What is the global market size of Private Narrowband IOT Market?

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 IOT Market Updates

Private Narrowband IOT Market News

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.

FAQs

Global Private Narrowband IOT Market size was valued at USD 2.8 billion in 2023 and is poised to grow from USD 5.36 billion in 2024 to USD 960.71 billion by 2032, growing at a CAGR of 91.3% during the forecast period (2025-2032).

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. 'Qualcomm Technologies, Inc. (US) ', 'AT&T (US) ', 'Vodafone Group PLC (UK) ', 'Nokia (Finland) ', 'MediaTek Inc. (Taiwan) ', 'Intel Corporation (US) ', 'Telefonaktiebolaget LM Ericsson (Sweden) ', 'Huawei Technologies Co., Ltd. (China) ', 'China Mobile Limited (China) ', 'Orange (France) ', 'China Unicom (China) ', 'Telstra (Australia) ', 'Ericsson (Sweden)'

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.

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.

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.