Narrowband IoT (NB-IoT)

Global Narrowband IoT (NB-IoT) Market to Reach US$24.2 Billion by 2030

The global market for Narrowband IoT (NB-IoT) estimated at US$5.8 Billion in the year 2024, is expected to reach US$24.2 Billion by 2030, growing at a CAGR of 27.1% over the analysis period 2024-2030. Network Component, one of the segments analyzed in the report, is expected to record a 25.1% CAGR and reach US$14.4 Billion by the end of the analysis period. Growth in the Module Component segment is estimated at 30.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.5 Billion While China is Forecast to Grow at 25.8% CAGR

The Narrowband IoT (NB-IoT) market in the U.S. is estimated at US$1.5 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.7 Billion by the year 2030 trailing a CAGR of 25.8% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 24.4% and 23.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 18.9% CAGR.

Global Narrowband IoT (NB-IoT) Market – Key Trends & Drivers Summarized

What Is Narrowband IoT, And Why Is It Revolutionizing Connectivity?

Narrowband IoT (NB-IoT), a cutting-edge low-power wide-area (LPWA) technology, has emerged as a pivotal innovation in the rapidly evolving Internet of Things (IoT) ecosystem. Unlike traditional connectivity technologies such as Wi-Fi and LTE, NB-IoT is designed for massive machine-type communications (mMTC) that prioritize low power consumption, extended coverage, and cost efficiency. Operating on licensed spectrum bands, NB-IoT utilizes existing cellular networks to connect billions of IoT devices globally.

The technology is particularly suitable for applications demanding infrequent data transmissions over wide geographic areas. Smart meters, agriculture sensors, industrial automation, and healthcare monitoring devices are some of the prominent use cases benefiting from NB-IoT’s reliability and efficiency. Furthermore, its ability to penetrate through concrete walls and subterranean environments makes it ideal for urban deployments, such as smart city infrastructure. By addressing the challenges of network congestion and high power consumption, NB-IoT is laying the groundwork for seamless connectivity in an increasingly digital world.

Additionally, the adoption of NB-IoT is supported by its integration with existing 4G and 5G networks, allowing telecom operators to minimize deployment costs while scaling connectivity solutions. This blend of technical superiority and economic viability positions NB-IoT as a transformative force in industries where large-scale device connectivity is critical. Its standardized protocols and interoperability further enhance its appeal, driving widespread adoption across diverse sectors.

How Are Emerging Applications Pushing NB-IoT Adoption to New Heights?

The versatility of NB-IoT has catalyzed its adoption across industries, spurring innovative applications that were previously unattainable due to technical or economic constraints. One notable example is its role in advancing smart metering solutions for utilities. Gas, water, and electricity providers are leveraging NB-IoT to enable real-time data collection and analytics, improving operational efficiency and reducing costs. Similarly, the technology is becoming integral to environmental monitoring, where sensors track air quality, water levels, and soil conditions in remote locations.

Another burgeoning application lies in smart agriculture. NB-IoT-powered devices, such as moisture sensors and livestock trackers, are empowering farmers to optimize resources and enhance crop yields, even in remote regions. In healthcare, wearable devices embedded with NB-IoT modules are enabling continuous patient monitoring, providing critical data for timely medical interventions. Retail and logistics industries are also leveraging the technology for inventory tracking, asset monitoring, and supply chain optimization.

The role of NB-IoT in enhancing security systems is equally noteworthy. Applications range from remote surveillance to connected alarms, providing cost-effective solutions for urban and rural environments. Moreover, its potential in enabling Vehicle-to-Everything (V2X) communication is opening new avenues for connected mobility and autonomous vehicles. These diverse applications underscore NB-IoT’s ability to unlock unprecedented opportunities, driving its adoption across both established and emerging markets.

What Are The Key Regional Trends Shaping The NB-IoT Landscape?

The global NB-IoT market exhibits significant regional variation, reflecting the diverse technological, regulatory, and economic environments across different geographies. In Asia-Pacific, countries such as China, India, and South Korea are at the forefront of NB-IoT adoption, driven by extensive government initiatives to promote smart city development and digital transformation. China, in particular, has emerged as a global leader, with state-backed telecom operators deploying large-scale NB-IoT networks to support industrial automation, energy management, and agriculture.

Europe is another key region where NB-IoT is gaining traction, propelled by stringent environmental regulations and a strong emphasis on energy efficiency. Utilities and public services in the European Union are adopting NB-IoT for smart metering and waste management, aligning with sustainability goals. North America, on the other hand, is witnessing robust growth due to the increasing demand for advanced IoT solutions in healthcare, transportation, and retail. The region’s well-established telecom infrastructure and innovation-driven ecosystem further support NB-IoT adoption.

Meanwhile, emerging markets in Latin America and the Middle East are beginning to recognize the potential of NB-IoT for enabling cost-effective IoT deployments. These regions are prioritizing investments in smart agriculture and infrastructure development, creating new growth opportunities. Overall, the regional dynamics of the NB-IoT market highlight its ability to address diverse challenges and requirements, making it a truly global phenomenon.

What Factors Are Driving the Growth of the NB-IoT Market?

The growth in the global NB-IoT market is driven by several factors that are reshaping the landscape of connectivity and IoT deployment. Foremost among these is the increasing penetration of low-power IoT devices, which demand robust yet energy-efficient communication technologies. As industries adopt sensor-based systems to enhance automation and operational efficiency, the scalability and low cost of NB-IoT networks make them an attractive choice.

Consumer demand for smart home solutions and connected devices is another significant growth driver. From smart thermostats to connected security systems, NB-IoT is enabling a wide range of applications that align with changing consumer behavior and lifestyle preferences. Moreover, the expansion of 5G infrastructure is complementing the adoption of NB-IoT by offering improved network reliability and broader coverage.

In industrial sectors, the focus on Industry 4.0 initiatives is accelerating the integration of NB-IoT for predictive maintenance, supply chain management, and real-time monitoring. The growing emphasis on sustainable practices is further driving its adoption in environmental monitoring and resource optimization. Additionally, government initiatives and subsidies to promote IoT technologies are fostering market growth, particularly in developing economies.

Lastly, the increasing need for secure, reliable, and long-lasting connectivity in critical applications such as healthcare, automotive, and utilities underscores the importance of NB-IoT. The technology’s ability to cater to these demands while ensuring cost efficiency positions it as a cornerstone of the global IoT ecosystem. As innovations continue to expand its capabilities, NB-IoT is poised to play a pivotal role in shaping the future of connected industries and smart living.

SCOPE OF STUDY:

The report analyzes the Narrowband IoT (NB-IoT) market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Application (Smart Metering, Asset Tracking, Alarms & Event Detectors, Smart Parking, Smart Bins, Other Applications); Component (Hardware, Software, Services); End-Use (Healthcare, Retail, Energy & Utilities, Transportation & Logistics, Agriculture, Smart Cities, Other End-Uses)

Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

Select Competitors (Total 32 Featured) -

• Commsolid GmbH (Germany)
• Ericsson AB (Sweden)
• Huawei Technologies Co., Ltd. (China)
• Intel Corporation (USA)
• Nokia Corporation (Finland)
• Qualcomm, Inc. (USA)
• Samsung Electronics Co., Ltd. (Korea)
• Sequans Communications SA (France)
• u-blox Holding AG (Switzerland)
• Verizon Communications, Inc. (USA)
• Vodafone Group PLC (United Kingdom)

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