Private Narrowband IOT Market Size, Share, Growth Analysis, By Application(Real-time Streaming Analytics, Asset Tracking, Smart Parking Management, Security), By Deployment Model(On-premises, Cloud-based Deployment, In-band, Standalone), By Industry Vertical(Agriculture, Logistics and Transportation, Healthcare, Industrial Manufacturing), By Region - Industry Forecast 2024-2031

Drivers

The Increasing Availability Of 5G-compliant Communication Solutions Is Impacting Market Size

• With 5G-compatible network solutions like NB-IoT, IoT can enable a faster and more connected space, paving the way to a fully connected world. The proliferation of 5G is expected to drive market growth, increasing control and usage-based service-based data consumption. Additionally, the cultivation of virtual reality applications along with autonomous powered vehicles is also driving the market size. Furthermore, the growing demand for IoT solutions to provide real-time information and data for sustainable agriculture is positively impacting market value.

Hardware Innovation

• The personal NB-IoT market is witnessing an increase in hardware innovation, with manufacturers offering modules designed to meet the requirements of different applications. These modules with a lifetime of more than ten years address the need for long-term IoT solutions. Current costs for individual NB-IoT modules range from USD 15–20, making them a cost-effective deployment option. As the technology matures and becomes more widely adopted, industry experts expect module prices to gradually decline, making individual NB-IoT more accessible for a variety of applications.

Restraints

Spectrum Allocation Challenges

• One of the most important constraints in the global private narrowband IoT (NB-IoT) market is the challenge of spectrum allocation. The deployment of private NB-IoT networks requires adequate spectrum bands, which may vary across regions and countries. Spectrum allocation processes can be complex and time-consuming, especially in the case of private network use, as regulatory approvals and arrangements with government authorities are required for appropriate spectrum bands with a requirement of and compete with other wireless technologies may hinder the expansion of individual NB IoT networks.

Lack of Standardization

• Lack of standardization of IoT regulations is a major restraint that is hampering market growth. While some regulatory frameworks have been implemented, the ecosystem still lacks a unified set of individual narrowband IoT standards globally. Furthermore, existing individual NB-IoT solutions for devices, networks, data and applications, do not address all IoT concerns.