The global narrowband internet of things market is expected to grow at CAGR of 61.3% during 2016-2022. The internet of things is segmented on the basis of deployment type, offerings, devices, end user application and geography. The offering segment is segmented into cellular network, hardware, services and software. The service segment is further more segmented into deployment & integration services and support & maintenance services. The software segment is also segmented into platform and solution. The platform is further more sub segmented into application management platform, device management platform and network management platform. the solution segment is also sub segmented into data management solutions, network bandwidth management, real-time streaming analytics, remote monitoring systems and security solutions.
The internet of things market is dominated by some of the major key players such AT&T, Commsolid GmbH, Ericsson, Google, Huawei Technologies Co. Ltd., Intel Corporation, Microsoft, Mistbase Communication System, Qualcomm Incorporated, Samsung Electronics, Verizon Communications, Vodafone Group PLC.
The technological inventions are increasing the scope of narrowband internet of things market. The rising expansion of smarter and low cost sensors are growing the growth in the narrowband internet of things market. The growing revolution in technological domains is growing the scope of narrowband internet of things across various application in global context. In last decade there are a lot of mergers, acquisition and other strategic initiative taken by various key players to develop the new technology in the Internet of things market. November 11, 2015, Google acquire Bebop the aim is to develop the platform which helps to make the enterprise application easily.
The internet of things market is majorly driven by increasing technological innovation which leads to the expansion of low cost and smart sensors and smart technologies for various application. The growing technological advancement is growing the scope of internet of things in various applications such as consumer services, smart homes, automotive and transit, health care and smart energy. The smarty homes, automotive and consumer services accounts to the largest market share and a big share in the growth of narrowband internet of things in the global market. Moreover, nonexistence of interoperability and data management is one of the major challenge available in the global market of narrowband internet of things which is hampering the growth.
North America dominates the narrowband internet of things market, the domination is owing to existence of some key player of internet of things who are contributing and dominating the large share in the global market. The growth of North America is motivated by number of factors such as growing technological advancement.The Asia Pacific narrowband internet of thing market is expected to register high growth rate during the forecasted period 2016-2022. The growth in the Asia Pacific region is majorly driven by the growing dispersion of the smart or connected devices, growing demand for smart technology and low cost smart sensors across various end user application.