Narrowband IoT Market

Increasing IoT application in various sectors, as well as the ability of Narrowband IoT (NB-IoT) to penetrate deep underground will propel market growth

IoT devices could be installed underground and underwater thanks to the NB-IoT network's ability to reach deep below and in confined spaces. It is the responsibility of telecom service providers to provide network connectivity, including standalone, in-band, and guard-band modes, for the connected IoT devices that are installed as parts of the networks. For instance, the project was led by Vodafone, Idrica, and the Gandia city council, and on December 9, 2021, Gandia became the first smart water city in Spain with NB-IoT technology used to remote metering to communicate water usage statistics.

Additionally, connections are now possible in nearly every industry thanks to Internet of Things (IoT) breakthroughs, including consumer electronics, retail, and healthcare. Currently, there are about 15 billion gadgets in use, and by 2025, there will be 75 billion smart devices, an increase of 400%. A lot of data will be produced by these intelligent gadgets, which can be used for real-time data monitoring. Due to these sensors' low price, commercial use of IoT has significantly increased.

The market for NB-IoT is also being driven by rising need for a smarter, greener environment, decreased power usage, and smoother communications through increased connection. Thus, this factor is driving the market CAGR.

Advances in mobile IoT network solutions, such as Nb-IoT from mobile operators, provide a scalable, secure, and standardized way to connect smart city assets that provide a wide range of services in a sustainable manner. Because such technology is specifically designed to meet the needs of smart cities, the economics of using such technology is leading to improvements in value chain standardization around networks and components.

Parking sensors, for example, are frequently deployed in locations without access to a power supply and are expected to serve their entire life span with the installed battery power while still transmitting the required data by leveraging NB-IoT batteries have the potential to last 10 years because they are typically designed to send a few hundred bytes of data that is handled efficiently, maximizing capacity while minimizing power consumption. Nb-IoT also provides two-way communication, remote access, and large downloads to accommodate firmware updates.

For instance, Sensonoes, a smart waste management solution provider based in the UK, announced in July 2019 that it had chosen Twilio, Caa NB-IoT due to its reliability, ease of management, and coverage to manage its smart sensor in North America. Thus, it is anticipated that this aspect will accelerate narrowband-IoT market revenue ly.

The Global Narrowband-IoT Market Industry is poised for remarkable growth, with projections indicating a market size of 14.0 USD Billion in 2024 and an astounding 2873.4 USD Billion by 2035. This trajectory suggests a robust CAGR of 62.29% from 2025 to 2035, reflecting the increasing integration of IoT technologies across various sectors. The growth is driven by factors such as rising demand for smart city solutions, cost-effective connectivity, and enhanced network coverage. These projections underscore the transformative potential of Narrowband-IoT in reshaping industries and improving operational efficiencies globally.

The Global Narrowband-IoT Market Industry is experiencing a surge in demand driven by the increasing focus on smart city initiatives. Governments worldwide are investing in infrastructure that integrates IoT technologies to enhance urban living. For instance, cities are deploying smart lighting, waste management, and traffic monitoring systems that rely on Narrowband-IoT connectivity. This trend is expected to contribute significantly to the market, with projections indicating a market size of 14.0 USD Billion in 2024. As urban populations grow, the need for efficient resource management through Narrowband-IoT solutions becomes increasingly critical.

The Global Narrowband-IoT Market Industry is significantly influenced by the growing adoption of Industrial IoT (IIoT) solutions. Industries are increasingly leveraging Narrowband-IoT for applications such as predictive maintenance, supply chain management, and remote monitoring. The ability to connect numerous devices with minimal power consumption aligns well with industrial needs for efficiency and reliability. As industries seek to enhance productivity and reduce operational costs, the adoption of Narrowband-IoT is expected to rise. This trend is anticipated to propel the market towards a valuation of 14.0 USD Billion in 2024, reflecting the increasing integration of IoT technologies in industrial processes.

Cost efficiency is a pivotal driver in the Global Narrowband-IoT Market Industry. Narrowband-IoT technology offers a low-cost alternative for connecting a vast number of devices, making it particularly appealing for industries such as agriculture, logistics, and utilities. The ability to deploy sensors and devices at a lower cost enables businesses to monitor and manage operations more effectively. This cost-effectiveness is likely to enhance adoption rates, contributing to a projected market growth to 2873.4 USD Billion by 2035. As organizations seek to optimize their operations, the affordability of Narrowband-IoT solutions plays a crucial role.

Regulatory support and standardization are emerging as vital drivers in the Global Narrowband-IoT Market Industry. Governments and regulatory bodies are establishing frameworks that promote the adoption of IoT technologies, ensuring interoperability and security. Such initiatives facilitate the deployment of Narrowband-IoT solutions across various sectors, including healthcare, transportation, and energy. The establishment of standards not only enhances consumer confidence but also encourages investment in IoT infrastructure. As regulatory environments become more favorable, the market is likely to witness accelerated growth, contributing to the anticipated CAGR of 62.29% from 2025 to 2035.

The Global Narrowband-IoT Market Industry benefits from enhanced network coverage and penetration, particularly in rural and remote areas. Telecommunications providers are expanding their networks to support Narrowband-IoT, which operates efficiently over long distances and through obstacles. This capability allows for the deployment of IoT applications in previously underserved regions, thereby broadening the market's reach. As network operators invest in infrastructure, the potential for Narrowband-IoT applications in agriculture, environmental monitoring, and asset tracking is likely to increase, further driving market growth. The expansion of coverage is essential for achieving the projected CAGR of 62.29% from 2025 to 2035.

By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America narrowband-IoT market accounted for USD 1.3 billion in 2021 and is expected to exhibit a 43.90% CAGR during the study period. This is due to the presence of different network service providers, including Qualcomm Inc., AT&T, Cellco Partnership (Verizon), and T-Mobile US, Inc., who are experts in testing and deploying solutions for industrial and commercial applications.

High disposable income, a growing population that is tech aware, and the ongoing acceptance of cutting-edge and innovative technologies for use in personal, commercial, and industrial applications are additional significant factors that are propelling market revenue growth in North America.

Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: NARROWBAND-IOT MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe narrowband-IoT market accounts for the fastest growing market share due to the region's expanding NB-IoT use in the automotive and transportation industries. Since it is home to numerous large corporations and was one of the first regions to adopt narrowband IoT technology, Europe is a significant contributor to the entire industry. Moreover, UK narrowband-IoT market held the largest market share, and the Germany narrowband-IoT market was the fastest-growing market in this region

Asia Pacific narrowband-IoT market is expected to grow at a substantial CAGR from 2022 to 2030 due to the expansion of the high-speed internet infrastructure network and the growing use of the internet. The expansion of the industry is also being fueled by various government initiatives to expand smart city projects and rising disposable income, particularly in China, India, and Japan. Further, the China narrowband-IoT market held the largest market share, and the India narrowband-IoT market was the fastest-growing market in the region.

Major market players are spending a lot on R&D to increase their product lines, which will help the narrowband-IoT industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.

One of the primary business strategies manufacturers adopt in the narrowband-IoT industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, narrowband-IoT industry has provided medicine with some of the most significant benefits. The narrowband-IoT market major player such as 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) and Verizon Communication (U.S.).

A Swedish networking and telecommunications corporation with its headquarters in Stockholm is Ericsson. For telecoms service providers and businesses, the company supplies infrastructure, software, and services in information and communications technology, including, among other things, 3G, 4G, and 5G equipment, as well as Internet Protocol and optical transport systems. In September 2019, for the NB-IoT radio access and core network, including radiofrequency design, DISH chooses Ericsson. Long-range NB-IoT connection that is groundbreaking has been completed by Ericsson and Telstra.

A British telecoms firm is called Vodafone Group plc. Newbury, Berkshire, England serves as both the company's registered office and headquarters. It primarily provides services across Asia, Africa, Europe, and Oceania. Vodafone completed its first NB-IoT association on a live mobile organisation since forever. It plans to roll out NB-IoT networks in Australia, Ireland, the Netherlands, and Turkey in 2017 after releasing its business administrations for the technology.