Narrowband-IoT Market

Market Overview:

The global narrowband-IoT market size reached USD 1,874.4 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 28,189.4 Million by 2033, exhibiting a growth rate (CAGR) of 35.15% during 2025-2033. The increasing adoption of the Internet of Things (IoT) devices across industries, implementation of government support and investment in smart city initiatives, easy integration of narrowband-IoT with existing cellular network, and growing demand for real time monitoring and analytics are some of the major factors propelling the market.

Narrowband-IoT (NB-IoT) refers to a low power wide area network (LPWAN) technology that provides cellular communication for the Internet of Things (IoT) devices. It operates on a narrow frequency band and offers key features, such as low power consumption, wide coverage, and cost efficiency. NB-IoT is widely used in applications including smart metering, asset tracking, smart agriculture, smart cities, wearable devices, environmental monitoring, connected healthcare, smart parking, industrial automation, and supply chain management. It enhances device longevity, enables deep indoor penetration, supports massive device connectivity, and offers a high level of security.

The growing demand for real-time monitoring and analytics in logistic operations and supply chain processes, where timeliness and data accuracy are paramount, is propelling the market growth. In addition, the heightened awareness and acceptance of energy-efficient technologies is facilitating the demand for NB-IoT due to its low power consumption. Furthermore, the increasing technology adoption, owing to the rising need for reliable machine-to-machine (M2M) communications in industrial settings, is boosting the market growth. Besides this, the rapid technological advancements in cloud computing, which facilitate easier data storage and analysis, complementing the NB-IoT infrastructure, are positively influencing the market growth. Other factors, including the ongoing standardization efforts by global organizations, rising consumer demand for interconnected devices, and increasing adoption of remote management, are anticipated to drive the market growth.

Narrowband-IoT Market Trends/Drivers:

The increasing adoption of IoT devices across industries

The adoption of the Internet of Things (IoT) devices across various sectors serves as a major propellant for the narrowband-IoT (NB-IoT) market. Industries are embracing IoT to enhance efficiency, streamline operations, and improve decision-making. Furthermore, the widespread adoption of IoT in the healthcare industry to monitor patient vitals in real-time, offering valuable data that helps in early diagnosis and personalized treatment plans, is contributing to the market growth. Besides this, the growing utilization of IoT in the agriculture industry to assess soil moisture levels, facilitating optimal irrigation schedules is supporting the market growth. In line with this, NB-IoT becomes a fitting solution as it aligns with the various aspects of these devices, such as low bandwidth, long battery life, and broad coverage. Moreover, its ability to provide low-cost connectivity while ensuring minimal power consumption is driving its widespread adoption.

The implementation of government support and investment in smart city initiatives

Governmental support in the form of policies, investments, and partnerships is a significant factor driving the NB-IoT market. Various governments across the globe are investing in smart city projects to modernize infrastructure, enhance public services, and increase the overall quality of life. These initiatives often involve the deployment of a large number of IoT devices for applications, such as smart metering, waste management, and traffic control. In line with this, NB-IoT, with its low power consumption and wide-area coverage, becomes an ideal choice for these applications. For instance, it is widely used in smart meters to relay usage data to central servers, enabling more efficient energy utilization. As a result, the support and funding from government bodies provide a conducive environment for the rapid adoption of NB-IoT technologies in public sectors.

The easy integration of NB-IoT with existing cellular infrastructure

The key advantage of NB-IoT is its seamless integration with existing cellular infrastructure, which means that telecom operators can leverage their current assets without requiring a massive overhaul, thereby reducing initial setup and operational costs. This ease of integration makes it financially viable for businesses to adopt NB-IoT solutions. Moreover, this compatibility ensures that the technology can evolve along with future advancements in cellular networks, including the transition to the fifth-generation (5G) communication. Furthermore, the existing infrastructure's global reach enables the use of NB-IoT in multiple markets, making it easier for companies to scale their IoT solutions across geographical boundaries. This straightforward integration not only mitigates financial risks but also accelerates the time-to-market for new IoT applications, serving as a significant driving factor for the NB-IoT market.

Narrowband-IoT Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global narrowband-IoT market report, along with forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on component, deployment, device type, and end use.

Breakup by Component:

• Network
• Module
   

Network dominates the market

The report has provided a detailed breakup and analysis of the market based on the component. This includes network and module. According to the report, network represented the largest segment.

Network is dominating the market as it can be expanded to support a larger number of connected devices, making it a long-term, scalable solution. Furthermore, it offers the capacity for real-time data transmission and analytics, enabling businesses to make timely, data-driven decisions. The ability to analyze large data sets is vital for optimizing operations, particularly in sectors, such as manufacturing, healthcare, and logistics. Besides this, a robust network ensures a more reliable and stable environment for IoT applications, which is crucial for mission-critical operations in industries such as healthcare and transportation. Additionally, it adheres to standardized protocols, allowing different devices and systems to communicate with each other effortlessly. This fosters an ecosystem where a variety of IoT devices can be easily integrated, adding to the network's appeal.

Breakup by Deployment:

• In-Band
• Guard-Band
• Standalone
   

Guard-band holds the largest share in the market

A detailed breakup and analysis of the market based on the deployment has also been provided in the report. This includes in-band, guard-band, and standalone. According to the report, guard-band accounted for the largest market share.

Guard band is dominating the market as it allows for optimal use of existing long-term evolution (LTE) network infrastructure. It operates in the unused spectrum between LTE channels, which enables network providers to deploy the NB-IoT system without disrupting their existing LTE services, thus making it a cost-effective option. Furthermore, guard band-based NB-IoT provides high-quality service attributes, such as robustness, reliability, and a more stable connection. Besides this, it can be seamlessly integrated into existing networks, allowing for rapid scaling without significant infrastructure overhaul. Additionally, the guard band technology offers excellent penetration and range, making it suitable for various IoT applications that need to transmit data over long distances or through obstacles, such as walls and floors. This characteristic is especially useful for applications in smart cities, agriculture, and remote monitoring.

Breakup by Device Type:

• Alarm and Detector
• Smart Parking
• Smart Meter
• Smart Lighting
• Tracker
• Wearables
• Others
   

Wearables represent the leading market segment

A detailed breakup and analysis of the market based on the device type has also been provided in the report. This includes alarm and detector, smart parking, smart meter, smart lighting, tracker, wearables, and others. According to the report, wearables accounted for the largest market share.

NB-IoT technology is widely used in wearables owing to its high energy efficiency, which enables devices to operate for prolonged periods without frequent recharging. Furthermore, wearables often require a reliable, uninterrupted connection to deliver consistent performance, especially for critical uses such as health monitoring. In line with this, NB-IoT offers a robust and reliable data connection, ensuring that wearables can transmit essential information with minimal risk of data loss or delays. Additionally, the low data rate of NB-IoT is not a constraint for many wearable devices, which typically send small packets of information. Besides this, the relatively low cost of integrating NB-IoT technology into wearables makes it easier for companies to offer advanced features at competitive price points, thus stimulating consumer demand.

Breakup by End Use:

• Automotive
• Agriculture
• Infrastructure
• Healthcare
• Energy and Utilities
• Manufacturing
• Consumer Electronics
• Others
   

Infrastructure is the predominant market segment

A detailed breakup and analysis of the market based on the end use has also been provided in the report. This includes automotive, agriculture, infrastructure, healthcare, energy and utilities, manufacturing, consumer electronics, and others. According to the report, infrastructure accounted for the largest market share.

Infrastructure is dominating the market as it requires extensive coverage and deep penetration capabilities. In line with this, NB-IoT provides an excellent range, including the ability to transmit data through multiple walls or underground, making it a highly effective solution for infrastructure-based IoT deployments. Additionally, infrastructure applications often involve remote or hard-to-reach locations, like underground water meters or sensors located in remote rural areas. NB-IoT's low power consumption allows for long battery life, making it feasible for devices to operate independently for extended periods. Furthermore, the massive scale of infrastructure projects, which often necessitates a large number of connected devices, is acting as another growth-inducing factor. Moreover, NB-IoT offers secure data transmission and a highly reliable connection, which meets the stringent requirements of various infrastructure-based applications.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America 
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance, accounting for the largest narrowband-IoT market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

North America has a robust technological ecosystem featuring some of the world's leading tech companies, research institutions, and startups. This concentrated expertise propels innovation and accelerates the adoption of emerging technologies, such as NB-IoT. Furthermore, the substantial investment in research and innovation by both public and private sectors, which provides a favorable environment for technological advancements, is acting as another growth-inducing factor. Besides this, North America has a well-established infrastructure that can easily integrate newer technologies, such as NB-IoT. This eliminates some of the logistical and financial barriers that might hinder adoption in less developed regions. Additionally, the heightened awareness and acceptance of IoT technologies among businesses and consumers alike, which translates into quicker adoption of NB-IoT, is fueling the market growth.

Competitive Landscape:

Leading companies are improving the capabilities of NB-IoT technologies by providing longer battery life, better security protocols, and more efficient data transmission. Additionally, they are forming strategic alliances and partnerships with other industry stakeholders, telecom providers, chip manufacturers, and software companies to expand their market reach and technological capabilities. Furthermore, major players are expanding their operations internationally, especially in emerging markets where IoT is experiencing rapid adoption. Besides this, these companies are developing solutions that are tailored to specific industry needs to enhance customer satisfaction and widen the applicability of NB-IoT technologies. Moreover, major firms are actively participating in standardization bodies to make it easier for new entrants to adopt the technology. Along with this, companies are increasingly integrating cloud services into their NB-IoT solutions to enable easier data analysis and storage, thereby adding value to their offerings.

The market research report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• 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

Narrowband-IoT Market Report Scope:

Key Questions Answered in This Report:

• How has the global narrowband-IoT market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global narrowband-IoT market?
• What is the impact of each driver, restraint, and opportunity on the global narrowband-IoT market?
• What are the key regional markets?
• Which countries represent the most attractive narrowband-IoT market?
• What is the breakup of the market based on the component?
• Which is the most attractive component in the narrowband-IoT market?
• What is the breakup of the market based on deployment?
• Which is the most attractive deployment in the narrowband-IoT market?
• What is the breakup of the market based on the device type?
• Which is the most attractive device type in the narrowband-IoT market?
• What is the breakup of the market based on the end use?
• Which is the most attractive end use in the narrowband-IoT market?
• What is the competitive structure of the global narrowband-IoT market?
• Who are the key players/companies in the global narrowband-IoT market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the narrowband-IoT market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global narrowband-IoT market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the narrowband-IoT industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.