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

Global Private Narrowband IOT Market size was valued at USD 1.40 Billion in 2022 and is poised to grow from USD 2.70 Billion in 2023 to USD 10.55 Billion by 2031, growing at a CAGR of 92.6% in the forecast period (2024-2031).

Private Narrowband Internet of Things (NB-IoT) is poised to redefine Low Power Wide Area (LPWA) machine-to-machine (M2M) communications with its new cellular standards launched by the Third Generation Partnership Project (3GPP). Private NB-IoT was developed so it stands out over traditional 4G/LTE mobile connectivity technologies, cost. Hardware manufacturers have introduced individual NB-IoT modules, with a maximum lifetime of 10 years. With module prices reaching USD 15–20 and further depreciation expected as well, individual NB-IoT is growing rapidly around the world for its applications.

Narrowband Internet of Things (NB-IoT) is a low-power standards-based technology with a broad range designed to accommodate a variety of other IoT devices and applications, especially in terms of deep coverage. Increasing application rate of NB-IoT technology among technology companies and telecom service providers during the forecast period 2024-2031 is estimated to drive the growth of the global private narrowband IoT market with the adoption of IoT, connected devices extensive use, low power, low cost, remote. Increasing demand for range connectivity technologies, increased involvement of enterprises in NB-IoT development, and deployment of NB-IoT technologies an increasing the overall growth rate of global private applications narrowband IoT market from 2024 to 2031.

Telecom operators are currently investing in private NB IoT projects and conducting research projects in various regions/countries, thereby boosting the growth of the global private narrowband IoT market during the forecast period. For instance, Bharti Airtel and Vodafone Idea have launched commercial narrow-band IoT (NB-IoT) services in India and launched commercial air services in metro cities.