Global Narrowband IoT (NB-IoT) Market - WishTree Insight

Global Narrowband IoT (NB-IoT) Market by Component (Software, Services, and Hardware), Application (Smart Agriculture, Predictive Maintenance, Pollution Monitoring), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Narrowband IoT (NB-IoT) market size was valued at USD 0.20 billion in 2022 and is expected to surpass USD 1.4 billion by 2032, expanding at a CAGR of 34.1 % during the forecast period, 2022–2032. The market's growth is attributed to the accessibility to increased network coverage.

INTRODUCTION

Narrowband IoT (NB-IoT) is a low-power wide-area network (LPWAN) technology that is specifically designed for Internet of Things (IoT) devices and applications. It operates in a sub-gigahertz frequency band and uses a narrowband modulation scheme to achieve a high level of spectral efficiency. This allows for a larger number of devices to be connected to the network in a given area, with low power consumption and low latency. NB-IoT is optimized for use in environments where devices are widely dispersed, such as in industrial, agricultural, and smart city applications. It can be used to connect devices such as smart meters, wearables, and environmental sensors. It's designed to coexist with other mobile technologies such as 4G and 5G and can use either licensed or unlicensed spectrum.

Market Trends, Drivers, Restraints, and Opportunities

• Rapid development in the IoT industry and rising demand for new cellular communication technology are expected to drive the market.
• Increasing demand for navigation, telematics, and in-car infotainment services in the automotive & transportation industry is propelling the market.
• Licensing costs of NB-IoT are anticipated to hamper the market growth.
• Rising need for connectivity in IoT applications and emerging investment in smart cities and smart buildings are creating lucrative opportunities in the market.
• Rising demand for LPWA technology is expected to spur the global narrowband IoT market.
• Increasing adoption of NB-IoT technology by operators is anticipated to propel the market.

Scope of the Report

Market Segment Insights

The Software segment is projected to register a considerable CAGR

Based on component, the Narrowband IoT (NB-IoT) market is divided into software, services, and Hardware. The software segment is expected to expand at a rapid pace during the forecast period owing to the programs and other operating information that is used by a computer in order to obtain the information and to carry out the analysis of it. However, the Hardware segment is anticipated to hold a key share of the market in the coming years owing to the increasing installation of elevator remote monitoring systems in smart elevators. Moreover, the services segment is expected to hold a steady share in the forecast period due to designing & engineering, refurbishing, installation, managed services, and maintenance & repair.

Based on application, the Narrowband IoT (NB-IoT) market is divided into smart agriculture, predictive maintenance, and pollution monitoring.

North America constitutes a key market share

In terms of regions, the Narrowband IoT (NB-IoT) market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the North American region is expected to constitute a key share of the market during the projected period owing to increasing urbanization. However, the market of the Latin American region is anticipated to expand at a rapid pace during the forecast period.

Competitive Landscape

Key players competing in the Narrowband IoT (NB-IoT) market are Qualcomm Technologies, Inc. (U.S.); Vodafone Group Plc (England); Ericsson Corporation (Sweden); El Huawei Technologies Co. Ltd. (China); ZTE Corporation (China); Quectel Wireless Solutions Co. (China).

FAQs

How much is the market worth?

The Narrowband IoT (NB-IoT) market size was valued at USD 0.20 billion in 2022 and is expected to surpass USD 1.4 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 34.1%.

What are the key drivers of the market?

The market's growth is attributed to the accessibility to increased network coverage.

What segments are covered in the Narrowband IoT (NB-IoT) report?

The segments covered in the report are components (software, services, and Hardware), and applications (smart agriculture, predictive maintenance, and pollution monitoring).

Mention which region is expected to hold the highest share of the Narrowband IoT (NB-IoT) market.

The North American region is expected to hold the highest share of the Narrowband IoT (NB-IoT) market.

Mention the key players in the market.

Qualcomm Technologies, Inc. (U.S.); Vodafone Group Plc (England); Ericsson Corporation (Sweden); El Huawei Technologies Co. Ltd. (China); ZTE Corporation (China); Quectel Wireless Solutions Co. (China).