Narrowband IoT Market Size To Reach $22.75 Billion By 2030

Narrowband IoT Market Growth & Trends

The global narrowband IoT market size is expected to reach USD 22.75 billion by 2030, registering a CAGR of 28.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing demand for deployment of innovative technologies to track and monitor assets and people accurately in line with the smart city initiatives being pursued aggressively all around the world is expected to drive the growth of the market. Other factors, such as low power consumption, lower component costs, and wider coverage, are also expected to contribute toward the growth of the market.

Narrowband-IoT, which is also known as LTE Cat NB1, happens to be a Low Power Wide Area (LPWA) network technology standard used to connect a wide range of smart sensors and devices using a wireless cellular network. NB-IoT devices operate in the licensed spectrum and ensure secure and reliable connectivity to end users.

Incumbents of the automotive industry are responding to the passengers’ safety concerns by adopting emerging technologies that can potentially offer safer, convenient, and efficient transportation. As such, the use of Narrowband-IoT in the automotive industry is growing rapidly owing to the capability of NB-IoT to accurately track vehicles, identify and avoid highway congestions, and subsequently contribute toward effective traffic management. The looming commercialization of the upcoming connected and autonomous vehicles is also expected to play a key role in driving the growth of the NB-IoT market over the forecast period.

Energy and utility companies are widely adopting the NB-IoT technology for smart meters to remotely monitor the usage of power, water, and gas in residential and commercial buildings, and to obtain the usage data for issuing monthly bills. The usage data also helps energy and utility companies in tracking the consumption and formulating energy-saving strategies accordingly.

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Narrowband IoT Market Report Highlights

• The network segment dominated the market and accounted for a share of 63.9% in 2023. This dominance can be attributed to network infrastructure's critical role in deploying and operating NB-IoT solutions.

• The in-band segment accounted for the largest market revenue share in 2023 largely due to its ability to utilize the existing LTE spectrum, allowing seamless integration with current cellular networks.

• The wearables segment dominated the market in 2023. This dominance can be attributed to the increasing adoption of wearable devices such as fitness trackers, smartwatches, and health monitoring devices.

• The energy and utilities segment accounted for the largest market revenue share in 2023. This dominance is driven by the widespread adoption of NB-IoT technology for smart metering, grid management, and infrastructure monitoring.

• Europe accounted for the largest revenue share of 32.3% in 2023. The region's effective regulatory framework has been instrumental in facilitating the successful adoption of narrow-band Internet of Things (IoT) technologies.

Narrowband IoT Market Segmentation

Grand View Research has segmented the narrowband IoT market on the basis of on component, deployment, device, end-use, and region:

Narrowband IoT Component Outlook (Revenue, USD Million, 2018 - 2030)

• Network

• Module

Narrowband IoT Deployment Outlook (Revenue, USD Million, 2018 - 2030)

• In-band

• Guard-band

• Standalone

Narrowband IoT Device Outlook (Revenue, USD Million, 2018 - 2030)

• Alarm & Detector

• Smart Parking

• Smart Meter

• Smart Lighting

• Tracker

• Wearables

• Others

Narrowband IoT End-use Outlook (Revenue, USD Million, 2018 – 2030)

• Automotive

• Agriculture

• Infrastructure

• Healthcare

• Energy & Utilities

• Manufacturing

• Consumer Electronics

• Others

Narrowband IoT Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

• Latin America

  • Brazil

• Middle East and Africa (MEA)

  • Saudi Arabia

  • South Africa

List of Key Players in the Narrowband IoT Market

• Cisco Systems, Inc.

• Sierra Wireless

• Verizon

• Nokia Corporation

• Telefonaktiebolaget LM Ericsson

• Huawei Technologies Co. Ltd.

• AT&T

• Tata Communications.

• Fibocom Wireless Inc.

• Quectel Wireless Solutions Co., Ltd

• Qualcomm Technologies, Inc.

• Intel Corporation