Report Highlights:

How big is the narrowband-IoT market?

The global narrowband-IoT market size reached US$ 1,372.1 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 22,733.8 Million by 2032, exhibiting a growth rate (CAGR) of 36.61% during 2024-2032.

What is Narrowband-IoT?

NB-IoT, or Narrowband IoT, stands as a specialized low-power, wide-area network (LPWAN) technology crafted to support extensive communication between Internet of Things (IoT) devices and cellular infrastructure. Diverging from traditional mobile networks geared towards high data rates and swift response times, NB-IoT emphasizes minimal power usage, expansive coverage, and economical operation. It operates within a narrow frequency band of merely 200 kHz, facilitating the transmission of concise data packets across considerable distances. This technology finds optimal application in scenarios necessitating sporadic data exchange and prolonged battery longevity, such as in smart meters, agricultural sensors, and asset-tracking devices.

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What are the growth prospects and trends in the narrowband IoT industry?

The low power requirement of Narrowband IoT is a significant driver behind its global market growth. With devices capable of operating for extended periods on a single battery, they offer particular appeal for scenarios where a constant power source isn't feasible. Additionally, NB-IoT's ability to penetrate obstacles like concrete walls and subterranean environments provides a broader coverage range, crucial for applications such as smart cities, agriculture, and industrial automation, where extensive reach is essential. This expanded coverage contributes to market growth. Moreover, the affordability of NB-IoT modules and their low operational costs incentivize adoption, particularly among businesses seeking to streamline expenses. The standardization of NB-IoT by the 3rd Generation Partnership Project (3GPP) enhances its credibility and ensures interoperability, a critical factor for widespread adoption. As the number of IoT applications burgeons across sectors like healthcare, logistics, and utilities, there's a natural demand for efficient, long-range communication technologies, aligning perfectly with NB-IoT's capabilities. Furthermore, governments worldwide are increasingly investing in smart city initiatives that necessitate long-term, low-maintenance solutions for utilities and infrastructure, making NB-IoT a preferred technology for such projects.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Component:

Network

Module

Breakup by Deployment:

In-Band

Guard-Band

Standalone

Breakup by Device Type:

Alarm and Detector

Smart Parking

Smart Meter

Smart Lighting

Tracker

Wearables

Others

Breakup by End Use:

Automotive

Agriculture

Infrastructure

Healthcare

Energy and Utilities

Manufacturing

Consumer Electronics

Others