COVID-19 update included
The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Key Findings
The global market for narrowband IoT is anticipated to expand at a CAGR of 43.92 during the forecast period of 2019-2027. The rising Internet penetration across the world, increased demand across industrial and commercial applications and technological development are some of the major factors responsible for the growth of narrowband IoT market. The increasing acceptance of smart technology is presenting a major opportunity for the market to expand.

Market Insights
Nowadays, IoT devices are deployed in both commercial & residential buildings to make energy & resource allocation more efficient with enhanced security. Narrowband IoT helps in efficient deployment of the IoT devices by providing an affordable data transmission network. The building automation market is primarily driven by high investment in the smart city development wherein the IoT is expected to play an important role. Global Smart Cities Primer Picks, Bank of America Merrill Lynch (BAML) anticipates smart city technology & management investment to reach more than $XX trillion by 2020 globally, which further would rise to $XX trillion by 2026.

Though the overall narrowband IoT market has numerous growth drivers, the market growth is curtailed by certain challenges. Competition from rival LPWAN technologies, low data transmission speed, & security & privacy concerns, are hindering the market growth.

Regional Insights
The global narrowband Internet of Things market is dominated by North America. The region accounted for the highest revenue share in 2018, followed by Asia-Pacific and Europe in the global narrowband IOT market. The presence of well-established IT infrastructure, key market players and emerging smart city projects in the region have led to the growth of the North America narrowband IoT market. Wide commercial applications such as public sector, smart cities, & smart healthcare are going to boost the growth of the narrowband Internet of Things market in the region.

Globally, the Asia Pacific is the fastest growing market for narrowband internet of things as it is expected to rise with the highest CAGR over the forecast period. Currently, China holds the largest market share in the APAC market, and the Indian market is expected to escalate at the fastest CAGR by the end of the forecasting years.

Competitive Insights
The major players in the global narrowband IOT market are Qualcomm Incorporated, Ericsson, Verizon Communications Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, AT&T Inc., Sprint Corporation, U-Blox AG, Arm Holdings PLC, Telit Communications PLC, CommSolid GmbH (acquired by Goodix), Huawei Technologies Co. Ltd., T-Mobile, Vodafone Group PLC, and Intel Corporation.