NarrowBand IoT (NB-IoT) Enterprise Application Market Worth 8,221.3 Million USD by 2022

PUNE, India, November 18, 2016 /PRNewswire/ --

According to a new market research report "NarrowBand IoT (NB-IoT) Enterprise Application Market by Application Software, Technology Service, Vertical, Smart Application (Smart Governance, Smart Metering, Smart Homes, Smart Asset Tracking), and Region- Global Forecast to 2021", published by MarketsandMarkets, the NB-IoT enterprise application size is expected to grow from USD 320.5 Million in 2017 to USD 8,221.3 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 91.3% during the forecast period.

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Browse 88 market data Tables and 59 Figures spread through 136 Pages and in-depth TOC on "NarrowBand IoT (NB-IoT) Enterprise Application Market"

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The major drivers of this market include growing demand for Low-Power Wide Area Network (LPWAN) use cases across verticals, high deployment flexibility with GSM, WCDMA, or LTE, extended coverage, long battery life, and low deployment.

Smart parking management is expected to be the most promising application software during the forecast period 

Smart parking management solution is expected to dominate the application software segment in the NB-IoT enterprise application market as the number of vehicles are increasing day by day, smart parking would help the management of vehicles, utilizing the parking space in an optimized way with the help of NB-IoT application software. Logistics tracking solutions is the second most dominating market in the NB-IoT enterprise application market.

Managed services in the services segment is expected to grow at a fast rate in the NB-IoT enterprise application market 

Managed services is expected to grow at the highest CAGR in the services segment as these services assist companies in developing strong strategies and provide resources that allow them to manage the technology at a lower cost. Until recently, a majority of managed services have been adopted for very specific needs, but more competitors are ramping up to offer enterprise service models.