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Narrow band-IoT (NB-IoT) also called as LTE Cat NB1, is an LPWA (Low Power Wide Area) network technology standard. By using a wireless cellular network, NB-IoT links a wide range of smart devices and sensors. NB-IoT provides reliable and secure connectivity to end-users. The NB-IoT Tracking offers advantages such as cost-effective, safe, low power consumption, and elimination of constant maintenance over traditional tracking systems. The most significant applications of the NB-IoT tracker includes vehicle tracking, supply chain asset tracking, heavy equipment tracking, healthcare equipment tracking, agricultural equipment tracking, etc. The growing demand for tracking and monitoring assets and production processes is primarily driving the market.
The demand for wearable trackers has increased rapidly. Wearables can be useful in workout activities as well as in health monitoring devices to monitor the status of health. Wearable trackers are also helpful in tracking children and older adults intended for safety purposes. This increasing demand for wearable trackers drives the NB-IoT tracker market.
Automotive industries rapidly directed towards NB-IoT trackers to offer convenient, safe, and efficient transportation. NB-IoT tracker for vehicles can track the vehicle accurately, identifying and avoiding congestions in the highway, and contributes to effective traffic management. The upcoming connected autonomous vehicles are also expecting to assist the growth of the NB-IoT tracker market in the forecast period.
Key Market Driver -
• Growing demand for cost-optimized energy solutions to drive NB-IoT tracker market • Cloud-based cellular wireless tracking system directing the NB-IoT market to grow • Increasing substantial investments in the NB-IoT are contributing in the growth of the market
Key Market Restraint -
• Lack of skilled experts for initial system installment, deployment and maintenance of NB-IoT trackers
Tracking the consumption and formulating energy-savings strategies is leading energy and utility companies towards the adoption of NB-IoT trackers. Public safety organizations and government agencies are deploying a network of NB-IoT trackers for smart city infrastructure. The purpose of the safety and security of people & public assets is the most significant factor for adopting NB-IoT trackers. Growing demand for navigation, telematics, and in-car infotainment services is supplementing the growth of the market. Small data and energy requirements over a long period are anticipated to enhance substantial investments in the NB-IoT tracker market.
Accent Advanced Systems, SLU provides innovative IoT solutions. The company offer products based on tracking and geolocation. The company mainly drives the wireless device market and developing solutions from product development to mass production. The company has proficiency in IoT technologies such as WiFi, LTE, 4G, Bluetooth, SigFOX, LoraWA. The company is leading the industry providing NB-IoT and LTE-M solutions.
These companies provide IoT solutions that design industrial hardware including sensors and software applications, which can track real-time information on mobile assets. The company develops middleware, mobile applications, and cloud-based solutions. It is easy to integrate company developed systems with existing software.
Other key players in the NB-IoT tracker market are Intel Corporation, Huawei Technologies Co., Ltd, Ericsson, Qualcomm Technologies Inc., Vodafone Group plc, Sierra Wireless, Nokia Corporation, Deutsche Telekom AG, Quectel Wireless Solutions Co. Ltd., China United Network Communications Group Co., Ltd., etc.
Communication with small data, small power requirements, and the capability to track in hard-to-reach places made opportunities for the market to grow in public safety areas. Also, the secure deployment of sensors offers additional flexibility to the system, which further contributes to market growth.
Growing demand for smartphones and wearables due to urbanization in the Asia Pacific region is growing. The growth in the number of smart city initiatives and increasing internet penetration is also driving the market in the Asia Pacific region. The increasing levels of income, technological developments, and the adoption of developing technologies for business and personal applications are some of the significant factors driving the growth of the North American regional market. Also, most of the emerging IoT platform manufacturers are based in the North America region especially in the U.S. which are boosting the revenue of the market. Europe is one of the prime contributors to the NB-IoT market. Implementation of developed technologies across industries and The increasing government funding in the region is influencing the market growth.
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