The market for narrowband internet of things (nb-iot) was estimated to be worth $634.2 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 48.4% from 2022 to 2031, reaching $32.6 billion.
Narrowband IoT may be termed under emerging wireless internet of things communication technology. Narrowband IoT is based on low standards-based low power wide area (LPWA) protocol which enables a wide range of new IoT devices and services. These technologies are most useful in the places which are difficult to access manually with limited bandwidth. Also known as NB-IoT, these technologies are superior in terms of the power consumption of user devices, system capacity and spectrum efficiency. Their battery typically run more than 10 years as they consume minimal power for signal processing operations. The market for narrowband IoT is expected to be driven by the increasing adoption of IoT across verticals. Also, the dramatic increase in the number of connected devices is driving the market’s growth. The decreasing price of sensors employed in such devices is also helping drive up the adoption and a significant driver of the market. Development in the fields of Artificial Intelligence (AI), Machine Learning (ML), and big data analytics has also enabled organizations in analyzing the large volumes of data obtained from tracking and monitoring activities using IoT networks. With such factors promoting the market growth, there are some that may hinder the market’s growth too. Factor such as firm competition from other LPWA technologies is expected to restrain the market growth. Emerging smart buildings and cities are expected to generate opportunities in the years to come.
Narrowband IoT Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 32.6 billion|
|Growth Rate||CAGR of 48.4% during 2021-2031|
|Segment Covered||by Device Type, Deployment, by Vertical, Region.|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Huawei Technologies Co. Ltd. (China), Vodafone Group PLC (U.K.), Emirates Telecommunications Corporation (UAE), Telecom Italia (Italy), Qualcomm Incorporated (U.S.), China Unicom (China), Intel Corporation (U.S.), Ericsson (Sweden), Nokia Networks (Finland), Verizon Communication (U.S.)|
Key Segments of the Global Narrowband IoT Market
Deployment Overview, (USD Million)
- Guard Band
Device Overview, (USD Million)
- Smart Parking
- Smart Meters
- Alarms and Detectors
- Smart Streetlights
- Smart Appliances
- Wearable Devices
Vertical Overview, (USD Million)
- Automotive and Transportation
- Energy and Utilities
- Safety and Security
- Building Automation
- Consumer Electronics
Regional Overview, (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global narrowband IoT market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global narrowband IoT market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the narrowband IoT industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on deployment, device, and vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global narrowband IoT market. The report will benefit every stakeholder involved in the narrowband IoT market.
- Managers within the narrowband IoT industry looking to publish recent and forecasted statistics about the global narrowband IoT market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global narrowband IoT market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies