Registering the highest CAGR in the global market, the Asia-Pacific Narrowband IoT Market is estimated to rise with a 46.93% CAGR by the end of the forecast years of 2019-2027. The initiatives taken by the central governments of India and China, which include the framework of developing and establishing smart cities is primarily boosting the demand for NB-IoT in the Asia-Pacific region.
APAC nations are highly competitive in adopting new technological trends. According to ISACA, more than half of Asia-Pacific organizations plan to capitalize on the increase of connected devices. With billions of Internet-connected objects (ICO) and abundance of sensors, IoT would enable ubiquitous sensing. Presently China governs the Asia-Pacific narrowband IoT market, but it is expected to face tough competition from the Indian market in the future. The managed service segment of the narrowband IoT market is expected to surpass the professional service segment in terms of CAGR in the Asia-Pacific. By deployment mode, presently the standalone market segment dominates this region.
Companies like Verizon Communications Inc., Telit Communications PLC, Sprint Corporation, Arm Holdings PLC, Microsoft Corporation, U-Blox AG, Huawei Technologies Co. Ltd., AT&T Inc., Ericsson, Samsung Electronics Co. Ltd., Qualcomm Incorporated, Vodafone Group PLC, Intel Corporation, T-Mobile, and CommSolid GmbH (acquired by Goodix) are involved in the Narrowband IoT market.