Market Research Report
Narrowband IoT (NB-IoT) Enterprise Application
|Narrowband IoT (NB-IoT) Enterprise Application|
Published: April 1, 2021
Global Industry Analysts, Inc.
Content info: 187 Pages
Delivery time: 1-2 business days
Global Narrowband IoT (NB-IoT) Enterprise Application Market to Reach $174.8 Billion by 2027
Amid the COVID-19 crisis, the global market for Narrowband IoT (NB-IoT) Enterprise Application estimated at US$2.2 Billion in the year 2020, is projected to reach a revised size of US$174.8 Billion by 2027, growing at a CAGR of 87.1% over the analysis period 2020-2027. Smart Metering, one of the segments analyzed in the report, is projected to record a 85.7% CAGR and reach US$61.3 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Smart Governance segment is readjusted to a revised 89.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $671.4 Million, While China is Forecast to Grow at 82.6% CAGR
The Narrowband IoT (NB-IoT) Enterprise Application market in the U.S. is estimated at US$671.4 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$26.3 Billion by the year 2027 trailing a CAGR of 82.6% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 78.6% and 74.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 59.3% CAGR.
Smart Buildings Segment to Record 83.6% CAGR
In the global Smart Buildings segment, USA, Canada, Japan, China and Europe will drive the 83.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$343.4 Million in the year 2020 will reach a projected size of US$24.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$22.3 Billion by the year 2027.
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