The North America Narrowband Internet of Things Market would witness market growth of 49.6% CAGR during the forecast period (2022-2028).
Narrowband IoT technology has evolved as one of the most significant 3GPP (3rd generation partnership project) IoT technologies and is anticipated to play an essential role in tracing roaming capitals. Moreover, NB-IoT technology is most fitted for automation in smart structures like hospitals, shopping malls, commercial buildings, and offices. Developed networking of NB-IoT could control lifts, doors, heating, blinds, lighting, and ventilation by itself, depending on the number of people there. Therefore, energy control becomes much more transparent and efficient. This also raises the safety and comfort of the people. These features have propelled the revenue growth of the narrowband internet of things market.
Additionally, the NB-IoT network has magnificent structure piercing. It can receive and send data in zero network zones. It reduces power consumption and raises coverage scale in places not assisted by traditional cellular technologies. This is because of the lower network and narrow bandwidths loads. With this technology, single radio cells could communicate with over fifty thousand devices without any disturbances.
Elderly people living in the region are more likely to have chronic illnesses, impairments, falls, and other harmful health concerns. The region's elderly population is also protected against falls via wearable technology. In addition, the North America is home to several high-tech companies and a substantial number of internet users. Additionally, the region's residents' increased disposable money is encouraging businesses by boosting the rate at which the newest technologies are adopted through the use of wearable technology. The wide adoption of wearable technology is supporting the demand for NB-IoT in the region, leading to regional market growth.
The US market dominated the North America 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 $2,307.5 million by 2028. The Canada market is experiencing a CAGR of 53.1% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 51.7% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Narrowband Internet of Things Market is Estimated to reach $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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