USD 646.71 Million
Narrowband-IoT (NB-IoT) Market Size, Share, Growth Analysis, By Component(Network, Module), By Deployment(In-band, Guard-band, Standalone), By Application(Alarm & Detector, Smart Parking, Smart Meter, Smart Lighting), By End Use(Automotive, Agriculture, Infrastructure, Healthcare), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45I2196 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|Tables:
94
|Figures:
76
Narrowband-IoT (NB-IoT) Market Insights
Global Narrowband-IoT (NB-IoT) market size was valued at USD 646.71 million in 2022 and is poised to grow from USD 905.39 million in 2023 to USD 13,361.65 million by 2031, growing at a CAGR of 40.0% in the forecast period (2024-2031).
Narrowband IoT is a protocol that refers to the use of low-power wide area network (LPWAN) for wireless communication of IoT devices. Rapidly increasing use of Internet of Things (IoT) devices and connected devices around the world is projected to bolster the demand for narrowband-IoT (NB-IoT) going forward. Advancements in IoT technology are also slated to play a crucial role in governing future narrowband-IoT (NB-IoT) market growth. Growing need for affordable and scalable connectivity solutions across industry verticals is also estimated to uplift the demand for narrowband-IoT (NB-IoT) in the long run. On the contrary, standardization issues and challenges in network deployment and coverage are forecasted to hamper narrowband-IoT (NB-IoT) market development potential across the forecast period and beyond. Increasing use of artificial intelligence and machine learning are also estimated to create new opportunities for narrowband-IoT (NB-IoT) providers going forward.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Network
Fastest Growth
Module
Growth Rate
40.0% CAGR
Global Narrowband-IoT (NB-IoT) Market ($ Mn)
Country Share for North America Region (%)
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Narrowband-IoT (NB-IoT) Market Segmental Analysis
The global narrowband-IoT (NB-IoT) market is segmented based on component, application, deployment, end user, and region. In terms of component, the market is bifurcated into module and network. Based on application, the market is divided into alarm & detector, smart parking, smart meter, smart lighting, tracker, wearables, and others. Based on deployment, the market is divided into in-band, guard-band, and standalone. In terms of end use, the market is segmented into automotive, agriculture, infrastructure, healthcare, energy & utilities, manufacturing, consumer electronics, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Component
Network segment is predicted to account for a dominant share of the global narrowband-IoT (NB-IoT) market. Growing deployment of IoT devices around the world is the key factor allowing this segment to maintain its dominance. Integration of 4G and 5G networks with IoT connectivity will also create new opportunities for narrowband-IoT (NB-IoT) companies in the network segment going forward.
Meanwhile, the module segment is slated to emerge as the fastest-expanding one in the global narrowband-IoT (NB-IoT) market over the coming years. High demand for industrial and consumer-oriented NB-IoT modules is a key factor slated to boost narrowband-IoT (NB-IoT) market development via this segment.
Analysis by Application
The rapid surge in popularity and usage of wearable devices around the world is allowing the wearables segment to account for a major market share. Rising disposable income of people around the world coupled with wide availability of different types of wearable devices are contributing to the high market share of this segment.
Meanwhile, demand for narrowband-IoT (NB-IoT) solutions for trackers is estimated to rise at a rapid pace over the coming years. Increasing demand for asset monitoring and tracking from industries as well as individuals is projected to help this segment boost narrowband-IoT (NB-IoT) market growth in the future.
Global Narrowband-IoT (NB-IoT) Market By Component
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Narrowband-IoT (NB-IoT) Market Regional Insights
North America is estimated to account for a substantial share of the global narrowband-IoT (NB-IoT) market owing to the presence of key connected devices and network providers. Rapid adoption of IoT technologies, advancements in connectivity technology, and high demand for industrial IoT (IIoT) are other factors that help this region dominate the global narrowband-IoT (NB-IoT) market. The United States is expected to be the leading market for narrowband-IoT (NB-IoT) providers in this region going forward.
Meanwhile, the demand for narrowband-IoT (NB-IoT) in the Asia Pacific region is slated to rise at a rapid pace over the coming years. Increasing internet penetration and high investments in the development of novel network infrastructure are projected to boost the demand for narrowband-IoT (NB-IoT) in the future. China, Japan, and India are slated to be the most rewarding markets for narrowband-IoT (NB-IoT) companies operating in the Asia Pacific region. Moreover, the presence of key IoT module manufacturers in this region will also boost narrowband-IoT (NB-IoT) market development.
Global Narrowband-IoT (NB-IoT) Market By Region
- Largest
- Fastest
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Narrowband-IoT (NB-IoT) Market Dynamics
Drivers
Rising Use of IoT Devices
- IoT devices have found application in multiple industry verticals and thier growing demand is projected to favor narrowband-IoT (NB-IoT) market growth as well. Narrowband-IoT (NB-IoT) plays a vital role in ensuring connectivity of these IoT device networks.
Demand for Scalable Connectivity
- Narrowband-IoT (NB-IoT) is highly affordable and scalable, which makes it a mainstay in the global market. Companies are continually looking for affordable and scalable connectivity solutions, which will bring them to narrowband-IoT (NB-IoT) and boost market development.
Restraints
Deployment Challenges
- Deploying a narrowband IoT network can be a challenging task as significant investments in infrastructure development are required and this adds to the complexity of narrowband-IoT (NB-IoT) deployment thereby hindering market growth.
Lack of Standardization
- Narrowband-IoT (NB-IoT) technology is not yet standardized, and this lack of standardization is estimated to hinder market growth as it creates interoperability issues amidst different platforms.
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Narrowband-IoT (NB-IoT) Market Competitive Landscape
Narrowband-IoT (NB-IoT) companies should invest in research and development to enhance their offerings and improve coverage going forward. Narrowband-IoT (NB-IoT) market players can also collaborate with telecommunication and network providers to scale their offerings and create a robust network for IoT devices and connected devices. Narrowband-IoT (NB-IoT) providers can also work with regulatory bodies to create a proper standardization guide to maximize market growth potential.
Top Player’s Company Profiles
- Nokia Networks
- Altair Semiconductor
- Telefonaktiebolaget LM Ericsson
- Telecom Italia SpA
- Thales Group
- Emirates Telecommunications Corporation
- Intel Corporation
- Sequans
- China Unicom
- Verizon Communications Inc.
- Vodafone Group PLC.
- MediaTek Inc.
- Qualcomm Incorporated
- Telstra Corporation Limited
- Huawei Technologies Co. Ltd.
- T-Mobile US
Recent Developments
- In February 2024, BT Group, a leading British telecommunication provider, announced the launch of a new narrowband-IoT (NB-IoT) network to support smart cities in the United Kingdom. The network is projected to support smart infrastructure whilst lowering energy consumption.
- In March 2024, Sateliot, a satellite IoT provider based in Barcelona, Spain, announced its plans to launch 4 new narrowband-IoT (NB-IoT) satellites with SpaceX. These satellites are estimated to connect over 7 million IoT devices.
- In January 2024, Iridium Communications unveiled Project Stardust, which integrates NB-IoT Non-Terrestrial Network (NTN) standards into their low-Earth orbit satellite constellation. With this project's help, Iridium aims to offer global, standards-based IoT and Direct-to-direct services and enhance connectivity for various applications.
Narrowband-IoT (NB-IoT) Key Market Trends
- Integration with AI & Edge Computing: Narrowband-IoT (NB-IoT) companies should integrate their networks with artificial intelligence technology and link their offerings with edge computing applications. This integration will improve narrowband-IoT (NB-IoT) application scope in automation across different industry verticals and boost sales.
Narrowband-IoT (NB-IoT) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, rising use of IoT and connected devices and advancements in connectivity technology are forecasted to bolster the demand for narrowband-IoT (NB-IoT) across the forecast period. However, lack of standardization and deployment challenges could slow down narrowband-IoT (NB-IoT) market growth potential over the coming years. North America is slated to lead the global demand for narrowband-IoT (NB-IoT) owing to the presence of key IoT and connectivity providers in this region. Narrowband-IoT (NB-IoT) market players can make the most of their investments if they focus on integrating their offerings with artificial intelligence and other advanced technologies.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 646.71 million |
| Market size value in 2031 | USD 13,361.65 million |
| Growth Rate | 40.0% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Narrowband-IoT (NB-IoT) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Narrowband-IoT (NB-IoT) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Narrowband-IoT (NB-IoT) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Narrowband-IoT (NB-IoT) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Narrowband-IoT (NB-IoT) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Narrowband-IoT (NB-IoT) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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