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The narrowband-internet of things market size is estimated to grow by USD 5.10 billion at a CAGR of 47.86% between 2023 and 2028. The current technological landscape is witnessing significant advancements, driven by the increasing adoption of smart city initiatives and the growing demand for industrial automation and the Industrial Internet of Things. This trend is further fueled by the deployment of NB-IoT networks by telecom operators. Smart cities leverage IoT technologies to enhance infrastructure efficiency, improve public services, and promote sustainable urban development. In industry, IIoT enables real-time monitoring, predictive maintenance, and automated workflows, boosting productivity and reducing costs. NB-IoT networks, with their low power consumption and long-range capabilities, are ideal for connecting a multitude of sensors and devices in both urban and industrial settings. These developments are shaping the future of connectivity and driving digital transformation across various sectors.
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The market is thriving with advancements in LPWA technology and wireless telecommunications technology, enabling widespread adoption of IoT devices. NB-IoT enhances system capability and spectrum efficiency, providing secure connectivity and stable connectivity crucial for deploying innovative IoT products and services. Leveraging 3GPP standards and cellular-grade technology, NB-IoT ensures deep coverage and robust network coverage while optimizing user device power consumption and battery life. This technology supports diverse applications across industries, from wearables to smart city solutions, by maximizing spectrum potency and system capacity. The NB-IoT market continues to expand, driven by the need for reliable and efficient IoT connectivity solutions in an increasingly interconnected world. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing adoption of smart city initiatives and connected devices is notably driving the market growth. The market is heavily influenced by the increasing number of smart city initiatives and connected devices across the globe. As more cities around the world work to become smarter and more sustainable, there is a rapid demand for IoT systems that can monitor and manage many parts of urban infrastructure, such as transportation, electricity, and garbage collection and disposal.
NB-IoT technology is particularly well suited for these applications because it provides low-power wide area (LPWA) connectivity that allows devices to run on battery power for years without frequent maintenance. This makes it ideal for applications such as smart parking, environmental monitoring, and asset tracking, which are key parts of smart city programs. As more and more cities adopt smart technologies and IoT-connected devices, the NB-IoT market is expected to witness significant growth during the forecast period.
The rising demand for edge computing and artificial intelligence (AI) in IoT applications is a critical trend shaping the market. The global NB-IoT market is experiencing significant growth due to the growing need for edge computing and AI in IoT applications. Edge computing reduces latency and improves the ability to make real-time decisions by processing data locally rather than sending it to a central data center or cloud. Automation and predictive maintenance for industrial IoT applications are enabled by AI algorithms that can be installed at the edge to analyze data and provide actionable insights.
NB-IoT Chipsets Integrating edge computing and AI into networks is expected to improve the effectiveness, security, and reliability of IoT systems, driving demand for NB-IoT chipsets and related devices. As a result of this development, NB-IoT chipset manufacturers will also be able to take advantage of new opportunities to deliver enhanced processing and analytics at the edge. Hence, these factors are driving the growth of the market during the forecast period.
The lack of standardization and interoperability among various IoT technologies and platforms may impede the growth of the market during the forecast period. The global NB-IoT market faces challenges due to the lack of standardization and interoperability across various IoT technologies and platforms. This is because IoT systems require complex networks of devices, sensors, and apps to communicate effectively with each other. However, the lack of globally recognized standards for IoT connectivity and interoperability has created fragmentation and concerns about compatibility and interoperability across various platforms and devices.
This slows down the development of new IoT solutions and creates significant barriers to their adoption. Additionally, the lack of standards and interoperability can create security gaps and make it difficult for an organization to integrate IoT systems into the current infrastructure. Therefore, this challenge is expected to hamper the growth of the global NB-IoT chipset market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Narrowband-Internet of Things (NB-IoT) Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
China Telecom Global Ltd.: The company offers various products and services including networking solutions, internet products, and integrated communication technologies to multinational businesses, telecommunication service providers, and others globally. The company also offers narrowband internet of things for B2B applications.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the automotive segment will be significant during the forecast period. The healthcare industry is one of the key end-user industries driving the expansion of the global NB-IoT market. NB-IoT technology enables healthcare professionals to remotely manage and monitor patient health, reducing the need for in-person visits and increasing healthcare service efficiency.
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The automotive segment was valued at USD 82.50 million in 2018. The NB-IoT chipset market in healthcare is expected to grow due to the increasing prevalence of chronic diseases and the growing geriatric population, which will increase the demand for monitoring devices. The COVID-19 pandemic has also spurred the adoption of telemedicine services, such as telehealth, opening up new potential for companies producing NB-IoT chipsets for the healthcare industry. Overall, the healthcare segment of the global NB-IoT chipset market is expected to grow significantly during the forecast period.
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North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The desire for low-power WAN technologies that enable many IoT applications, such as smart cities, smart homes, and industrial automation, is responsible for the growth of the regional market. The market growth is also accelerated by the increasing deployment of NB-IoT chipset technologies in many industries, including healthcare, logistics, and retail.
During the forecast period, the NB-IoT market in North America will grow thanks to the existence of prominent players in the region. However, the development of NB-IoT chipset infrastructure comes with high initial investment costs, which may limit the growth of the NB-IoT market in North America to some extent during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
IoT Platform Market Analysis North America, Europe, APAC, Middle East and Africa, South America - US, China, Germany, Japan, UK - Size and Forecast
Internet of Things (IoT) Market by Technology and Geography - Forecast and Analysis
Consumer Internet of Things (IoT) Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Canada, China, Germany, UK - Size and Forecast
The market is expanding rapidly, driven by advancements in LPWAN and 5G technology. It caters to diverse industries with solutions like smart metering, smart streetlights, and smart buildings, leveraging LTE-M and NB-IoT modules for low-cost, long-range connectivity. This market emphasizes industrial solutions and M2M communications, ensuring robust cellular connectivity and massive number of connections across various deployment types. NB-IoT's secure network architecture and privacy characteristics support applications in healthcare vertical, waste management, and energy consumption monitoring, enhancing contextual analysis through big data analytics and machine learning. Strategic partnerships between technology firms and telecommunications providers drive innovation in IoT infrastructure, while regulatory frameworks ensure data integrity and cybersecurity in connected ecosystems. As adoption grows, NB-IoT continues to shape the future of smart cities and industries worldwide.
Industry Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 47.86% |
Market growth 2024-2028 |
USD 5.10 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
34.84 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key countries |
US, China, Germany, Japan, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Beacon Tower, China Telecom Global Ltd., Deutsche Telekom AG, GSM Association, Huawei Technologies Co. Ltd., MediaTek Inc., Nokia Corp., Nordic Semiconductor ASA, Qualcomm Inc., Quectel Wireless Solutions Co. Ltd., Samsung Electronics Co. Ltd., Semtech Corp., Sequans Communications SA, Smart Scandinavian Box AB, Sony Group Corp., Telefonaktiebolaget LM Ericsson, Telia Co. AB, u blox AG, Vodafone Group Plc, and ZTE Corp. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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