IMARC Group, a leading market research company, has recently releases report titled “Narrowband-IoT Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global narrowband-IoT market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the narrowband-IoT market?
The global narrowband-IoT market size reached US$ 969 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 8000 Million by 2028, exhibiting a growth rate (CAGR) of 41.6% during 2023-2028.
What is Narrowband-IoT?
Narrowband IoT (NB-IoT) is a low-power, wide-area network (LPWAN) technology specifically designed to facilitate long-range communications between Internet of Things (IoT) devices and cellular infrastructure. Unlike conventional mobile networks that are optimized for high data rates and low latency, NB-IoT prioritizes low power consumption, broad coverage, and cost efficiency. It operates on a narrow frequency band of just 200 kHz, which enables the transmission of small packets of data over long distances. This technology is ideal for applications that require infrequent data exchange and extended battery life, such as smart meters, agricultural sensors, and asset-tracking devices.
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What are the growth prospects and trends in the narrowband IoT industry?
Narrowband IoT’s low power requirement represents one of the key factors driving the growth of the market across the globe. Devices operate for years on a single battery, which makes them particularly attractive for applications where a constant power supply is not feasible. NB-IoT penetrates through obstacles like concrete walls and underground spaces, offering a wider range of coverage. This is crucial for applications, such as smart cities, agriculture, and industrial automation where extensive reach is required, which is contributing to the growth of the market. The affordability of NB-IoT modules and their low operational costs encourage adoption, especially for businesses aiming to optimize expenses. The standardization of NB-IoT by the 3rd Generation Partnership Project (3GPP) adds to its credibility and ensures interoperability, which is essential for widespread adoption. The growing number of IoT applications across various sectors like healthcare, logistics, and utilities creates a natural demand for efficient, long-range communication technologies, that are perfectly suited for NB-IoT. Governments worldwide are increasingly investing in smart city projects that include utilities and infrastructure requiring long-term, low-maintenance solutions. NB-IoT is often the technology of choice 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
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- AT&T Inc
- Deutsche Telekom IoT GmbH
- MediaTek Inc.
- Nordic Semiconductor ASA
- Qualcomm Technologies Inc.
- Sequans Communications
- Shenzhen Goodix Technology Co. Ltd.
- Sony Semiconductor Israel Ltd. (Sony Group Corporation)
- Twilio Inc.
- Verizon Communication Inc.
- Vodafone Group Plc
- ZTE Corporation
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