Narrowband IoT offers advantages such as reduced cost and reduced power consumption for an increased coverage area which is primarily boosting the adoption of emerging narrowband IoT technology. Being a newly released cellular narrowband offering from 3rd Generation Partnership Project, Narrowband IoT makes municipal applications such as street lighting, utility metering, toll road charges, and smart parking more efficient and effective.

Narrowband IoT can be deployed across several frequency bands using a bandwidth of 200 kHz to provide better indoor coverage as compared to GSM. Some other advantages of narrowband IoT include battery life of more than 10 years, high level of security, and compatibility with existing cellular infrastructure and low cost device.

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Economic Advantages of Smart Meters make it Leading Application Segment

In terms of component, the narrowband IoT market is segmented into hardware, software, and services. The hardware segment is further sub-divided into module and others. Of them, the hardware segment accounts for a key share vis-à-vis revenue in the global narrowband IoT market. This is mainly because of the rising adoption of narrowband IoT technology across several industry verticals. However, services segment is anticipated to surpass in terms of growth rate over the forecast period.

By application, the narrowband IoT market is segmented into smart metering, alarms and event detectors, smart bins, asset tracking, smart parking, and others. The segment of others comprise smart bicycles, smart agriculture, smart wearable, logistics and container tracking, smart kids monitoring solutions, engineering truck predictive maintenance solution, pollution monitoring etc.

Amongst them, smart metering holds the leading share in the global narrowband IoT market. This is mainly because of rising adoption of smart meters as they offer a host of advantages. Smart meters, for instance, can reduce cost incurred due to changing meter batteries and manual meter reading. On the other hand, smart bins is anticipated to display the leading growth rate over the forecast period. Other application areas such as asset tracking and alarms and event detectors hold moderate shares as consumers are increasingly spending substantial amount on home automation systems for safety and security considerations.