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.
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.
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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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NB-IoT technology. NB-IoT is designed to provide low-power and wide-area coverage for IoT devices, making it ideal for applications that require deep penetration into buildings or underground locations. It uses a narrowband approach, which enables it to operate in licensed frequency bands and coexist with other cellular technologies.
The deployment of NB-IoT for remote metering in smart water cities like Gandia offers several benefits, including real-time monitoring of water usage, improved accuracy in billing, and reduced water waste. With NB-IoT, the water meters can transmit data securely and reliably over the cellular network, eliminating the need for manual meter reading.
Major Regions Highlighted in the Global Narrowband IoT (NB-IoT) Market Report:
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East Africa
- Saudi Arabia
- A.E.
- South Africa
- Rest of Middle East Africa
Top Companies Profiled in the Report:
Sony Semiconductor Israel Ltd., ATT 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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Overall, the use of NB-IoT technology for remote metering is a significant step towards building smart cities that are more efficient and sustainable. It provides a scalable and cost-effective solution that can be easily integrated with other IoT devices and systems to enable smarter management of critical infrastructure.
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