Narrowband Internet of Things (NB IoT) Technology Market to Grow with a CAGR of 38.19% through 2029
Increasing demand
for cost-effective & energy-efficient connectivity solutions in IoT and rapid
proliferation of IoT applications are likely to drive the Market in the
forecast period.
According to
TechSci Research report, “Narrowband Internet of Things (NB IoT) Technology Market
– Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2029”, the Global Narrowband Internet of Things (NB IoT) Technology Market is experiencing a surge in demand in the forecast period.
A significant
catalyst driving the global Narrowband Internet of Things (NB-IoT) technology
market is the increasing demand for connectivity solutions that are both
cost-effective and energy-efficient within the expanding Internet of Things
(IoT) arena. With the proliferation of IoT devices across various industries,
there's a critical need for connectivity options that optimize energy usage and
offer economical deployment. NB-IoT meets this demand by delivering low-power,
wide-area network capabilities, enabling seamless integration of numerous IoT
devices.
In
applications like smart meters, asset tracking, and environmental monitoring,
NB-IoT's energy-efficient design extends battery life, thereby reducing
operational costs linked to frequent maintenance or replacements. This feature
not only enhances the sustainability of IoT deployments but also positions
NB-IoT as an attractive choice for businesses seeking reliable connectivity and
cost-effectiveness. The increasing awareness and emphasis on energy efficiency
in IoT deployments significantly contribute to the continued growth of the
global NB-IoT technology market.
Another driving force behind the global NB-IoT
technology market is the rapid proliferation of IoT applications and use cases
across various industries. As businesses and sectors increasingly harness the
transformative potential of IoT to improve operational efficiency and
decision-making processes, the demand for robust and dependable connectivity
solutions like NB-IoT intensifies. NB-IoT's capability to support numerous
low-data-rate devices in a cost-effective manner makes it a preferred
connectivity solution for diverse applications. From smart agriculture and
industrial automation to healthcare and logistics, NB-IoT facilitates the
deployment of scalable and efficient IoT solutions. The technology's ability to
handle a large number of connections, coupled with its extensive coverage
range, plays a vital role in seamlessly integrating IoT across various domains.
As the global IoT landscape expands, the rapid adoption of NB-IoT technology
underscores its pivotal role in driving innovation and efficiency across a wide
range of interconnected applications
Browse over XX Market
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The Global Narrowband
Internet of Things (NB IoT) Technology Market is segmented into component,
deployment mode, application, industry vertical and region.
In 2023, the
Solution segment emerged as the leader in market share. Solutions within the
NB-IoT market typically involve the development of technological
infrastructure, comprising hardware components, firmware, and software
applications. During the initial phases of IoT adoption, substantial
investments are often required to construct the essential technology stack,
thus making solutions a prominent aspect of the market.
NB-IoT
solutions encompass the creation and deployment of devices equipped with NB-IoT
technology. With the increasing proliferation of connected devices across
various industries, there is a heightened demand for comprehensive solutions
that encompass both hardware and software components. Many companies favor
end-to-end solutions that cover the entire IoT ecosystem—from device
connectivity and data collection to analytics and application development.
Solution providers offering a comprehensive package addressing various facets
of NB-IoT implementation are poised to gain prominence.
Solutions offering scalability and seamless
integration with existing systems are particularly appealing to businesses
seeking to implement NB-IoT technology effortlessly. Providers offering
holistic solutions that can be readily integrated into diverse industries and
applications are likely to witness increased adoption. While services play a
crucial role in supporting and maintaining IoT deployments, the dominance of
solutions does not imply a lack of significance for services. In numerous
cases, services complement solutions by providing ongoing support,
customization, and optimization for the deployed NB-IoT infrastructure
In 2023, the
Smart Meter segment emerged as the leader in market share. The utility sector,
particularly the energy and water industries, has spearheaded the adoption of
smart metering solutions. Smart meters empower utilities to remotely monitor,
manage, and optimize resource distribution. The growing emphasis on efficiency,
sustainability, and resource preservation propels the uptake of smart meters,
often utilizing NB-IoT for its long-range communication and low-power
capabilities.
Smart metering
projects entail extensive installations, often spanning entire cities or
regions. NB-IoT's scalability and capacity to manage a vast number of devices
make it highly suitable for smart meter applications. This technology enables
utilities to establish cost-effective and energy-efficient communication
networks to connect a wide array of meters. The low-power characteristics of
NB-IoT contribute to prolonging the battery life of smart meters. Given that
many smart meters are deployed in challenging or remote locations, having
devices capable of operating on battery power for extended durations without
frequent maintenance is essential. NB-IoT's energy-efficient design aligns
seamlessly with the demands of smart metering applications.
Smart meters frequently handle sensitive data
concerning utility consumption. The secure and dependable connectivity offered
by NB-IoT is indispensable for securely transmitting this data. Governments and
utility companies underscore the significance of secure communication in smart
meter deployments, rendering NB-IoT an appealing option. Regulatory bodies and
government initiatives advocating for the modernization of utility
infrastructures bolster the dominance of smart meters. In certain regions,
regulations mandate the deployment of smart meters to enhance energy
efficiency, mitigate losses, and empower consumers with real-time data. Smart
meters assume a pivotal role within the broader framework of smart grids.
Integrating smart meters with smart grid infrastructure enables utilities to
optimize energy distribution, adapt to demand fluctuations, and enhance overall
grid reliability. NB-IoT facilitates the seamless integration of smart meters
into these comprehensive smart grid ecosystems.
.Major
companies operating in the Global Narrowband Internet of Things (NB IoT) Technology Market are:
- Huawei Technologies Co., Ltd.
- Qualcomm Technologies, Inc.
- Ericsson Corporation
- Intel Corporation
- MediaTek Inc.
- Nokia Corporation
- Verizon Communications Inc.
- Vodafone Group Plc
- AT&T
Inc.
- Deutsche Telekom AG
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“The Global Narrowband
Internet of Things (NB IoT) Technology Market is expected to rise in the upcoming
years and register a significant CAGR during the forecast period. The global Narrowband Internet of Things
(NB-IoT) technology market is propelled by the demand for cost-efficient and
scalable IoT connectivity solutions. Businesses seek energy-efficient options
for seamless integration of a multitude of IoT devices. NB-IoT's low-power,
wide-area network capabilities offer extended device battery life, reducing
operational costs and enhancing sustainability. As industries prioritize IoT
applications for operational efficiency, NB-IoT emerges as a compelling choice,
supporting a diverse range of use cases from smart meters to industrial
automation. The technology's cost-effectiveness and scalability position it as
a key driver in meeting the growing connectivity needs of businesses globally..Therefore,
the Market of Narrowband Internet of Things (NB IoT) Technology is expected to
boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Narrowband
Internet of Things (NB IoT) Technology Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2019-2029 Segmented By Component (Solution,
Service), By Deployment Mode (In-Band, Guard Band, Standalone), By Application
(Smart Meter, Smart Parking, Alarm and Detector, Smart Lighting, Tracker,
Wearable, Others), By Industry Vertical (Infrastructure, Agriculture,
Automotive, Healthcare, Energy and Utilities, Manufacturing, Consumer Electronics,
Others), By Region, By Competition”, has evaluated the future growth
potential of Global Narrowband Internet of Things NB IoT Technology Market and
provides statistics & information on Market size, structure and future Market
growth. The report intends to provide cutting-edge Market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Narrowband Internet of Things NB IoT Technology Market.
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