According to a new report published by Introspective Market Research, titled, “NB loT Technology Market by Application and Packaging Type: Global Opportunity Analysis and Industry Forecast, 2024–2032,” the global NB loT Technology Market size was valued at $ 421.05 million in 2023, and is projected to reach $ 4760.87 million by 2032, registering a CAGR of 30.93% from 2024 to 2032. Narrowband Internet of Things (NB-IoT) is a low-power wide area network (LPWAN) technology designed to transmit small, random data transmissions between multiple devices efficiently. Using an approved cellular spectrum, NB-IoT offers better coverage, longer battery life, and simplified device configurations, making it well-suited to connect various Internet of Things (IoT) devices. Smart cities, agriculture, healthcare, and industrial automation are just a few areas where NB-IoT applications are being used. This enables more efficient management of resources such as parking systems, waste management, and street lighting in smart cities. By monitoring the health of crops, irrigation systems, and soil conditions, NB-IoT helps in precision agriculture. With support for remote monitoring of medical devices and patients, NB-IoT benefits the healthcare industry. Advanced connectivity to industrial automation machine process optimization, predictive maintenance, monitoring, and control results.
The Narrowband IoT (NB-IoT) market is expected to grow significantly due to the rapid development of the Internet of Things sector and the growing need for new communication technologies. This new technology is designed for use with IoT LPWA applications. The automotive and transportation sectors have seen increased demand for in-car infotainment services, including navigation. In addition, cheap component costs, low power consumption, and exceptional coverage are expected to bode well for the global narrowband Internet of Things (NB-IoT) market in a few years.
The Narrowband Internet of Things (NB-IoT) technology industry is rising due in large part to growing urbanization and the need for smart city projects. Cities must manage their resources, infrastructure, and services more professionally as the world's population continues to upsurge. These issues are successfully addressed by NB-IoT technology, which offers a scalable and cheap way to connect and keep an eye on a large number of low-power devices dispersed throughout large city areas. This connectedness makes the expansion of smart city ecosystems probable, enabling the smooth addition and optimization of several elements, with waste management, energy grids, public safety, and transportation systems. Smart cities use NB-IoT to advance urban living by using data-driven insights and resource efficiency. For instance, NB-IoT enables intelligent transportation systems by allowing real-time traffic condition monitoring, putting smart parking solutions into place, and enhancing public transportation services. It is important to implement smart energy networks, which increase electricity distribution and consumption management.
Encouraging innovation in critical domains like public safety, healthcare, and environmental monitoring, helps an all-encompassing strategy for urban growth. The need for NB-IoT technology is probable to continue increasing as cities throughout the world adopt the smart infrastructure paradigm, influencing urban living in the future with amplified efficiency, sustainability, and connectedness.
Growing consumer demand for new applications offers significant potential for market expansion. Given how quickly technology is changing industries, there is a growing need for creative solutions that can adapt to new challenges and increase productivity. This demand is particularly evident in industries such as healthcare, where advanced technologies such as telemedicine, personalized healthcare solutions, and remote patient monitoring are increasingly popular. These applications include NB-IoT (Narrowband Internet of Things) technology, which provides reliable and scalable connectivity, enabling more efficient and accessible healthcare services.
In addition, the NB-IoT market has a lot of growth potential due to the increasing development of smart cities and the Internet of Things (IoT) in many industries. Smart city programs are constantly evolving with applications such as energy management, environmental monitoring, and intelligent transportation systems. With its wide coverage, energy-efficient features, and affordability, NB-IoT is an important factor in expanding these applications. The flexibility and adaptability of NB-IoT will play an important role in the design and implementation of innovative solutions as companies aggressively explore and integrate new technologies to remain competitive and meet changing customer needs. The growing need for new applications across multiple industries shows how the revolutionary NB-IoT technology will impact connectivity in the future and drive market growth.
Global NB loT Technology Market, Segmentation
The NB loT Technology Market is segmented based on Component, Deployment, Application, End-User, and Region.
Application:
The Application segment is further classified into Smart Metering, Asset Tracking, Alarms & Event Detectors, Smart Parking, Smart Bins, and Others {Wearables, Tracker}. Among these, the Smart Metering sub-segment accounted for the highest market share in 2023. Narrowband Internet of Things (NB-IoT) connectivity is used by smart meters to gather data on energy use and monitor it in real-time. This expertise is mainly well-suited for large-scale utility deployments due to its cost-effectiveness, low power consumption, and wide attention. NB-IoT-powered smart metering systems are being used by utility companies globally as the importance of energy saving grows. Smart meter addition makes it possible for utilities to remotely monitor, control, and optimize energy use, which greatly improves operational efficiency and sustainable practices. The market domination of NB-IoT technology is expected to be recognized by the smart metering segment, owing to the growing need for intelligent efficacy systems and smart grids.
Deployment:
The Deployment segment is further classified into Standalone, In-Band, and Guard-Band. Among these, the Standalone sub-segment is anticipated to show the fastest growth by 2032. The standalone segment has declared its dominance in the market, holding the largest share, owing to its self-contained deployment and independence from current infrastructure. This prominence is rooted in the autonomy of standalone Narrowband Internet of Things (NB-IoT) applications, which work with their dedicated network architecture. This autonomy provides a solution that is flexible and easily implementable across various industries, contributing significantly to the segment's leadership position. Standalone NB-IoT solutions are extensively adopted in scenarios where establishing new infrastructure is possible or where independence from existing networks is important. With the standalone segment's capacity to meet various deployment requirements in parts like industrial automation, agriculture, and smart cities, it maintains a significant share, underscoring its adaptability and effectiveness in addressing specific industry needs.
Region:
The NB loT Technology Market in Asia-Pacific is projected to show the fastest growth by 2032. The Asia-Pacific area is set to take the lead in the industry and become a driving force behind the implementation and use of Narrowband Internet of Things (NB-IoT) technology. The fast-developing economy, increasing urbanization, and increasing population of the area all have an impact on this leadership. Asia-Pacific nations, including China, India, and Japan, are aggressively investing in and embracing IoT technology for a diversity of uses, including smart cities, industrial automation, and agriculture. The area is leading the way in the growth of the NB-IoT industry, which is further reinforced by robust government backing and a healthy ecosystem of technology suppliers. Asia Pacific is positioned to maintain its leadership and play a crucial role in determining the global course of the NB-IoT market as industries there use NB-IoT for creative solutions and start digital transformations.
Some of The Leading/Active Market Players Are-
- Intel Corporation (U.S.)
- Twilio (U.S.)
- Qualcomm Technologies (U.S.)
- AT&T Inc (U.S.)
- Verizon Wireless (U.S.)
- Sierra Wireless (Canada)
- Rogers Communications (Canada)
- Vodafone Group (United Kingdom)
- SEQUANS Communications SA (France)
- Deutsche Telekom (Germany) and Other Active Players
Key Industry Developments
- In March 2023, Monogoto, a cloud-based cellular network provider, announced a new roaming agreement with Skylo Technologies, a Non-Terrestrial Network (NTN) service operator. This new partnership lowers developers' barriers to adding satellite connectivity to existing public and/or private networks on Monogoto Cloud, giving the world's most economical and accessible solution for NB-IoT Satellite connectivity for asset monitoring solutions. Also, SODAQ, a low-power tracking and sensing system developer, will unveil a new asset-tracking trial kit using a Monogoto connection and network.
Key Findings of the Study
- The global NB-IoT Technology Market is expected to grow significantly, with a projected CAGR of 30.93%, increasing from $421.05 million in 2023 to $4760.87 million by 2032.
- NB-IoT technology is instrumental in various sectors such as smart cities, agriculture, healthcare, and industrial automation, enhancing resource management and operational efficiency.
- The Asia-Pacific region is anticipated to show the fastest growth by 2032, driven by rapid urbanization, economic development, and strong government support for IoT technology adoption.
- The smart metering application segment held the highest market share in 2023, with significant growth expected due to the increasing emphasis on energy efficiency and smart grid solutions.