Narrowband IoT Market Outlook:
Narrowband IoT Market size was valued at USD 6.7 billion in 2025 and is poised to reach USD 80.3 billion by the end of 2035, expanding at a CAGR of 28.2% during the forecast period, 2026-2035. In 2026, the industry size of narrowband IoT is estimated at USD 8.5 billion.
The rapid growth of the narrowband IoT market is fueled by the rising adoption of smart utility meters along with the high inclination towards low-power IoT networks across several domains. NB-IoT systems and solutions are important aspects of the modern utility meters as it enhances the functionality and efficiency of smart meters. According to the National Smart Grid Mission (NSGM), India has installed over 41 million smart consumer meters as of mid-2025, with a total number of 224 million sanctioned under the Smart Metering National Programme (SMNP) and Revamped Distribution Sector Scheme (RDSS).
Source: NSGM
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 Japan, 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 482 million 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.
