Global Narrowband IoT Market Size, Forecast, and Trend Highlights Over 2025-2037
Narrowband IoT Market size was valued at USD 3.4 billion in 2024 and is poised to reach USD 33.9 billion by the end of 2037, expanding at a CAGR of 18.8% during the forecast period from 2025 to 2037. In 2025, the industry size narrowband IoT is estimated at USD 4 billion.
The rapid growth of the narrowband IoT market is fueled by the rising adoption of smart utility meters along with the heightened calls for low-power IoT networks in numerous domains. The NB-IoT ecosystem is consistently gaining momentum in developed as well as emerging economies as a strategic enabler of massive Machine-Type Communication (mMTC) under 5 G.
The NB-IoT sector supply chain is characterized by multiple facets. Semiconductors, sensors, and communication modules are a major part of the supply chain and are sourced from Taiwan, South Korea, and China. These three economies remain the major exporters of electronic components. To briefly map the trade activities, the U.S. imported more than USD 18.0 billion worth of lithium-ion batteries in 2023, a critical component for IoT devices, reflecting a rapid increase from the previous years. The surge is attributed to the surging demand for energy storage solutions in IoT applications. In a report that reinforces the belief of stakeholders in the market, the United Nations Economic Commission for Europe (UNECE) emphasized the vital role of IoT in bolstering trade via inventory management.
The table below highlights major indicators of the NB-IoT market’s growth:
|
Indicator |
Value |
Source |
|---|---|---|
|
IoT Device Penetration Rate |
15 devices per 100 inhabitants (2024) |
International Telecommunication Union (ITU) |
|
NB-IoT Base Station Deployment |
Over 150 networks globally (2024) |
GSMA |
|
Spectrum Allocation for NB-IoT |
700 MHz and 800 MHz bands |
International Telecommunication Union (ITU) |
|
CAPEX in IoT Infrastructure (EU) |
€2 billion (2024) |
European Investment Bank (EIB) |
|
LPWAN Subscription Growth Rate |
30% increase globally (2024) |
International Energy Agency (IEA) |
|
Module Average Selling Price (ASP) |
$5 per unit (2024) |
Organisation for Economic Co-operation and Development (OECD) |
|
IoT Cybersecurity Compliance |
70% adherence to standards (2024) |
European Union Agency for Cybersecurity (ENISA) |
|
NB-IoT Sustainability Impact |
5% reduction in urban energy consumption |
United Nations Environment Programme (UNEP) |
Narrowband IoT Sector: Growth Drivers and Challenges
Growth Drivers
- The rising integration of NB-IoT in smart agriculture: The rapid adoption of NB-IoT in smart agriculture has bolstered the scope of application, creating lucrative segments for manufacturers. NB-IoT has improved the monitoring of livestock, and it is expected to experience heightened demand from regions with advanced economies with a strong agricultural base. Recent successful use cases were in Spain and Thailand. In the former, in February 2025, a project in the Geoparque Las Loras region used NB-IoT collars for sheep to analyze grazing patterns, while in the latter, the National Electronics and Computer Technology Center (NECTEC) launched the HandySense B-Farm in February 2025 that integrated AI, NB-IoT, and smart sensors.
- Deployment of NB-IoT in smart cities improves urban infrastructure management: The proliferation of smart city programs across multiple economies has created multiple opportunities for the deployment of NB-IoT. Recent developments include the launch of a multi-million-pound NB-IoT network in the UK, which was announced in February 2024. The network is poised to cover more than 95% of the UK population to enable connectivity for devices such as streetlights and water sensors. The NB-IoT network has facilitated automation of work that requires manual oversight, such as leaks in water infrastructure, creating ample opportunities in the market. The table below highlights recent major smart city initiatives and their investments, which are poised to drive opportunities in the narrowband IoT market.
|
Country |
City/Project |
Investment |
Key Focus |
Status |
|
UK |
Droylsden, Manchester |
£100K |
Canal park, housing, public safety |
Complete by Mar 2025 |
|
Australia |
Maroochydore City Centre |
A$300M |
Twin towers, smart housing, Olympic prep |
Began May 2025 |
|
Ethiopia |
Addis Ababa Corridor |
Not specified |
Roads, parks, walkways, libraries |
Ongoing |
Sustainability Trends in the Narrowband IoT Market
The NB-IoT sector is impacted by the push for sustainability initiatives due to the tightening ESG goals across multiple industries. Companies in the sector are actively integrating renewable energy sources whilst adhering to circular economy practices. Although transforming the entire supply chain and operations to sustainable initiatives can prove to be costly, sustainability projects can lead to benefits such as cost savings and improvements in a brand’s reputation. The table below highlights major initiatives related to sustainability in the NB-IoT market:
|
Company |
Sustainability Action |
NB-IoT Relevance |
2030/Net-Zero Goal |
|---|---|---|---|
|
Bharti Airtel |
155,698 MWh green energy (FY23); solar towers |
Powers NB-IoT sites sustainably |
Net-zero by 2050 |
|
Reliance Jio |
155,959 tons COâ‚‚ cut; 161 MW solar capacity |
Greener NB-IoT network infrastructure |
100% renewable by 2029 |
|
Wistron |
84.0% recycled plastics in devices |
Sustainable NB-IoT sensor production |
Expand recycled use |
Challenges
- Limited network coverage in remote and rural areas impeding NB-IoT device deployment: Despite the ability of narrowband IoT to provide wide-area connectivity with low power, a significant impediment faced is the insufficient network coverage in rural regions. Operators may prioritize urban deployments due to quicker ROI, causing accessibility challenges in rural areas. This creates uneven investments in infrastructure. Additional challenges occur in spectrum allocation, restricting reliable NB-IoT connectivity.
Narrowband IoT Market: Key Insights
| Report Attribute | Details |
|---|---|
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
18.8% |
|
Base Year Market Size (2024) |
USD 3.4 million |
|
Forecast Year Market Size (2037) |
USD 33.9 million |
|
Regional Scope |
|
Narrowband IoT Segmentation
Component (In-Band, Guard-Band, Standalone)
The in-band segment in narrowband IoT market is projected to hold a leading revenue share of 48.6% by 2037. A key factor in the segment’s dominant revenue share in the NB-IoT sector is its ability to seamlessly integrate within existing LTE bands. The integration negates the requirement of new spectrum allocation, making it cost-effective. In 2024, GSMA published a report that more than 60% of global NB-IoT networks have utilized in-band deployment because of their cost-effectiveness. Additionally, the expanding investments in smart cities across the world have bolstered the application of in-band NB-IoT in applications such as traffic light management and environmental monitoring.
Device Type (Wearables, Alarm & Detector, Smart Tracking, Tracker)
The wearable segment in narrowband IoT market is estimated to expand its revenue share throughout the forecast timeline. The growth is supported by a steady surge in wearable devices focused on healthcare. In 2023, IDC released an industry report highlighting a 14.5% YoY increase in NB-IoT-enabled wearables shipments. The increase is attributed to the energy efficiency of NB-IoT modules extending device battery life. Additionally, with a large number of consumers worldwide demanding wearable fitness trackers, the opportunity for application for NB-IoT is immense.
Our in-depth analysis of the global narrowband IoT market includes the following segments:
|
Component |
|
|
Device Type |
|
|
End user |
|
Vishnu Nair
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Narrowband IoT Industry - Regional Scope
Asia Pacific Market Forecast
The APAC narrowband IoT market is projected to register a dominant revenue share of 41.6% revenue share throughout the forecast timeline. The growth of the region is underpinned by the rising investments in healthcare digitization, smart infrastructure, and industrial automation across multiple economies in the region. The Industry 4.0 initiatives have proliferated in the region, boosting multiple opportunities to integrate NB-IoT in manufacturing processes.
The China narrowband IoT market is poised to hold a leading revenue share by the end of 2037. In 2022, the Ministry of Industry and Information Technology (MIIT) reported over 10 million NB-IoT connections in utilities such as water and gas metering. Additionally, projections by the China Academy of Information and Communications Technology (CAICT) project more than 10 billion mobile IoT connections by 2030. These trends drive the rising demand for NB-IoT solutions.
Europe Market Forecast
The Europe narrowband IoT market is projected to experience the fastest expansion by the end of 2037 at a CAGR of 17.4% by the end of 2037. The regional market is supported by a heightened emphasis on industrial automation, supported by the Industry 4.0 initiatives. A key demand segment within Europe is the rising demand for low-power wide-area (LPWA) connectivity across domains such as manufacturing, utilities, agriculture, and transportation.
The UK narrowband IoT market is slated to hold a leading revenue share in Europe. For instance, the Project Gigabit allocated £735.0 million (2023–2025) for broadband upgrades. This creates demand for NB-IoT backhaul capabilities in rural regions. Additionally, the UK NB-IoT sector is poised to be favorably impacted by the rising smart city investments.
Major Players in the Narrowband IoT Market
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
The narrowband IoT market is projected to expand during the forecast timeline. Huawei remains a leading player in the market by leveraging its extensive infrastructure and partnerships across APAC. Verizon has emerged as a key player in the North America market and seeks to expand its NB-IoT coverage across the region. Additionally, emerging players are investing in R&D to improve the scope of application for NB-IoT and expand their revenue shares. The table below highlights the major players of the NB-IoT market:
|
Rank |
Company Name |
Country of Origin |
Revenue Share (2024) |
|
1 |
Huawei Technologies Co., Ltd. |
China |
12.5% |
|
2 |
Qualcomm Technologies Inc. |
USA |
10.8% |
|
3 |
Ericsson AB |
Sweden |
9.6% |
|
4 |
Nokia Corporation |
Finland |
8.3% |
|
5 |
Verizon Communications Inc. |
USA |
7.4% |
|
6 |
AT&T Inc. |
USA |
XX |
|
7 |
Vodafone Group Plc |
UK |
XX |
|
8 |
Sierra Wireless, Inc. |
Canada |
XX |
|
9 |
Telit Cinterion |
USA |
XX |
|
10 |
ZTE Corporation |
China |
XX |
|
11 |
u-blox Holding AG |
Switzerland |
XX |
|
12 |
Sequans Communications S.A. |
France |
XX |
|
13 |
Nordic Semiconductor ASA |
Norway |
XX |
|
14 |
Morse Micro Pty. Ltd. |
Australia |
XX |
|
15 |
Tata Communications Ltd. |
India |
XX |
Below are the areas covered for each company that is a key player in the narrowband IoT market:
Recent Developments
- In July 2024, Soracom initiated a phased commercial launch of satellite-based NB-IoT services in collaboration with Skylo Technologies. The service has allowed devices equipped with Release 17 NB-IoT hardware to connect via low-Earth orbit satellites to boost connectivity in remote areas.
- In January 2024, Airtel Business announced a partnership with Adani Energy Solutions to provide NB-IoT connectivity for over 20 million smart meters. The partnership is poised to drive real-time data transfer whilst improving efficiency.
- Report ID: 2925
- Published Date: May 19, 2025
- Report Format: PDF, PPT
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