USD 1.40 Billion
Global Private Narrowband IOT Market Size, Share, Growth Analysis, By Application(Real-time Streaming Analytics, Asset Tracking), By Deployment Model(On-premises, Cloud-based Deployment), By Industry Vertical(Agriculture, Logistics and Transportation) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2243 |
Region:
Global |
Published Date: April, 2024
Pages:
190
|
Tables:
98 |
Figures:
74
Global Private Narrowband IOT Market Insights
Global Private Narrowband IOT Market size was valued at USD 1.40 Billion in 2022 and is poised to grow from USD 2.70 Billion in 2023 to USD 10.55 Billion by 2031, growing at a CAGR of 92.6% in the forecast period (2024-2031).
Private Narrowband Internet of Things (NB-IoT) is poised to redefine Low Power Wide Area (LPWA) machine-to-machine (M2M) communications with its new cellular standards launched by the Third Generation Partnership Project (3GPP). Private NB-IoT was developed so it stands out over traditional 4G/LTE mobile connectivity technologies, cost. Hardware manufacturers have introduced individual NB-IoT modules, with a maximum lifetime of 10 years. With module prices reaching USD 15–20 and further depreciation expected as well, individual NB-IoT is growing rapidly around the world for its applications.
Narrowband Internet of Things (NB-IoT) is a low-power standards-based technology with a broad range designed to accommodate a variety of other IoT devices and applications, especially in terms of deep coverage. Increasing application rate of NB-IoT technology among technology companies and telecom service providers during the forecast period 2024-2031 is estimated to drive the growth of the global private narrowband IoT market with the adoption of IoT, connected devices extensive use, low power, low cost, remote. Increasing demand for range connectivity technologies, increased involvement of enterprises in NB-IoT development, and deployment of NB-IoT technologies an increasing the overall growth rate of global private applications narrowband IoT market from 2024 to 2031.
Telecom operators are currently investing in private NB IoT projects and conducting research projects in various regions/countries, thereby boosting the growth of the global private narrowband IoT market during the forecast period. For instance, Bharti Airtel and Vodafone Idea have launched commercial narrow-band IoT (NB-IoT) services in India and launched commercial air services in metro cities.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
On-premises Deployment
Fastest Growth
Cloud-based Deployment
Growth Rate
92.6% CAGR
Global Private Narrowband IOT Market ($ Bn)
Country Share for North America Region (%)
Global Private Narrowband IOT Market By Deployment Model ($ Bn)
Global Private Narrowband IOT Market By Deployment Model (%)
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Global Private Narrowband IOT Market Segmental Analysis
Based on the application, the private narrowband IoT has been segmented into real-time streaming analytics, asset tracking, smart parking management, security, logistics tracking, soil monitoring, and others. Based on the deployment model, the market has been segmented into on-premises, cloud-based deployment, in-band, standalone, and guard band. Based on industry vertical, the private narrowband IoT has been categorized as agriculture, logistics and transportation, healthcare, industrial manufacturing, energy and utilities, and others. Geographically, the global private narrowband IoT market has been segmented into Asia-Pacific, North America, Europe, and the Middle East & Africa, and South America.
Analysis by Industry Vertical
Industrial manufacturing dominated the market for private LTE. Manufacturers are increasingly adopting private LTE networks to streamline their operations, improve efficiency and enable higher throughput. Private LTE networks provide reliable and secure communications in the workplace overall, facilitating real-time process monitoring, machine-to-machine communication and seamless integration of robotics and IoT devices Production dominance in the private LTE market comes from building emphasis on digital transformation in business and implementation of Industry 4.0 initiatives.
The energy and utilities sector are growing rapidly and is poised to be the fastest growing segment in the global private narrowband IOT market. Energy and utilities companies are using private LTE networks to improve operational efficiency, improve power system management, and improve worker safety. Personal LTE enables real-time monitoring of energy systems, remote asset management, and efficient allocation of energy resources. The growing demand for smart grids, renewable energy integration and predictive maintenance has led to a significant increase in the adoption of private LTE networks in the energy consumption sector.
Analysis by Deployment Model
The on-premises deployment segment dominated the market due to its high level of control and security. On-premises deployments enable organizations to take full control of their private LTE network and data, ensuring maximum security and compliance with regulatory requirements as a result, many organizations in industries such as public safety, energy and utilities, and in construction, which requires stringent safety measures. They continue to rely on On-Premises deployments.
The cloud-based deployment segment is expected to grow rapidly due to its scalability, flexibility and lower infrastructure costs. Cloud-based deployments are becoming increasingly popular with small and medium enterprises (SMEs) and startups seeking cost-effective alternatives to On-Premises deployments. In addition, the rise and need for the Internet of Things (IoT) performing real time data processing and analysis drives adoption of plans.
Global Private Narrowband IOT Market By Deployment Model (%), 2023 (%)
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Global Private Narrowband IOT Market Regional Insights
North America dominates the global private narrowband IOT market owing to the presence of various leading device manufacturers and network service providers focused on testing and manufacturing implementation of private narrowband IoT solutions for consumer applications receives these market players is working to develop new modules and implement private NB IoT networks to increase coverage and increase the business applications where the technology can be applied. North America dominates the global personal narrowband IoT market owing to the presence of leading device manufacturers and network service providers focused on testing and manufacturing deployment of personal narrowband IoT solutions for consumer applications so Make these market players work to develop new modules and implement individual NB IoT networks to increase coverage and increase the scope of business applications where the technology can be applied Also, an increasingly technologically savvy population is emerging for personal and business applications. Continued technology adoption is one of the other key factors driving the growth of the individual narrowband IoT market in North America.
Asia-Pacific is expected to witness the highest market growth during the forecast period as countries such as India and China are developing smart city initiatives leading to demand for personal narrowband Internet of Things (NB-IoT) connecting internet services growing in the developing countries. Asia-Pacific in recent years, which is fair -Earnings growth is also expected to boost market growth. Shipments of IoT devices in Asia are expected to reach 12.7 billion by 2030. The NB-IoT market is expected to grow significantly during the forecast period in this region Currently, China, Taiwan, Hong Kong, Singapore, Thailand, Bangladesh, Sri Lanka, Japan, and South Korea. NB-IoT has been deployed in countries such as New Zealand, Indonesia and Australia.
Global Private Narrowband IOT Market By Geography, 2024-2031
- Largest
- Fastest
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Global Private Narrowband IOT Market Dynamics
Drivers
The Increasing Availability Of 5G-compliant Communication Solutions Is Impacting Market Size
- With 5G-compatible network solutions like NB-IoT, IoT can enable a faster and more connected space, paving the way to a fully connected world. The proliferation of 5G is expected to drive market growth, increasing control and usage-based service-based data consumption. Additionally, the cultivation of virtual reality applications along with autonomous powered vehicles is also driving the market size. Furthermore, the growing demand for IoT solutions to provide real-time information and data for sustainable agriculture is positively impacting market value.
Hardware Innovation
- The personal NB-IoT market is witnessing an increase in hardware innovation, with manufacturers offering modules designed to meet the requirements of different applications. These modules with a lifetime of more than ten years address the need for long-term IoT solutions. Current costs for individual NB-IoT modules range from USD 15–20, making them a cost-effective deployment option. As the technology matures and becomes more widely adopted, industry experts expect module prices to gradually decline, making individual NB-IoT more accessible for a variety of applications.
Restraints
Spectrum Allocation Challenges
- One of the most important constraints in the global private narrowband IoT (NB-IoT) market is the challenge of spectrum allocation. The deployment of private NB-IoT networks requires adequate spectrum bands, which may vary across regions and countries. Spectrum allocation processes can be complex and time-consuming, especially in the case of private network use, as regulatory approvals and arrangements with government authorities are required for appropriate spectrum bands with a requirement of and compete with other wireless technologies may hinder the expansion of individual NB IoT networks.
Lack of Standardization
- Lack of standardization of IoT regulations is a major restraint that is hampering market growth. While some regulatory frameworks have been implemented, the ecosystem still lacks a unified set of individual narrowband IoT standards globally. Furthermore, existing individual NB-IoT solutions for devices, networks, data and applications, do not address all IoT concerns.
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Global Private Narrowband IOT Market Competitive Landscape
The competitive environment of the Global Private Narrowband IOT Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Huawei is a key player in the global NB-IoT market, offering a wide range of solutions for individual NB-IoT networks. The company provides end-to-end communications solutions, including hardware, software and services that manage a variety of industries. Ericsson is a key player in the private NB-IoT market, providing network infrastructure and solutions for IoT connectivity. The company’s product offerings include NB-IoT modules, gateways and management platforms, targeted at industries such as utilities and smart cities.
Top Player’s Company Profiles
- Qualcomm Technologies, Inc.
- AT&T
- Cellco Partnership (Verizon Wireless)
- T-Mobile US, Inc.
- Vodafone Group PLC
- Nokia
- MediaTek Inc.
- Intel Corporation
- Telefonaktiebolaget LM Ericsson
- Huawei Technologies Co., Ltd.
- Sequans
- Altair Semiconductor
- Verizon Communications
- China Mobile Limited
- Orange
- China Unicom
- Telstra
- Ericsson
Recent Developments
- September 2022 - Satellite communications provider Sateliot announces that it is developing direct-to-satellite narrowband IoT (NB-IoT) communications using Low Earth Orbiting (LEO) satellites. This week, the company announced a partnership with Amazon Web Services (AWS) will be one. It will be able to virtualize a fully virtualized cloud-native 5G core for its NB-IoT service, which is slated for commercial deployment in the second half of 2023. The service itself, the satellite, aims to deliver seamless coverage and will provide cell operators through roaming agreements.
- September 2022 - Vodafone NZ, New Zealand’s IoT connectivity provider, partners with Digital Matter, a global player in GPS and IoT asset tracking hardware and software, to provide New Zealand companies with a complete IoT asset tracking solution. Through software, managed entirely through connectivity to the best LTE-M (Cat-M1), end-to-end asset management solutions, NB-IoT connectivity, and in-house technical support have been developed.
- In September 2022, The National Institute of Standards and Technology (NIST) issued security recommendations designed for IoT devices in the United States. Because IoT often poses cybersecurity risks through hacks and data breaches, the NIST Core Baseline publishes recommended security features for manufacturers to include in their IoT devices as well as guidelines for consumers to look for on devices some box or online description at the time of purchase.
Global Private Narrowband IOT Key Market Trends
Advancements in Mobile IoT Networking Solutions
- Advances in mobile IoT networking solutions such as Nb-IoT from mobile operators provide a scalable, secure and standardized way to connect smart city assets offering a wide range of services in a sustainable manner so as it is specifically designed to meet the needs of a smart city. The economics of using technology leads to improvements in the objective design of networks and components. Moreover, cellular networks in densely populated urban areas can manage large numbers of IoT devices without any negative impact on network capacity for example, narrow band IoT technologies can consume large numbers of large IoT devices without significant impact on network capacity, per km2 even in dense urban environment 10,000 homes and thousands of installed IoT devices.
Global Private Narrowband IOT Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Narrowband-Internet of Things (NB-IoT) is a standards based low power wide access (LPWA) technology designed to support various IoT products and innovations NB-IoT for system capacity, spectrum efficiency, user -Equipment and power a usage increases dramatically, especially in high-profile cases. NB-IoT is a wireless telecommunications technology standard by 3GPP, the global standards group that governs all important mobile telecommunications standards, including LTE and other 4G standards, 5G NR and other 5G standards. The need for reliable and secure connectivity in industries such as utilities, logistics, and construction, which are prototypes in various applications, drives the market. However, challenges such as spectrum availability and connectivity issues may hinder market growth. However, technological advances and strategic partnerships are expected to drive the adoption of private NB-IoT networks worldwide.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.40 Billion |
| Market size value in 2031 | USD 10.55 Billion |
| Growth Rate | 92.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| 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:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Private Narrowband IOT Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Private Narrowband IOT Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Private Narrowband 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 Global Private Narrowband 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Private Narrowband IOT Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Private Narrowband 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.
Global Private Narrowband IOT Market Report Snapshots
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