Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Narrowband IoT Market size was valued at USD 11.54 billion in 2024 and is set to exceed USD 1.69 trillion by 2037, registering over 46.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of narrowband IoT is evaluated at USD 16.13 billion.
Extensive research associated with narrowband IoT in western countries, along with the growing demand for low power wide area network (LPWAN) use cases across verticals are expected to fuel the progress of this market. The growth of the narrowband IoT market can also be attributed to factors such as the increasing adoption of emerging communication technologies, high network infrastructure and low spectrum costs worldwide.
Moreover, NB-IoT can co-exist with the existing 2G, 3G, and 4G mobile networks and hence supported by all major chipset, module, and mobile equipment manufacturers. Furthermore, government agencies and public safety organizations are deploying NB-IoT networks for smart city infrastructure projects to ensure the safety and security of people and public assets.
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Narrowband IoT Sector: Growth Drivers and Challenges
Growth Drivers
- Increasing Adoption of Emerging Communication Technologies
- Low Network Infrastructure and Spectrum Costs
- Growing Demand for Low Power Wide Area Network (LPWAN) Use Cases Across Verticals
Challenges
- Deployment Issues and Less Roaming Support
- Uncertainty in Pricing Model
Narrowband IoT Market: Key Insights
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
46.8% |
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Base Year Market Size (2024) |
USD 11.54 billion |
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Forecast Year Market Size (2037) |
USD 1.69 trillion |
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Regional Scope |
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Narrowband IoT Segmentation
Based on the component, the narrowband IoT market has been further segmented into network and module. The network segment is estimated to dominate the market in 2021 owing to the high service costs and increasing number of IoT deployments. However, the module segment is anticipated to emerge as the fastest-growing segment over the forecast period owing to the growing demand for NB-IoT modules for consumer-oriented applications as well as industrial applications. The increasing demand for consumer wearable, smart parking solutions, smart security and surveillance solutions, smart metering solutions, and smart agriculture solutions is particularly anticipated to increase the demand for NB-IoT modules over the forecast period.
Based on end-use, the narrowband IoT market has been further segmented into automotive, infrastructure, healthcare, energy & utilities, manufacturing, consumer electronics, and others. The infrastructure segment is projected to dominate the market in 2021 owing to the large-scale adoption of the NB-IoT technology in applications related to smart lighting, smart building, environmental monitoring, and disaster management applications as well as smart infrastructure and smart city projects. Additionally, the consumer electronics segment is anticipated to emerge as the fastest-growing segment over the forecast period owing to the continued integration of NB-IoT modules in wearable, smartphones, and other electronic devices to enable users to store data related to all electronic devices on the cloud. For instance, in Germany, Vodafone and Panasonic Corporation collaborated on a pilot project aimed at realizing the value of the technology for home-based appliances.
Our in-depth analysis of the global market includes the following segments:
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Component |
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Deployment |
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Device type |
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End-User |
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Customize this ReportNarrowband IoT Industry - Regional Synopsis
Geographically, the narrowband IoT market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region, North America industry is predicted to dominate majority revenue share by 2037, as several leading device manufacturers and network service providers are focusing on testing and commercial deployment of solutions for consumer and industrial applications. Increasing disposable income, 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 North American regional market.
Moreover, the Asia Pacific regional narrowband IoT market is projected to emerge as the fastest-growing regional market owing to the increasing internet penetration, the continued rollout of high-speed internet infrastructure network, rising number of smart city initiatives, and larger customer base, thus providing abundant business opportunities to the players.
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Companies Dominating the Narrowband IoT Landscape
- Sony India
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Qualcomm Technologies, Inc.
- Huawei Technologies Co., Ltd.
- Intel Corporation
- MediaTek Inc.
- Telefonaktiebolaget LM Ericsson
- Vodafone Group plc
- AT&T Inc.
- Orange S.A
- Verizon Communications Inc.
In the News
Author Credits: Abhishek Verma
- Report ID: 2925
- Published Date: Dec 23, 2024
- Report Format: PDF, PPT
