coverage and long battery life and WCDMA or LTE. In the coming years, smart metering is expected to dominate the market of narrowband IoT enterprise application. The smart metering is further sub-segmented into smart gas, smart water, and smart electric. These are all important elements in case of smart cities as they are used for utility billing and monitoring. The utilization of the energy is accurately measured with the help of these meters, hence increasing the demand of the narrowband IoT enterprise application market. Among others, asset tracking is also witnessing a rise in the market growth. Asset tracking helps in wireless asset tracking, control of products and sensing which provides round-the-clock visibility about the state of the assets. The mapping abilities of asset tracking with the custom data help in yielding information about any asset being tracked. The restraining factors for the narrowband IoT enterprise application market are competition from the LPWAN technologies and the downtime of the IT systems.
The region that contributes the maximum share in the narrowband IoT enterprise application market is the Asia-Pacific region. This share is owing to the latest growth of the smart cities in the region, hence a large number of advanced software and smart applications are being implemented which is triggering the global market growth. The other developed regions such as North America and Europe are also contributing to the market growth owing to its high investments in the development of the smart cities.
Global Narrowband IoT Enterprise Application Market: Competitive Players
Some of the major companies in the narrowband IoT enterprise application market are China Mobile, China Mobile, SK Telecom, Etisalat, Telstra, Telefonica, Vodafone Group PLC, China Unicom, AT&T, Orange S.A. and Deutsche Telekom.