Global Narrowband-IoT Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

Narrowband-IoT Market Overview

The narrowband IoT market is soon to expand as LPWAN technologies are customized for energy and cost-efficient applications in IoT, underpinning its growth. Its ability to provide seamless connectivity in hard-to-reach places makes it indispensable to industries such as utilities, retail, and transportation.

The key drivers include regulatory support for IoT development, increasing penetration of smart utilities such as water and gas meters, and scalable solutions that help support industrial digitization. This is a value proposition for business-to-business operations as it ensures low power consumption and affordability, therefore providing long-term operational efficiencies, thereby boosting the growth of narrowband-IoT market.

Emerging trends include increasing adoption in e-health and wearable devices catered to the growing healthcare needs. Its application in disaster management, environmental monitoring showcases the ability to handle some of the challenges posed at the global level. Hybrid solutions incorporating NB-IoT with other wireless technologies are further expanding use cases.

The leading market players, Ericsson, Nokia, and ZTE, are expanding their NB-IoT portfolios through partnerships with telecom operators and IoT solution providers. Network deployments are ramping up in those regions that are pioneering smart city and industrial IoT adoption, such as Asia-Pacific and Europe. The market will morph, unlocking transformative benefits across connected ecosystems.

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If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Narrowband-IoT Market Growth

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.

Key Trends and Developments

Narrowband-IoT Market Opportunities

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 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.

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.

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Narrowband-IoT Industry Segmentation

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.

Competitive Landscape

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.