Narrowband-IoT (NB IoT) is a budding wireless IoT communication technology that can link the IoT devices over a broader place and in locations that are manually hard to access utilizing limited bandwidth. The energy-efficient NB-IoT units assist in assuring an extended battery life of about 10 years as they use minimum energy for signal processing maneuvers. The major factors fueling the growth of the global narrowband IoT enterprise application market are the rising need for Low-Power Wide Area Network (LPWAN) in diverse domains; low deployment cost; extended battery life & long coverage; and high deployment flexibility with WCDMA, LTE, or GSM.
In 2016, a standards organization that built communication procedures for mobile telephony, 3rd Generation Partnership Project (3GPP), systematized the NB-IoT technology. Since then, it has surfaced as among the key 3GPP IoT technologies and is expected to turn out to be a leading LPWA technology. Though the technology is appropriate mainly for static assets, a vital role is projected to be played by it in trailing roaming assets too because of the swift expansion in NB-IoT network coverage. In addition, the ability of the NB-IoT network to break into enclosed and deep underground spaces would also facilitate the indoor and underground operation of IoT devices.
Further supported by the swiftly rising NB-IoT technology applications, more and more telecommunications service providers and technology companies are projected to develop and design NB-IoT devices and launch services, thus boosting the growth of the narrowband IoT enterprise application market during the coming years. Improvements in Machine Learning (ML), big data analytics, and Artificial Intelligence (AI) would allow firms to scrutinize the huge data volumes gained from monitoring and tracking activities with the use of IoT networks. Thus, the increasing espousal of connected devices and IoT in addition to ML, big data analytics, and AI in commercial and industrial applications is anticipated to fuel the market growth.
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Also, the growing need for telematics, in-car infotainment, and navigation services in the transportation and automotive industry is expected to drive the market expansion during the forecast period. The added benefit of NB-IoT like less consumption of power, low-priced component, and outstanding penetration coverage is also projected to fuel the global narrowband IoT enterprise application market growth. To cite, in March 2020, a deal was inked by Telstra with Software AG to carry on the development of IoT technologies. The deal comes on the back of a combined mission to build a digital automated water management solution. The platform utilizes analytics of Software AG to sense pressure drops and leaks to offer data regarding water infrastructure to clientele. Co-developed by Telstra and Software AG, the platform merges the narrowband IoT network of the telco with the Cumulocity IoT platform of the vendor that enables users to quickly spin up IoT services on the prevailing infrastructure.