Narrowband IoT enterprise application market By Enterprise Size (Large Enterprise, Small and medium-sized Enterprise) , By Application (Smart Metering, Smart Asset Tracking, Security Solutions, Smart Parking Management, Others) By Industry Vertical (BFSI, Manufacturing, IT and Telecom, Healthcare, Retail, Energy and Utilities, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Narrowband IoT Enterprise Application Market
The narrowband IoT enterprise application market was valued at $4.3 billion in 2023 and is projected to reach $19.0 billion by 2032, growing at a CAGR of 17.5% from 2024 to 2032.
Narrowband IoT is a wireless cellular technology that utilizes a low-power wide area network for functioning. This technology operates on existing cellular networks to offer energy-efficient connectivity for different Internet of Things (IoT) applications. Narrowband IoT finds application in industries that require large-scale deployment of connected devices such as manufacturing, logistics, and healthcare.
As several industries are inclining toward low-cost, energy-efficient solutions in their workflow, the narrowband IoT enterprise application market is being driven significantly owing to the extremely low power consumption of the application. In addition, exponential increase in the adoption of IoT devices is propelling the market growth due to surge in demand for scalable connectivity technology and asset management. With rising smart city projects, the trend of utilizing narrowband IoT enterprise applications in the urban infrastructure is acquiring notable traction currently. To optimize resource management, several cities are focusing on the deployment of narrowband IoT enterprise applications in services such as smart lighting, street parking management, and environmental monitoring.
However, the high latency and low data transmission capability of the application restricts its usage in high-bandwidth functions such as video streaming and real-time communication, which restrains the development of the market. On the contrary, expansion of the autonomous vehicles industry is projected to present lucrative opportunities for the narrowband IoT enterprise application market due to the critical role of the application in vehicle-to-everything communications. A global management consulting firm, McKinsey predicts 12% of new passenger cars to have L3+ autonomous technologies by 2030 and 37% of the vehicles to be incorporated with advanced AD technologies by 2035. Narrowband IoT enterprise application is projected to be necessary to support the infrastructure that facilitates autonomous driving such as traffic management systems and road condition monitoring.
Segment ReviewThe narrowband IoT enterprise application market is segmented into enterprise size, application, industry vertical, and region. On the basis of enterprise size, the market is bifurcated into large enterprise and small- & medium-sized enterprise. Depending on application, it is classified into smart metering, smart asset tracking, security solutions, smart parking management, and others. As per industry vertical, it is categorized into BFSI, manufacturing, IT & telecom, healthcare, retail, energy & utilities, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of enterprise size, the large enterprise segment was the highest shareholder in 2023.
Depending on application, the smart metering segment acquired a notable stake in the market in 2023.
As per industry vertical, the energy & utilities segment dominated the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe leading players operating in the global narrowband IoT enterprise application market include Huawei Technologies Co., Ltd., Ericsson AB, Qualcomm Incorporated, Nokia Corporation, Intel Corporation, Vodafone Group Plc, China Mobile Limited, Deutsche Telekom AG, AT&T Inc., Cisco Systems, Inc., ZTE Corporation, Sony Corporation, and Sierra Wireless, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy Enterprise SizeLarge Enterprise
Small and medium-sized Enterprise
By ApplicationSmart Metering
Smart Asset Tracking
Security Solutions
Smart Parking Management
Others
By Industry VerticalBFSI
Manufacturing
IT and Telecom
Healthcare
Retail
Energy and Utilities
Others
By RegionNorth America
U.S.
Canada
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersHuawei Technologies Co., Ltd.
Ericsson AB
Qualcomm Incorporated
Nokia Corporation
Intel Corporation
Vodafone Group Plc
China Mobile Limited
Deutsche Telekom AG
AT&T Inc.
Cisco Systems, Inc.
ZTE Corporation
Sony Corporation
Sierra Wireless, Inc.