Narrowband-IoT Market is poised to garner USD 207.2 Billion, growing at a 69.2% CAGR by 2030
Research Reports
Jul 17, 2023
Narrowband-IoT Market:
According to a comprehensive research report by Market Research Future (MRFR), “Narrowband-IoT Market by Device Type, Deployment, by Vertical -Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 207.2 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 69.2% during the assessment timeframe.
Narrowband-IoT Market Overview:
The global Narrowband-IoT Market is growing continually. The proliferation of IoT devices in industrial applications is expected to allow the market to gain huge momentum in the next six years. The expanding NB-IoT ecosystem enables utilities, energy, and other critical infrastructure industries to deploy massive IoT solutions supporting internal operations and local communities. Besides, vast deployments of NB-IoT devices in various organizations across industries to improve operations and improve their communication networks substantiate market revenues. Increasing adoption of IoT systems in various business systems, alongside the growing digitization, boosts market size.
Over the past few years, telecom equipment requirements are changing rapidly due to the emergence of 5G and new government policies, leading to a spurt in the telecom industry. Further, technology upgrades, as well as policy developments, are creating the right conditions for the development of the telecom ecosystem. Satellite-based service will be a key enabler for global NB-IoT deployments.
Recent extensions of satellite-based ground networks create a vast demand for NB-IoT. The cellular community continues to struggle to build an NB-IoT ecosystem as it allows communication providers to deliver service using inexpensive radio modules. Narrowband IoT is well-suited to the needs of IoT devices, open-source mobile core network solutions, and critical IoT applications ranging from smart grid and smart meter services to public safety applications.
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Leading players in the Narrowband-IoT Market are-
- Vodafone Group PLC (UK)
- Verizon Communication (US)
- Huawei Technologies Co. Ltd. (China)
- Emirates Telecommunications Corporation (UAE)
- Qualcomm Incorporated (US)
- Telecom Italia (Italy)
- China Unicom (China)
- Ericsson (Sweden)
- Intel Corporation (US)
- Nokia Networks (Finland)
Industry Trends:
The market is witnessing a constant uptick and increasing investment by solution providers over recent years, which fosters R&D activities to develop NB-IoT solutions. Remote working/ Work-from-home (WFH) mandates increased the market demand for high-speed networks and IoT securities. Increased digitization and automation across the manufacturing sectors boost IoT deployments and the need for NB-IoT solutions.
NB-IoT is a 5G-compatible network solution that enables IoT to create connected space quickly. The proliferation of 5G will drive the market demand for NB-IoT solutions, allowing increased control of service-based use cases. Also, the penetration of location-based services and remote monitoring applications escalates the market value.
Increasing business needs to remotely trace, track, and monitor the status of assets and devices create vast market demand. Increasing AR and VR applications, alongside the penetration of power autonomous vehicles, increase the market size. Furthermore, increasing demand for IoT solutions providing real-time information and data for more sustainable farming positively impacts the market value.
Rising numbers of cellular networks with satellite NB-IoT boost market revenues. Moreover, increasing demand for satellite constellations to address challenges with terrestrial networks defines the growing market landscape. Evolving narrow band-internet of things (NB-IoT) communications technology and the emergence of various 4G and 5G compatible devices are expected to drive market growth in the future.
On the flip side, the lack of standardization of IoT regulations is a major headwind restricting market growth. Although some regulatory initiatives are implemented, the ecosystem still lacks unified narrowband IoT standards globally. Also, existing NB-IoT solutions for devices, networks, data, and applications, do not address concerns around IoT as a whole.
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Narrowband-IoT Market Segments:
The market is segmented into device types, deployments, verticals, and regions. The device type segment is sub-segmented into trackers, smart metering, wearable, alert & locator, shrewd stopping, brilliant meter, keen lighting, and others. The deployment segment is sub-segmented into in-band, monitor band, and independent modes.
The vertical segment is sub-segmented into IT, manufacturing, agriculture, healthcare, automotive & transportation, energy & utilities, and others. The region segment is sub-segmented into the Asia-Pacific, MEA, Americas, Europe, and rest-of-the-world.
Narrowband-IoT Market Regional Analysis:
North America dominates the global Narrowband-IoT Market. The market is driven by the presence of various leading device manufacturers and network service providers focusing on testing & commercial deployment of NB-IoT solutions for consumer applications. Increasing initiatives for developing new modules and deploying NB-IoT networks substantiate the market size.
Moreover, increasing demand for improved coverage and wider scope of commercial applications where the technology can be applied create significant growth opportunities. Technological expertise and continued adoption of emerging technologies for personal and business applications are other major factors driving the growth of the NB-IoT market in North America.
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Competitive Analysis:
The Narrowband-IoT Market is estimated to witness significant product launches and major strategic deals, such as mergers & acquisitions, collaboration, expansion, and product development. Leading market players make significant investments in research and development activities and drive their expansion plans.
For instance, on Sep. 28, 2022, Sateliot, a satellite telecom operator, announced its collaboration with Amazon Web Services (AWS) to provide direct-to-satellite 5G-based NB-IoT connectivity. This fully virtualized cloud-native 5G core for its NB-IoT services, delivered by Low Earth Orbiting (LEO) satellites, is expected to be commercially available around the second half of 2023.
Sateliot wants to provide seamless coverage for mobile operators via roaming agreements rather than sell the service itself. This technology works with unmodified commercial devices compliant with the 3GPP R17 standard. Customers can continue using the same commercial RF module/device and SIM to switch between their terrestrial network and Sateliot’s satellite constellation without additional hardware costs.
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