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Private Narrowband Internet of Things (NB-IoT) has emerged as a key player in the realms of smart cities and smart buildings, offering a plethora of applications that contribute to the efficiency and connectivity of urban environments. With the ability to provide seamless connectivity solutions, private NB-IoT is instrumental in controlling and managing various systems within smart buildings and cities. This technology plays a crucial role in the evolution of smart meters, HVAC systems, lighting systems, security systems, and more. As the demand for intelligent and interconnected urban spaces continues to grow, private NB-IoT presents a valuable opportunity for solution and network providers to offer efficient IoT connectivity solutions to developers.
Applications in Smart Buildings: Private NB-IoT's applications in smart buildings are diverse and impactful. This technology facilitates connectivity solutions for controlling essential systems within smart buildings. It plays a pivotal role in managing and optimizing smart meters, HVAC (Heating, Ventilation, and Air Conditioning) systems, lighting systems, and security systems. The implementation of private NB-IoT ensures not only seamless control but also enhances the overall efficiency and sustainability of smart buildings.
Applications in Smart Cities: In the realm of smart cities, private NB-IoT plays a pivotal role in providing connectivity solutions for a myriad of applications. This includes the control of home appliances, traffic lighting systems, and HVAC systems, among others. The versatility of private NB-IoT makes it a crucial component in the networking infrastructure of smart cities. By enabling efficient communication and control, private NB-IoT contributes to the development of intelligent urban spaces that are responsive to the needs of their residents.
Growth Opportunities in Smart City Market: The global smart city market is witnessing significant growth, driven by the ongoing wave of urbanization. According to analysis by MRFR (Market Research Future), the global smart city market is expected to reach USD 1,933.01 billion by the end of 2022. This growth presents numerous opportunities for NB-IoT solution providers to offer cutting-edge IoT connectivity services. Smart city projects are actively underway across the globe, reflecting a commitment to creating more sustainable and intelligent urban environments.
Smart City Initiatives Worldwide: Various regions are actively pursuing smart city initiatives to enhance urban living. In India, for example, the Central government launched 100 smart city missions in 2015, aiming to transform key urban centers. While not all initially proposed projects have been actively pursued, the continued development of smart city projects in India creates a fertile ground for NB-IoT solution providers. Similarly, in Europe, the European Innovation Partnership on Smart Cities and Communities (EIP-SCC) is driving the goal of having 300 smart cities by the end of 2019. These initiatives and projects worldwide provide ample opportunities for NB-IoT solution providers to capitalize on the growing demand for connectivity services in smart cities.
Conclusion: Private NB-IoT stands as a transformative force in the landscape of smart cities and buildings, offering connectivity solutions that redefine the way urban spaces operate. Its applications in smart buildings and cities extend beyond mere control; they contribute to creating more efficient, sustainable, and responsive environments. As the global smart city market continues to expand, NB-IoT solution providers are presented with opportunities to not only maximize revenue but also to play a pivotal role in shaping the future of urban living. With smart city initiatives proliferating across the globe, the role of private NB-IoT in fostering intelligent, connected, and sustainable urban environments is more critical than ever.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | by Application, Deployment Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW) Key Vendors AT&T, Verizon Communications, China Mobile Limited, Huawei technologies co. Ltd., Intel Corporation, Telefónica, Vodafone Group Plc., Orange, China Unicom, Telstra, Nokia, Ericsson, Qualcomm Technologies Inc, Telecom Italia, Emirates Telecommunications Corporation. Key Market Opportunities The growing tech-savvy population and continued adoption of emerging technologies for personal and business applications are some of the other major factors driving the growth of the private narrowband IoT market in North America. Key Market Drivers The market is driven by increasing demand for low-power wide-area network (LPWAN), globally. Also, since private NB-IoT offers several benefits including low deployment cost and long battery life, it is deployed for a number of applications including industrial manufacturing, logistics and transportation, energy & utilities, agriculture, and healthcare among others, thereby driving the overall market. |
Private Narrowband IoT Market Highlights:
Private Narrowband IoT Market Overview
Private Narrowband-Internet of Things (NB-IoT) Market is expected to reach USD 43.871 with a CAGR of 36.0% from the year 2024–2032. The market is driven by increasing demand for low-power wide-area network (LPWAN), globally. Also, since private NB-IoT offers several benefits including low deployment cost and long battery life, it is deployed for a number of applications including industrial manufacturing, logistics and transportation, energy & utilities, agriculture, and healthcare among others, thereby driving the overall market. Private NB-IoTs offer extended coverage and higher security over its substitutes. The private NB-IoT technology is being deployed recently for commercial purposes, with pilot testing projects being run at various locations in the past two years. The private NB-IoT solutions have evolved significantly over the last two years and the applications of this technology are expected to increase significantly in the future.
Figure 1: Private Narrowband-Internet of Things Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The value chain of private narrowband IoT consists of four key stakeholders namely, component manufacturers, telecom operators (MNOs and MVNOs), system integrators, and verticals. The manufacturers usually partner with other stakeholders in order to efficiently sell their solutions in the market. They tend to build strong relationships with regional resellers/suppliers so that they can expand their presence in the stipulated area. In terms of Porter's five forces analysis, the market is expected to witness moderate to high rivalry. Currently, telecom operators are investing in private NB-IoT projects and are running pilot projects in various regions/countries. As the demand for NB-IoT connectivity increases among industry verticals, these telecom operators will try to cater to the market demand by providing efficient private NB-IoT services, thereby increasing the competition/rivalry in the market in the years to come.
Synopsis
The Private Narrowband IoT Market has been segmented based on Application, Deployment, Vertical, and Region.
Based on the application, the private narrowband IoT has been segmented into real-time streaming analytics, asset tracking, smart parking management, security, logistics tracking, soil monitoring, and others. The smart parking management segment accounts for the largest market share in 2019, and it is expected to register a CAGR of 89.7% during the forecast period. The asset tracking segment holds the second-largest share in 2019; it is projected to exhibit substantial CAGR during the forecast period. However, the logistics tracking segment is expected to register the highest CAGR of 97.7%.
Based on the deployment model, the market has been segmented into in-band, standalone, guard band. The guard band segment accounts for the largest market share in 2019, with a market value of USD 199.6 million; it is expected to register substantial growth during the forecast period. The standalone segment is the second-largest market in 2019.
Based on industry vertical, the Private Narrowband IoT has been categorized as agriculture, logistics and transportation, healthcare, industrial manufacturing, energy and utilities, and others. The industrial manufacturing segment accounts for the largest market share in 2019, and it is expected to register a CAGR of 92.7% during the forecast period. However, the energy & utility segment is expected to register the highest CAGR of 95.9%.
Regional Analysis
Geographically, the global private narrowband IoT market has been segmented into Asia-Pacific, North America, Europe, and the Middle East & Africa, and South America.
North America dominates the global private narrowband IoT market owing to the presence of various leading device manufacturers and network service providers focusing on testing and commercial deployment of private narrowband IoT solutions for consumer applications. These market players are working towards the development of new modules and deployment of private NB-IoT networks to enhance the coverage and increase the scope of commercial applications where the technology can be applied. Moreover, the growing tech-savvy population and continued adoption of emerging technologies for personal and business applications are some of the other major factors driving the growth of the private narrowband IoT market in North America.
IoT device shipments in Asia is expected to reach 12.7 billion units by 2030. The market for NB-IoT is expected to grow significantly in the forecast period in the region. At present, NB-IoT is deployed in countries such as China, Taiwan, Hong Kong, Singapore, Thailand, Bangladesh, Sri Lanka, Japan, South Korea, New Zealand, Indonesia, and Australia. The region has a huge potential as NB-IoT as it uses the mobile wireless network which offers better scalability, quality of service, and security as compared to unlicensed LPWA networks such as LoRa/Sigfox. Along with this, it offers long battery life due to low power consumption. The price of NB-IoT modules/chipset is expected to decline in the coming year.
Companies Covered
The Key Players of the Global Private Narrowband IoT Market are,
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AT&T
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China Mobile Limited
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Huawei technologies co. Ltd.
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Intel Corporation
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Telefónica
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Vodafone Group Plc.
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Orange
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Verizon Communications
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China Unicom
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Telstra
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Nokia
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Ericsson
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Qualcomm Technologies Inc
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Telecom Italia
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Emirates Telecommunications Corporation
Key Developments
Monogoto, a cloud-based cellular network provider based in the United States, in March 2023 announced an agreement with Skylo Technologies, the NTN service operator. This is an important collaboration that reduces the barriers to entry for developers who want to integrate satellite connectivity into their existing networks on Monogoto Cloud. Consequently, they have the most economical and accessible solution of NB-IoT Satellite connectivity for asset monitoring solutions. Furthermore, SODAQ will be announcing a new asset-tracking trial kit that uses Monogoto’s connection and network.
Airgain Inc. provides wireless connectivity solutions such as embedded components and integrated systems as well as external antennas all over the world. It has in January 2023 partnered with Deutsche Telekom IoT so that its tracking devices can be connected to Europe's most extensive coverage ICT platform, resulting in a best-in-class offering. These come with the industry-best battery life of up to 14 years by enabling advanced radio technologies like NarrowBand IoT (NB-IoT) and LTE-M, plus simple integration with any enterprise software stack.
Sateliot has confirmed they are working on narrowband IoT (NB-IoT) communications via LEO satellites directly to a satellite receiver in order to avoid gateways this type of communication requires during the testing phase. The company made one announcement in September 2022 about its partnership with Amazon Web Services (AWS). The goal here is to create its NB-IoT offering through a fully virtualized cloud-native 5G core, which will launch for commercial use beginning in 2H23; it will also be able to provide seamless coverage from satellite across roaming agreements for cell operators.
Digital Matter, a leading global GPS & IoT hardware and software manufacturer, entered into an alliance in September 2022 with Vodafone NZ, which is New Zealand’s premier IoT connectivity provider. It includes end-to-end asset management solutions built on top of best-in-class LTE-M (Cat-M1), full-stack development capabilities via internally supported technical teams and dedicated support, and NB-IoT connectivity.
NIST, in September 2022, released security guidelines for IoT devices in the US. Due to IoT’s vulnerability to hacking and data breaches, the NIST Core Baseline recommends specific cybersecurity attributes that should be built into IoT devices by manufacturers, as well as what features consumers can check on a product packaging for when making purchase decisions.
Key questions addressed by the report
- What was the historic market size (2019)?
- Which segmentation (Application, Deployment, Vertical) are driving the market?
- What will be the growth rate by 2025?
- Who are the key players in this market?
- What are the strategies adopted by key players?
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