Increasing demand for low-power and long-range connectivity technologies and emerging smart cities and smart buildings are driving Narrowband Internet of Things (NB-IoT) market revenue growth
Market Size – USD 641.32 Million in 2021, Market Growth – at a CAGR of 41.5%, Market Trends – Increasing incorporation of Artificial Intelligence
The global narrowband Internet of Things (NB-IoT) market size is expected to reach USD 14,546.94 Million in 2030 and register a revenue CAGR of 41.5% over the forecast period, according to the latest report by Reports and Data. Rapid market revenue growth is expected to grow owing to emergence of smart cities and infrastructure as well as increased demand for low-power and long-range communication technologies. Moreover, advantages provided by NB-IoT, such as reduced power consumption, enhanced penetration coverage, and cheap prices connected with it are expected to boost market revenue growth over the forecast period. The rapid development and innovation in the IoT sector, as well as increasing need for innovative cellular technology devoted specifically to IoT low power wide area applications, are driving revenue growth of the narrowband IoT market. Moreover, automotive industry’s growing need for enhanced navigation, in-car infotainment, and telematics is also driving NB-IoT market forward. NB-IoT market is seeing a lot of investment in research and development. Many telecommunication firms are embracing the technology and building NB-IoT networks as a result. These networks significantly increase demand for chipsets, which boosts global NB-IoT market’s revenue growth.
In addition, rising advancements and innovations in NB-IoT technology for leak detection are driving market revenue growth going ahead. There is a growing focus on curbing water leaks across the global water industry. In the UK alone, around three billion liters of water are lost to leaks every day, with Ofwat the country’s Water Services Regulation Authority urging national water companies to reduce this figure by 15% before 2025. NB-IoT pipeline water leakage automatic monitoring system combines NB-IoT and ultrasonic detection technology. It collects traffic data by an ultrasonic transducer and sends it to the cloud platform through NB-IoT. The cloud platform stores and analyzes the traffic data and, it determines the leak point and sends an alarm to the user when abnormal traffic data occurs.
Alternative low-power wide-area (LPWA) technologies, such as long-term evolution for machines (LTE-M), represent a significant market growth restraint. Additionally, low-speed data security issue is expected to hamper market revenue growth over the forecast period because NB-IoT is utilized for low-speed applications, limiting its utility for high-speed applications such as video surveillance.
Companies profiled in global NB-IoT market report include Sony Semiconductor Israel Ltd., AT&T Intellectual Property, Qualcomm Technologies, Inc., Huawei Technologies Co., Ltd., Intel Corporation, MediaTek Inc., Nokia, Telefonaktiebolaget LM Ericsson, Vodafone Group PLC, and SAMSUNG.
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Some Key Highlights from the Report
- By device, wearable segment is expected to register a faster rate in terms of revenue throughout the forecast period. The need for low-power, highly secure cellular networks such as NB-IoT in wearable devices is expanding due to the growing market for wearable devices in healthcare, entertainment, sports and fitness, and other applications. Wearable gadgets are in high demand owing to increased need for personal care diagnostics and a growing aging population in developed countries such as Japan, the UK, Germany, and the US. Furthermore, COVID-19 pandemic has increased demand for wearable devices that collect data about health, exercise, and location and can be coupled with computers and cellphones.
- By deployment mode, guard band segment accounted for largest revenue share in 2021. Guard band has several advantages over stand-alone and in-band deployments, including the elimination of frequency planning and the reuse of existing equipment, such as RF modules and antenna. Moreover, the requirement that guard band deployment incur no extra spectrum costs is aiding its growth.
- Narrowband IoT (NB-IoT) market in Europe is expected to register faster revenue growth over the forecast period. Various broadcasters are progressively focused on providing advanced technology broadcasting formats, which is benefiting the video streaming market in Europe.
- NB-IoT market in Asia Pacific is expected to register a faster revenue CAGR over the forecast period. Increasing use of NB-IoT technology in a variety of applications, including smart meters, smart parking, smart lighting, and healthcare, is driving NB-IoT market in Asia Pacific. The market in Asia Pacific is presently led by China. The revenue growth of NB-IoT market in China is being driven by favorable government regulations and a significant presence of NB-IoT, modules, and infrastructure providers. Significant industries such as healthcare and utilities, technological improvements and digitalization in countries such as China and India is expected to keep up the need for IoT. In the future, APAC is expected to grow in terms of remote monitoring and infrastructure accessibility during such emergencies.
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For the purpose of this report, Reports and Data has segmented NB-IoT market based on component, device, deployment mode, end-use, and region:
Component Outlook (Revenue, USD Million; 2019–2030)
- Network
- Module
Device Outlook (Revenue, USD Million; 2019–2030)
- Alarm & Detector
- Smart Parking
- Smart Meter
- Smart Lighting
- Smart Appliances
- Tracker
- Wearables
- Others
Deployment Mode Outlook (Revenue, USD Million; 2019–2030)
- In-Band
- Guard Band
- Stand-Alone
End-Use Outlook (Revenue, USD Million; 2019–2030)
- Automotive and Transportation
- Agriculture
- Energy & Utilities
- Healthcare
- Infrastructure
- Manufacturing
- Safety & Security
- Consumer Electronics
- Building Automation
Regional Outlook (Revenue, USD Million; 2019–2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Advantages of Narrowband IoT (NB-IoT) Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Narrowband IoT (NB-IoT) industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Narrowband IoT (NB-IoT) market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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