USD 646.71 Million
Report ID:
SQMIG45I2196 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|Tables:
94
|Figures:
76
Global Narrowband-IoT (NB-IoT) Market size was valued at USD 646.71 Million in 2022 and is expected to grow from USD 905.39 Million in 2023 to reach USD 13,361.65 Million by 2031, at a CAGR of 40.0% during the forecast period (2024-2031).
The Analyzing Global Narrowband IoT (NB-IoT) shows a fast-growing market due to the increasing requirements for IoT connectivity across different sectors. One of the NB-IoT’s many benefits is its ability to cover at less power while handling many devices; this makes it an ideal technology for applications such as smart metering, tracking assets, and smart city applications. Market growth is driven by rising demand for smart devices and the growing emphasis on institutional modernization across industries like healthcare, farming, and production. Almost every government and enterprise are considering developing NB-IoT solutions to boost their performance and decrease plausible losses.
Industry players, especially telecommunication companies, continue to advance their NB-IoT networks to house the growing numbers of connected gadgets. The expansion of 5G technology extends the benefits for NB-IoT by improving the throughput and having additional possibilities for deployment. Major business activities include collaboration, merger, and acquisition to capture and sustain strong market position as well as step up ideas' generation. The Asia-Pacific region particularly has a large market share, owing to a growing IoT market due to factors such as increase in the area’s population and government encouragement of IoT technologies. However, the research also reveals that there are certain issues, primarily security and compatibility, which are still blocking NB-IoT from realizing its full potential. In sum, it is apparent that the growth of NB-IoT market will be economically and socially significant as it will greatly influence the IoT landscape worldwide.
Global Market Size
USD 646.71 Million
Largest Segment
Network
Fastest Growth
Module
Growth Rate
40.0% CAGR
To get more reports on the above market click here to Buy The Report
The Narrowband IoT (NB-IoT) market is segmented into several key categories, each critical for understanding its structure and dynamics. By component, the market is divided into Network and Module segments. In terms of deployment, the market is categorized into In-band, Guard-band, and Standalone modes. The market is further segmented by device type, which includes Wearables, Trackers, Smart Lighting, Smart Parking, Alarms & Detectors, and others. Lastly, the NB-IoT market is segmented by end user, encompassing the Automotive Industry, Infrastructure, Healthcare, Manufacturing Industry, and others.
Analysis by Component
Based on component, the Narrowband IoT (NB-IoT) market can be bifurcated into the Network segment, which claims the largest share, owing to its relevance as a connector between IoT devices and other networks. This has been made possible by the stability of its infrastructure and its popularity amongst telecoms, through which IoT can support a wide-ranging number of applications that require communication capabilities.
On the other hand, the Segment Module is the most quickly expanding segment because the IoT device in numerous fields is becoming popular. This can be attributed to the constant improvement in the capabilities of modules, the reduction in cost, and the increasing popularity of smart gadgets including wearables, trackers, and smart lighting systems that require NB-IoT modules for connectivity.
Analysis by Device Type
In terms of markets by device type, Wearable’s account for the largest market shares due to the prevalence of their use in health and fitness applications as they can afford reliable low power consumption. These include the rising need for real-time health data and integration of NB-IoT in wearable devices that continue to propel this segment.
Other products like Alarms & Detectors are also experiencing a steady increase in demand; especially with the current rising need for safety and security products. The growth is attributed to the high demand for cost-efficient solutions in short cycling in residential and industrial facilities. Accepting that NB-IoT’s battery life and coverage are more elevated than different systems, these are the essential, consistent applications.
To get detailed analysis on other segments, Request For Free Sample Report
In North America, the dominance of NB-IoT is evident, with a particular sub-segment, Smart Lighting, leading the way. Smart Lighting solutions leverage NB-IoT connectivity to enable energy-efficient lighting systems that can be remotely controlled and monitored. The region's focus on sustainability, coupled with government initiatives promoting energy efficiency, drives the adoption of Smart Lighting solutions, positioning it as a dominant sub-segment within the NB-IoT market in North America.
On the other hand, within the rapidly growing Asia-Pacific region, Smart Parking emerges as the fastest-growing sub-segment. The surge in urbanization across Asia-Pacific cities has led to increasing vehicular traffic, resulting in a pressing need for efficient parking management solutions. Smart Parking systems, utilizing NB-IoT technology, offer real-time monitoring of parking spaces, reducing congestion and enhancing overall parking efficiency. Furthermore, government investments in smart city initiatives and the proliferation of IoT-enabled infrastructure projects fuel the growth of Smart Parking solutions in the Asia-Pacific region. As urbanization continues and smart city projects gain momentum, Smart Parking is poised to experience substantial growth, driving the overall expansion of the NB-IoT market in the Asia-Pacific region.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Drivers
Advancements in Sensor Technology to Propel NB-IoT Market Expansion
Restraints
Rising Cybersecurity Threats Pose a Restraint on NB-IoT Market Growth
Request Free Customization of this report to help us to meet your business objectives.
The NB-IoT market exhibits fragmentation, with a notable market leader securing a significant market share. Key players in this landscape continually employ diverse growth strategies to maintain their competitive edge. These strategies encompass product launches, innovations, mergers, acquisitions, collaborations, and partnerships. Moreover, a relentless focus on research and development persists among these market leaders, aimed at delivering industries with the most efficient and cost-effective solutions.
Top Player’s Company Profiles
Recent Developments
In June 2022, 1NCE announced at Embedded World Nuremberg a major expansion of its global IoT network coverage. The company doubled its Narrowband-IoT (NB-IoT) footprint, offering one of the largest NB-IoT coverage maps at a single global rate. Recognizing that 80% of IoT projects don't require broadband speeds, NB-IoT provides an ideal low-power solution. Additionally, 1NCE expanded its 2G, 3G, and 4G coverage to over 20 new destinations, now reaching 140 countries.
In April 2023, Renesas Electronics introduced the RH1NS200, an LTE NB-IoT modem chipset designed for the Indian market. This chipset is tailored for smart metering, asset tracking, lighting, and security applications, supporting all major Indian telecom networks and complying with "Make in India" requirements. The RH1NS200 boasts ultra-low power consumption (1uA in deep sleep) and an integrated EAL5+ Secure Element for enhanced security
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, rising use of IoT and connected devices and advancements in connectivity technology are forecasted to bolster the demand for narrowband-IoT (NB-IoT) across the forecast period. However, lack of standardization and deployment challenges could slow down narrowband-IoT (NB-IoT) market growth potential over the coming years. North America is slated to lead the global demand for narrowband-IoT (NB-IoT) owing to the presence of key IoT and connectivity providers in this region. Narrowband-IoT (NB-IoT) market players can make most of their investments if they focus on integrating their offerings with artificial intelligence and other advanced technologies.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 646.71 Million |
Market size value in 2031 | USD 13,361.65 Million |
Growth Rate | 40.0% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Narrowband-IoT (NB-IoT) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Narrowband-IoT (NB-IoT) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Narrowband-IoT (NB-IoT) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Narrowband-IoT (NB-IoT) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG45I2196