Narrowband IoT Segmentation:
Component Segment Analysis
The network segment is anticipated to hold a dominant share of 65.1% by 2035 as telecom operators expand LPWA infrastructure to support large-scale IoT deployments in utilities, smart cities, and logistics. The growth is powered by demand for low-power, wide-area coverage and government-backed digital infrastructure programs. A recent example depicting this trend is the U.S. Federal Communications Commission's (FCC) Precision Agriculture Connectivity Task Force, which is aimed at improving connectivity for precision agriculture through the use of advanced network infrastructure. The task force's efforts aim to improve broadband access in rural areas, facilitating the adoption of IoT technologies like NB-IoT for agricultural applications.
Device Type Segment Analysis
The wearables segment is projected to increase its revenue share throughout the forecast timeline. The increase is attributed to the energy efficiency of NB-IoT modules, extending device battery life. A recent example is of August 2025, when Qualcomm Technologies, Inc. revealed its Snapdragon W5+ Gen 2 and W5 Gen 2 Wearable Platforms, with upgraded connectivity features, power efficiency, compact design, and location tracking for next-generation wearables.
Notably, these platforms are the first in the sector to combine satellite connectivity through Skylo’s Narrowband Non-Terrestrial Network (NB-NTN). This innovation allows wearables to support two-way emergency messaging directly from the device, offering greater safety in areas without cellular coverage, for example, enabling adventurers to send SOS alerts during emergencies even when mobile networks are unavailable. Additionally, with a large number of consumers demanding wearable fitness trackers, the opportunity for the application of NB-IoT is immense.
End user Segment Analysis
The automotive segment is expected to lead the narrowband IoT market during the forecast period, owing to the rising demand for connected cars, fleet management, and vehicle tracking solutions that require low-cost, low-power, and wide-area connectivity. Narrowband IoT supports massive implementation of sensors for monitoring vehicle health, telematics, and logistics operations while ensuring long battery life for devices such as trackers. For instance, in March 2024, Getrak, a tracking and telemetry solutions provider, chose the Quectel BC92 high-performance multi-band NB-IoT and GSM dual-mode module for its latest vehicle tracking solution in the fleet management sector. The device uses NB-IoT with 2G fallback alongside GNSS satellite support, ensuring stable connectivity. This trend highlights how NB-IoT is becoming a backbone for the automotive IoT ecosystem.
Our in-depth analysis of the global narrowband IoT market includes the following segments:
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