The North American NB-IoT market is projected to grow at a significant CAGR of around f35.3% during the forecast period (2021-2027). The market is mainly driven by the growing integration of smart connected devices in the region. The presence of telecommunication giants such as Verizon, AT&T, and T-Mobile, particularly in the US, has contributed significantly to the increased adoption of NB-IoT in the US. For instance, in July 2019, AT&T and Badger Technologies established a partnership for accelerating automation within retail environments by using autonomous robots with 5G wireless networking capabilities. The 5G wireless networking technology further expanded the adoption of NB-IoT in the communication sector that further contribute to the growth of the market.
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Though several factors such as cloud adoption, high network technologies and so forth have been driving the IoT market, some restraints such as lack of government funding are still hindering the market growth. For instance, Federal agencies lack the necessary funding to adopt and deploy IoT solutions. The federal budget for IT investments was approximately $87 billion in 2015. This amount was proposed $89.9 billion for 2017. The growth rate of federal IT budgets has seen dramatically decrease over the last few years. The annual rate of growth in IT spending was 7.1% from 2001 to 2009; however, it shrunk to remain at 1.8% annually since 2009.
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North American NB-IoT Market – Segmentation
By Deployment Type
· Guard Band
· In-Band
· Standalone
By Industry
· Logistics and Transportation
· Energy & Utilities
· Agriculture
· Industrial Manufacturing
· Healthcare
· Other (Retail)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
