Narrowband-IoT (NB-IoT) Market to Transcend USD 13,361.65 Million Valuation by 2031, Adoption of Novel Digital Transportation Initiatives to Boost Market Expansion| SkyQuest Technology
WESTFORD, Mass., July 9, 2024 /PRNewswire/ — According to SkyQuest, the global Narrowband-IoT (NB-IoT) Market size was valued at USD 646.71 Million in 2022 and is expected to grow from USD 905.39 Million in 2023 to reach USD 13,361.65 Million by 2031, at a CAGR of 40.0% during the forecast period (2024-2031).
Rapidly increasing demand for novel Internet of Things (IoT) devices and technologies around the world is predicted to create a lucrative setting for narrowband-IoT (NB-IoT) companies. Narrowband-IoT refers to the use of low-power wide area networks that fall under the 3GPP standard. Increasing use of IoT technologies for digital transformation and automation across multiple industry verticals will bolster the demand for narrowband-IoT (NB-IoT) over the coming years. The global narrowband-IoT (NB-IoT) market is segmented into component, deployment, device type, end user, and region.
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Narrowband-IoT (NB-IoT) Market Overview:
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Report Coverage |
Details |
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Market Revenue in 2023 |
$ 905.39 million |
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Estimated Value by 2031 |
$ 13,361.65 million |
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Growth Rate |
Poised to grow at a CAGR of 40.0% |
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Forecast Period |
2024–2031 |
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Forecast Units |
Value (USD Million) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
Component, Device Type and End-User |
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Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
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Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Advancements in connectivity technologies |
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Key Market Drivers |
Integration of artificial intelligence and other advanced technologies to improve application scope of NB-IoT devices |
Segments covered in Narrowband-IoT (NB-IoT) Market are as follows:
- Component
- Network, Module
- Device Type
- Wearables, Tracker, Smart Lighting, Smart Parking, Alarm & Detector, Others
- End-User
- Automotive Industry, Infrastructure, Healthcare, Manufacturing Industry, Others
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High Demand for Better Connectivity Infrastructure Bolsters Demand for Advanced Narrowband Network
Network plays a crucial role in determining the connectivity of devices and this is why most companies are projected to focus on the network segment going forward. Telecommunication companies are projected to lead the development of novel narrowband networks for a wide array of applications including IoT devices. High investments in the development of novel communication networks to maximize NB-IoT adoption are also slated to help this segment bring in a substantial amount of revenue for market players.
Meanwhile, the demand for innovative NB-IoT modules is also projected to surge at an impressive pace over the coming years. Narrowband-IoT (NB-IoT) companies should invest in the development of specific modules designed for particular applications to stand out from the competition and boost market presence. Demand for affordable and cheap narrowband IoT modules will be high and this is where new as well as leading companies can boost their sales potential going forward.
High Demand for Real-time Health Monitoring Promoting Demand for Wearable NB-IoT Devices
The high use of wearable devices in the healthcare space makes the wearable device segment a highly opportune one for narrowband-IoT (NB-IoT) market players. Growing demand for remote health monitoring and the rising popularity of telemedicine are projected to uplift the sales of wearable NB-IoT devices in the future. Moreover, the rising use of activity and health trackers by fitness-conscious people around the world will also favor market development via this segment in the long run. Moreover, the integration of wearable devices in multiple industry verticals will also help this segment bring new opportunities for narrowband-IoT (NB-IoT) providers.
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Healthcare and Manufacturing Industries are a Gold Mine of Opportunities for NB-IoT Providers
The use of IoT and other connected devices is increasing rapidly in manufacturing and healthcare industries as the use of automation and remote monitoring increases. NB-IoT devices are perfect for these applications as they provide excellent connectivity and also help these industries in adoption of advanced approaches. Adoption of telemedicine and smart manufacturing will help the aforementioned industry verticals provide new moneymaking opportunities across the forecast period. Automotive and infrastructure industries are also estimated to emerge as highly opportune verticals in the long run.
Growing investments in the development of new connectivity technologies and connected devices are projected to bolster the demand for narrowband-IoT (NB-IoT) going forward. New companies should focus on the development of wearable devices whereas established companies should target the development of new narrowband network infrastructure to maximize their business potential. Narrowband-IoT (NB-IoT) companies are also projected to target smart technologies to boost their revenue generation in the future.
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