Global Narrowband-IoT Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Narrowband-IoT Market Analysis

With the advancing narrowband-IoT technology, its adoption is growing rapidly in various applications. The enhanced design and improved narrowband-IoT devices and roll-out services, the technology companies and telecommunications service providers are investing more in the product, which is expected to boost the demand of narrowband-IoT market over the forecast period.

Further, the developments in artificial intelligence (AI), machine learning (ML), and big data analytics will allow companies to analyse the vast volumes of data collected from tracking and monitoring activities using narrowband-IoT networks. Thus, it is anticipated that the growing adoption of IoT and connected devices, along with machine learning and big data analytics through industrial and commercial applications, will lead to the narrowband-IoT market growth in the forecast period.

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Narrowband-IoT Market Trends

Growing Adoption in Smart Cities

Smart city initiatives are increasingly relying on NB-IoT for various applications such as smart parking solutions, street lighting, waste management, and environmental monitoring. The long-range, low-power capabilities of NB-IoT make it especially effective for connecting a multitude of urban sensors, which improves city management and optimises resource use, contributing to the narrowband-IoT market revenue. For instance, Barcelona leverages NB-IoT technology to improve its waste management system. Sensors placed in waste containers monitor fill levels and send real-time data, enabling the city to optimise garbage collection routes, reduce operational costs, and lessen environmental impact.

Shanghai has also implemented smart parking systems that leverage NB-IoT technology. These sensors identify available parking spaces and transmit this information to a centralised system, thereby assisting drivers in finding parking more effectively and increasing traffic congestion. Additionally, the city employs NB-IoT to manage street lighting, optimising energy usage by adjusting illumination levels according to real-time data, including pedestrian activity and traffic patterns.

Increased Expansion of Smart Utilities

The adoption of smart meters for electricity, gas, and water is gaining popularity in recent years. Several utility companies are increasingly leveraging NB-IoT technology for real-time monitoring and data analysis, leading to better resource management and more accurate billing, which can fuel narrowband-IoT market value. This sector presents a substantial growth opportunity as utilities aim to enhance their operational efficiency.

The United States has one of the most advanced smart meter markets in the world, where forecasts suggested that by the end of 2023, 76% of electricity meters were going to be smart. Major cities like New York and Los Angeles have effectively rolled out smart meter installations for both electricity and gas consumption. Moreover, major utility providers such as Pacific Gas and Electric and Con Edison are leading these efforts, employing smart meters to provide real-time data and enhance demand management.

Industry News

September 2024

Quectel announced the launch of the BG770A-SN industrial IoT module, featuring an ultra-compact design. This module is compatible with both Non-Terrestrial Networks (NTN) and Terrestrial Networks (TN), and it offers GNSS capabilities for positioning purposes.

July 2024

SCeva, Inc. announced today that STMicroelectronics secured a license for and integrated the Ceva-Waves Dragonfly NB-IoT platform into its newly released ST87M01 ultra-compact and energy-efficient modules. These modules combine reliable and robust NB-IoT data communication with accurate and resilient GNSS geo-location features for IoT devices.

Opportunities in Narrowband-IoT Market

Research conducted by Omdia stated that the landscape of Low Power Wide Area Network (LPWAN) Internet of Things (IoT) connections is predominantly influenced by NB-IoT and LoRa, which represented 87% of total connections in 2023. This trend is anticipated to continue with these two technologies projected to account for 86% of all LPWAN connections by 2030. The major narrowband-IoT demand is largely attributed to its widespread adoption in China, whereas LoRaWAN is the preferred choice in most other regions. Both technologies are well-suited for the mid-range IoT applications that are currently in demand.

NB-IoT is expected to grow through cost-effective implementations and reach a high growth rate by 2030. Despite being the leading LPWAN technology, over 90% of NB-IoT connections are concentrated in China. However, it is anticipated that NB-IoT will gain traction in Europe following its launch in 2023, as several service providers begin deploying satellite-based NB-IoT connectivity to fill coverage gaps in remote areas.

Narrowband-IoT Market Restraints

The costs involved in deploying NB-IoT infrastructure can be quite significant, particularly for smaller telecom providers. In many regions, setting up dedicated NB-IoT networks requires substantial investments in both technology and spectrum licensing. According to data from IoT Analytics, network operators in areas like Latin America and Africa have been slow to adopt NB-IoT due to the challenges associated with initial expenses, which can impact narrowband-IoT demand forecast.

Additionally, NB-IoT faces strong competition from other low-power wide-area (LPWA) network technologies, such as LoRaWAN and Sigfox. These alternatives often target similar applications while offering more flexibility in terms of network ownership and deployment methods. For instance, LoRaWAN is often used in private networks, allowing businesses to function independently of telecom operators, which reduces the appeal of NB-IoT in certain markets. As a result, LoRaWAN continues to hold a dominant position outside of China, where NB-IoT is more widely used.

Market Dynamics

The increased preference for energy-efficient narrowband-IoT modules is aiding the growth of the narrowband-IoT market as they help to ensure a long battery life with minimal power for the application of signal processing. For instance, the European Union has been crucial in promoting Internet of Things (IoT) technology, particularly through its Digital Single Market Strategy. The EU supports the adoption of Narrowband Internet of Things (NB-IoT) as part of its efforts to develop smart cities and utilities, aiming to improve resource management efficiency through smart meters, environmental monitoring, and urban infrastructure management.

Furthermore, the Horizon 2020 program, an EU initiative dedicated to research and innovation, has allocated funding for projects focused on creating energy-efficient NB-IoT networks for smart city and industrial uses.

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Narrowband-IoT Industry Segmentation

Global Narrowband-IoT Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Narrowband-IoT (NB IoT) is an evolving wireless IoT networking system capable of connecting IoT devices across a wider area and in areas with limited bandwidth that are difficult to reach manually.

The global narrowband-IoT market can be broadly categorised based on segments like types, deployment modes, device types, end uses, and regions.

Market Breakup by Type:

• Hardware
• Software
• Service

Market Breakup by Deployment Mode:

• Stand-Alone 
• Guard Band 
• In-Band

Market Breakup by Device Type:

• Smart Parking 
• Smart Meters 
• Trackers     
• Alarms and Detectors 
• Smart Streetlights 
• Smart Appliances 
• Wearable Devices 
• Others

Market Breakup by End-Use:

• Agriculture 
• Automotive and Transportation 
• Energy and Utilities 
• Healthcare 
• Manufacturing 
• Safety and Security 
• Infrastructure
• Others

Market Breakup by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Narrowband-IoT Market Share

By Type Insights

Hardware includes essential components like NB-IoT modules, sensors, and devices, which are critical for deploying IoT solutions across various industries. As NB-IoT is used for smart meters, sensors, and tracking devices, the demand for these hardware products is high. As per the narrowband-IoT market dynamics and trends, the initial deployment of NB-IoT networks requires significant investment in hardware infrastructure, such as base stations and network modules, which drives the share of hardware higher than software or services.

By Deployment Mode Insights

n-Band NB-IoT uses the existing LTE (4G) spectrum, which allows telecom operators to deploy NB-IoT within their current cellular infrastructure without needing new spectrum resources. This makes it cost-effective and easier to implement compared to the other options. Guard Band NB-IoT is also used within the LTE network but in the unused portion of the spectrum. It has a smaller share compared to In-Band since not all networks have enough guard band space.

By Device Type Insights

Smart meters (for electricity, water, and gas) account for a major narrowband-IoT market share because they are widely deployed by utility companies for real-time monitoring and management of resources. NB-IoT enables cost-effective, energy-efficient, and long-range communication for millions of smart meters, making it a key application of the technology.

Trackers for asset tracking and logistics also hold a significant share. These include applications in fleet management, supply chain logistics, and personal asset tracking. NB-IoT’s low power consumption and long-range communication are ideal for tracking devices in various industries, especially in transportation and logistics.

By End Use Insights

The Energy and Utilities sector has the highest share due to the widespread deployment of smart meters for electricity, water, and gas monitoring. NB-IoT is extensively used by utility companies for real-time data collection, monitoring, and management, making it a critical part of the sector’s infrastructure.

The Automotive and Transportation sector also holds a significant share, driven by applications like asset tracking, fleet management, and vehicle monitoring. NB-IoT enables cost-efficient and reliable communication for tracking vehicles and goods across long distances, making it essential in logistics and transportation.

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Narrowband-IoT Market Regional Insights

North America Narrowband-IoT Market Trends

In North America, the growth of the narrowband-IoT industry is primarily driven by strong smart city initiatives, improvements in utility modernisation like smart meters, and advancements in the healthcare sector. Cities such as New York and San Francisco are integrating NB-IoT into smart grids, intelligent parking systems, and utility monitoring solutions. Additionally, regulatory support for energy-efficient technologies is promoting the uptake of NB-IoT, especially in utilities and infrastructure management. The Federal Communications Commission (FCC) in the USA has supported the rollout of IoT technologies by allocating spectrum, which had a positive impact on NB-IoT applications.

Asia Pacific Narrowband-IoT Market Growth

The Asia Pacific is expected to lead the global market over the forecast period owing to the growing adoption of advanced technology in the region. The Asia-Pacific region, particularly China and India, is the largest and fastest-growing market for Narrowband Internet of Things (NB-IoT). As per the narrowband-IoT industry analysis, China leads the world in NB-IoT adoption, with extensive implementations in smart cities, smart agriculture, and utility services. India is also making notable progress through its ambitious projects in smart metering and the development of utility infrastructure.

In 2023, China accounted for over 60% of global NB-IoT connections, driven by significant investments in smart infrastructure. Meanwhile, India's Smart Meter National Program aims to install more than 250 million smart meters using NB-IoT technology by 2025.

Europe Narrowband-IoT Market Drivers

Europe has readily advocated for energy efficiency and environmental sustainability, leading to the widespread adoption of NB-IoT across various applications such as smart metering, environmental monitoring, and waste management, that can boost narrowband-IoT demand growth.

Moreover, Italy was among the top countries in Europe to implement smart meters on a large scale, especially for electricity usage. Major cities such as Rome and Milan have achieved nearly complete coverage with smart meters, which offer valuable data on energy consumption, facilitate remote monitoring and management, and further boost the demand for narrowband IoT.

Middle East and Africa Narrowband-IoT Market Overview

In the Middle East, countries such as Saudi Arabia and the UAE, NB-IoT is being utilised to enhance smart city initiatives and modernise utility services. Meanwhile, in Africa, this technology is increasingly being adopted in sectors such as agriculture, healthcare, and utility management, providing an energy-efficient alternative for remote regions and enhancing narrowband-IoT market opportunities.

Saudi Arabia's Saudi Electricity Company (SEC) effectively installed more than 11 million smart electricity meters throughout the kingdom. Major cities, including Riyadh and Jeddah, are now entirely equipped with these advanced meters, facilitating their progress towards their energy efficiency objectives.

Latin America Narrowband-IoT Market Outlook

In Latin America, the adoption of NB-IoT is driven by the demand for improved infrastructure management, especially within utility services and smart city initiatives. Countries such as Brazil and Mexico are increasing investments into NB-IoT to enhance utility systems and implement more energy-efficient infrastructures, which can fuel the narrowband-IoT industry revenue.

While regional market growth is not as high as North America and Europe, there has still been a consistent rise in its adoption, particularly in Brazil, where NB-IoT technology is utilised for smart metering and agricultural monitoring.

Innovative Narrowband-IoT Market Startups

Startups are adopting NB-IoT to develop smart farming solutions. These include soil monitoring, livestock tracking, and irrigation systems that use sensors powered by NB-IoT. The technology allows farmers to monitor and manage their farms remotely, even in rural areas with poor cellular coverage. Startups are also using NB-IoT for environmental monitoring systems like air quality monitoring, weather stations, and disaster detection (flooding, earthquakes). The technology provides real-time updates from sensors located in hard-to-reach areas.

Hiber

Hiber is a Dutch startup in the narrowband-IoT industry that provides satellite-based IoT connectivity solutions, including NB-IoT, for remote areas where traditional cellular networks may not reach. Their technology is aimed at end-use sectors such as oil and gas, agriculture, and environmental monitoring. It offers satellite-powered NB-IoT for remote monitoring of assets and environments, making it ideal for use in places with limited network infrastructure.

Sodaq

Sodaq is a Netherlands-based startup that specialises in creating low-power IoT hardware solutions. It focuses on energy-efficient devices and provides solar-powered NB-IoT asset tracking and environmental sensors. Sodaq's devices are used in agriculture, environmental monitoring, and smart city applications.

Competitive Landscape

The report presents a detailed analysis of the following key players in the global narrowband-IoT industry, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions. Companies are using NB-IoT for smart city infrastructure like smart parking, street lighting, and waste management. By using NB-IoT, devices can operate with minimal energy consumption while connecting to central systems over long distances. For example, they offer smart metering and street lighting control systems using NB-IoT technology, improving energy efficiency and real-time monitoring.

Key Industry Players

Huawei Technologies Co., Ltd.

Huawei is a Chinese multinational technology company, founded in 1987, known for its telecommunications equipment and consumer electronics. It is one of the largest manufacturers of smartphones and networking equipment globally.

Qualcomm Technologies, Inc.

Qualcomm is an American multinational corporation headquartered in San Diego, California. It is a leader in the semiconductor industry, especially known for designing and manufacturing wireless telecommunications products and services.

Nordic Semiconductor ASA

Nordic Semiconductor is a Norwegian company that specializes in designing and manufacturing integrated circuits, particularly in the area of low-power wireless communication. It is a major player in the Internet of Things (IoT) industry, providing Bluetooth Low Energy (BLE) solutions and other wireless technologies for connected devices.

Other major players in the market are Samsung Electronics Co., Ltd., Riot Micro, Intel Corporation, MediaTek Inc., ZTE Corporation, and Shenzhen Goodix Technology Co., Ltd., among others.

The EMR report gives an in-depth insight into the narrowband-IoT market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Recent Developments

June 2024

Exolaunch announced that it has won a new satellite launch and deployment deal from Sateliot, a Spanish satellite communications (satcom) startup. Sateliot aims to build a constellation of 250 satellites enabling 5G Narrowband-Internet of Things connectivity from space.

February 2024

BT announced the launch of a multi-million-pound narrowband Internet of Things (NB-IoT) network that contains 97% of the population in the United Kingdom. This initiative is designed to capitalise on the growing IoT market.