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.
Growth Drivers
Challenges
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 |
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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 |
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Deployment |
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Device type |
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End-User |
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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.
Author Credits: Abhishek Verma
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