Enjoy complimentary customisation on priority with our Enterprise License!
The narrowband-internet of things (NB-IoT) market size is estimated to grow at a CAGR of 31.01% between 2022 and 2027. The market size is forecast to increase by USD 1,841.04 million. The growth of the market depends on several factors, including the increasing adoption of smart city initiatives and connected devices, the growing demand for industrial automation and the Industrial Internet of Things (IIoT), and the deployment of NB-IoT networks by telecom operators.
This narrowband-internet of things (NB-IoT) market report extensively covers market segmentation by end-user (automotive, energy and utilities, healthcare, agriculture, and others), application (smart meters, smart parking, trackers, alarms and detectors, and wearable devices), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
The increasing adoption of smart city initiatives and connected devices is notably driving the market growth, although factors such as the lack of standardization and interoperability among various IoT technologies and platforms may impede the market growth. Our researchers analyzed the data with 2022 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 narrowband-Internet of Things 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 narrowband-Internet of Things 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 narrowband-internet of things market during the forecast period.
The lack of standardization and interoperability among various IoT technologies and platforms may impede the growth of the narrowband-Internet of Things 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
Vendors 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 vendors, 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.
Get a glance at the market contribution of various segments View the PDF Sample
The automotive segment was valued at USD 63.50 million in 2017 and continued to grow until 2021. 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.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 29% 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.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The COVID-19 pandemic adversely affected the narrowband-internet of things (NB-IoT) market in North America in 2020 due to supply chain disruptions, reduced demand, and uncertain economic conditions. However, the implementation of large-scale COVID-19 vaccination programs and the gradual resumption of economic activities have helped the regional market to recover and grow. The increasing number of smart city initiatives, growing demand for industrial automation, and deployment of All NB-IoT chipset networks by telecom operators will contribute to the growth of the NB-IoT market in North America during the forecast period.
The narrowband-internet of things (NB-IoT) market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global narrowband Internet of Things (NB-IoT) chipset market as a part of the global technology hardware, storage, and peripherals market within the overall global information technology market. The parent global technology hardware, storage, and peripherals market covers manufacturers of cellular phones, personal computers, servers, electronic computer components, and peripherals. It also includes data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Narrowband-Internet Of Things (NB-IoT) Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 31.01% |
Market growth 2023-2027 |
USD 1,841.04 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
30.64 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 29% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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 growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.