Happy Thursday, readers.
Earlier this week on IoT Evolution – saying that has me sounding like some fancy TV show announcer; like, “Previously, on…” – we covered SkyQuest’s market projections regarding the still-climbing adoption rates of IoT sensors, as well as coverage on two companies partnering to advance the reliability (and accessibility) of Narrowband-IoT (NB-IoT) data communications. Read here for the SkyQuest IoT sensor implementation-related forecast, and here for the NB-IoT solutions combo involving Ceva, Inc. and STMicroelectronics.
For today’s brief story, let’s take a little from Column A and a little from Column B, so to speak.
According to another SkyQuest report, the NB-IoT market size – valued at an already-huge $646.71 million in 2022 and an even bigger $905.39 million in 2023 – is expected to reach a staggering $13,361.65 million by 2031, representing a striking compound annual growth rate (CAGR) of 40% during this forecast period.
Listen, I’m no financial wizard; I admittedly lack that expertise. Nevertheless, I feel like when a CAGR hits big double-digits like that (and the estimated growth hits the multi-million dollar signs, to boot), it’s absolutely worth taking a bit of a closer look.
As SkyQuest details, rapidly increasing demand for novel IoT tech is predicted to create further lucrative opportunities for big NB-IoT players and their respective use cases. As the scope and promises of digital transformation correspondingly rise, “multiple industry verticals will bolster the demand for NB-IoT over the coming years,” SkyQuest explained.
For instance, telecommunication teams are projected to lead the charge in developing novel NB-IoT networks for plenty of low-power, wider-coverage applications. Similarly, a variety of IoT-centric companies were found to be demanding efficient NB-IoT modules that allow them to stand out from the competition and boost IoT market presence as the pool of players saturates alongside the prevalence of smarter connectivity projects. Such IoT companies include those in the manufacturing and healthcare industries; particularly when it comes to increased automation and remote monitoring for the former, as well as telemedicine tools and health-tracking wearables for the latter.
On a closing note for now, SkyQuest also wrote about automotive and infrastructure-focused industries, saying that these “are estimated to emerge as highly opportune verticals in the long run, too.”
For more info, SkyQuest’s full report can be perused
here.
Edited by
Greg Tavarez
