What is the global market size of Narrowband-IoT (NB-IoT) Market?

Global Narrowband-IoT (NB-IoT) market size was valued at USD 5.2 billion in 2022 and is poised to grow from USD 8.79 billion in 2023 to USD 587.89 billion by 2031, growing at a CAGR of 69.1% in the forecast period (2024-2031).

What is the key market trend for Global Narrowband-IoT (NB-IoT) Market?

Integration with AI & Edge Computing: Narrowband-IoT (NB-IoT) companies should integrate their networks with artificial intelligence technology and also 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 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.

Narrowband-IoT (NB-IoT) Market Report Snapshots

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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. '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'

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.

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.

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.

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Narrowband-IoT (NB-IoT) Market Insights

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