Narrowband-Internet of Things (NB-IoT) Technology Market Size

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.

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 Size