Narrowband IoT Market Size & Share, by Component (Network and Module); Deployment (In-band, Guard-band and Standalone) By Device type (Alarm & Detector, Smart Parking, Tracker, Wearables) by End-User (Automotive, Infrastructure, Healthcare, Energy & Utilities, Manufacturing, Consumer Electronics and Others) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 2925
  • Published Date: Sep 23, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Narrowband IoT Market size was valued at USD 7.86 billion in 2023 and is anticipated to exceed USD 1.15 trillion by the end of 2036, expanding at over 46.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of narrowband IoT is evaluated at USD 10.8 billion.

Extensive research associated with narrowband IoT in western countries, along with the growing demand for low power wide area network (LPWAN) use cases across verticals are expected to fuel the progress of this market. The growth of the narrowband IoT market can also be attributed to factors such as the increasing adoption of emerging communication technologies, high network infrastructure and low spectrum costs worldwide.

Moreover, NB-IoT can co-exist with the existing 2G, 3G, and 4G mobile networks and hence supported by all major chipset, module, and mobile equipment manufacturers. Furthermore, government agencies and public safety organizations are deploying NB-IoT networks for smart city infrastructure projects to ensure the safety and security of people and public assets.


Global-Narrowband-Internet-of-Things-(NB-IoT)-Technology-Market-Size
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Narrowband IoT Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Adoption of Emerging Communication Technologies
  • Low Network Infrastructure and Spectrum Costs
  • Growing Demand for Low Power Wide Area Network (LPWAN) Use Cases Across Verticals

Challenges

  • Deployment Issues and Less Roaming Support
  • Uncertainty in Pricing Model

Narrowband IoT Market: Key Insights

Base Year

2023

Forecast Year

2024–2036

CAGR

46.8%

Base Year Market Size (2023)

USD 7.86 billion

Forecast Year Market Size (2036)

USD 1.15 trillion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Narrowband IoT Segmentation

Based on the component, the narrowband IoT market has been further segmented into network and module. The network segment is estimated to dominate the market in 2021 owing to the high service costs and increasing number of IoT deployments. However, the module segment is anticipated to emerge as the fastest-growing segment over the forecast period owing to the growing demand for NB-IoT modules for consumer-oriented applications as well as industrial applications. The increasing demand for consumer wearable, smart parking solutions, smart security and surveillance solutions, smart metering solutions, and smart agriculture solutions is particularly anticipated to increase the demand for NB-IoT modules over the forecast period.

Based on end-use, the narrowband IoT market has been further segmented into automotive, infrastructure, healthcare, energy & utilities, manufacturing, consumer electronics, and others. The infrastructure segment is projected to dominate the market in 2021 owing to the large-scale adoption of the NB-IoT technology in applications related to smart lighting, smart building, environmental monitoring, and disaster management applications as well as smart infrastructure and smart city projects. Additionally, the consumer electronics segment is anticipated to emerge as the fastest-growing segment over the forecast period owing to the continued integration of NB-IoT modules in wearable, smartphones, and other electronic devices to enable users to store data related to all electronic devices on the cloud. For instance, in Germany, Vodafone and Panasonic Corporation collaborated on a pilot project aimed at realizing the value of the technology for home-based appliances.

 

Our in-depth analysis of the global market includes the following segments:

           Component

  • Network
  • Module

             Deployment

  • In-band
  • Guard-band
  • Standalone

          Device type

  • Alarm & Detector
  • Smart Parking
  • Tracker
  • Wearables
  • Others

            End-User

  • Automotive
  • Infrastructure
  • Healthcare
  • Energy & Utilities
  • Manufacturing
  • Consumer Electronics
  • Others

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Narrowband IoT Industry - Regional Synopsis

Geographically, the narrowband IoT market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region, out of which The North America industry is set to account for largest revenue share by 2036, as several leading device manufacturers and network service providers are focusing on testing and commercial deployment of solutions for consumer and industrial applications. Increasing disposable income, growing tech-savvy population, and continued adoption of emerging technologies for personal and business applications are some of the other major factors driving the growth of the North American regional market.

Moreover, the Asia Pacific regional narrowband IoT market is projected to emerge as the fastest-growing regional market owing to the increasing internet penetration, the continued rollout of high-speed internet infrastructure network, rising number of smart city initiatives, and larger customer base, thus providing abundant business opportunities to the players.

Research Nester
Narrowband-Internet-of-Things-(NB-IoT)-Technology-Market
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Companies Dominating the Narrowband IoT Landscape

    • Sony India 
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Qualcomm Technologies, Inc.
    • Huawei Technologies Co., Ltd.
    • Intel Corporation
    • MediaTek Inc.
    • Telefonaktiebolaget LM Ericsson
    • Vodafone Group plc
    • AT&T Inc.
    • Orange S.A
    • Verizon Communications Inc. 

Author Credits:  Abhishek Verma


  • Report ID: 2925
  • Published Date: Sep 23, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing adoption of emerging communication technologies, Low network infrastructure and spectrum costs and Growing demand for low power wide area network (LPWAN) use cases across verticals are the key factors driving market growth.

The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.

Deployment issues and less roaming support and Uncertainty in pricing model are estimated to hamper market growth.

The market in Asia Pacific regional market is projected to emerge as the fastest-growing regional market owing to the increasing internet penetration, the continued rollout of high-speed internet infrastructure network, rising number of smart city initiatives, and larger customer base.

The major players dominating the narrowband-internet of things (NB-IOT) technology market are Qualcomm Technologies, Inc., Huawei Technologies Co., Ltd., Intel Corporation, MediaTek Inc., Telefonaktiebolaget LM Ericsson, Vodafone Group plc, AT&T Inc. among others.
Narrowband-Internet of Things (NB-IoT) Technology Market Report Scope
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