Private Narrowband IoT Market is expected to Grow with a CAGR of 16.78% through 2029
The Private Narrowband IoT Market is expected to grow by increasing demand for secure, reliable communication networks in industries such as manufacturing, logistics, & smart cities, expansion of IoT Applications Across Industries and Cost Efficiency & Scalability of Private Networks throughout the forecast period.
According
to TechSci Research report, “Private Narrowband IoT Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2029F”,
the Global Private Narrowband IoT Market was valued at USD 45.23 billion in 2023 and is expected to grow at a CAGR of 16.78% during the forecast period. A significant trend in the Global Private Narrowband IoT Market is the increasing focus on industrial automation and smart manufacturing. The Industry 4.0 revolution is pushing manufacturers to adopt advanced technologies that enhance productivity, reduce costs, and improve operational efficiency. NB-IoT technology plays a pivotal role in this transformation by providing reliable, low-power connectivity for a vast array of devices and sensors used in industrial environments. Private NB-IoT networks facilitate seamless communication between machines, enabling real-time data collection and analysis, which is crucial for implementing predictive maintenance strategies and optimizing production processes. As manufacturers strive to achieve greater agility and responsiveness, the demand for IoT solutions that can monitor equipment performance, track inventory, and streamline supply chains is surging. Furthermore, the ability to operate private networks empowers manufacturers to maintain greater control over their data, ensuring compliance with security standards and protecting intellectual property. This trend is also supported by the growing interest in digital twins and smart factories, where virtual models of physical assets are used to simulate and optimize operations. As the industrial sector continues to evolve, the adoption of Private Narrowband IoT solutions is expected to accelerate, driving significant growth in the market and fostering innovation in automation technologies.
Browse
over XX Market data Figures spread through XX Pages and an in-depth TOC on
the "Global Private Narrowband IoT Market.”
Based on the Vertical,
Logistics & Transportation segment held the largest Market share in 2023. The
Private Narrowband IoT (NB-IoT) Market in the Logistics & Transportation
segment is primarily driven by the increasing demand for efficient supply chain
management and enhanced operational visibility. As logistics and transportation
companies strive to optimize their operations, the need for real-time tracking
of assets, vehicles, and inventory has become paramount. Private NB-IoT
networks offer robust connectivity solutions tailored for low-power, wide-area
applications, making them ideal for monitoring logistics assets over extended
distances while minimizing operational costs. This technology enables
businesses to collect and analyze data on vehicle performance, environmental
conditions, and delivery statuses, facilitating data-driven decision-making and
improving overall efficiency. Furthermore, the growing trend towards automation
in logistics operations, including the use of autonomous vehicles and drones,
further boosts the demand for reliable and secure connectivity solutions that
Private NB-IoT can provide. The rise of e-commerce and the
subsequent increase in parcel delivery services have amplified the need for
enhanced tracking and tracing capabilities, allowing companies to provide
better customer service and meet consumer expectations for timely deliveries. The flexibility and scalability of Private NB-IoT networks also
contribute to their attractiveness in the logistics sector. As companies grow
and their operational needs change, these networks can easily scale up to
accommodate additional devices and applications without compromising
performance. The integration of Private NB-IoT with other emerging
technologies, such as artificial intelligence, machine learning, and big data
analytics, presents further opportunities for innovation in logistics and
transportation. By leveraging these technologies alongside Private NB-IoT,
companies can gain deeper insights into their operations, enabling predictive
maintenance, route optimization, and demand forecasting, which ultimately lead
to cost savings and increased profitability. In summary, the Private Narrowband
IoT Market in the Logistics & Transportation segment is experiencing
significant growth driven by the need for enhanced operational efficiency,
real-time asset tracking, and improved supply chain visibility. The convergence
of regulatory support, technological advancements, and the increasing focus on
automation and data-driven decision-making creates a conducive environment for
the adoption of Private NB-IoT solutions, positioning them as a crucial enabler
of digital transformation within the logistics and transportation sectors. As
organizations continue to prioritize efficiency, security, and customer
satisfaction, the demand for Private NB-IoT technologies is set to rise, making
it a vital component in the future of logistics and transportation management.
In terms of region, Asia-Pacific is the fastest growing region in the Global Private Narrowband IoT Market. Countries like China, India, and Japan are at the forefront of adopting IoT technologies to enhance operational efficiencies across industries such as manufacturing, agriculture, and logistics. The region's focus on smart city initiatives and digital transformation is further fueling the demand for private narrowband IoT networks, which offer secure and efficient communication solutions tailored for specific applications. One of the significant factors contributing to the growth of the Private Narrowband IoT market in Asia-Pacific is the increasing investment in infrastructure and technology. Governments are actively promoting initiatives to improve connectivity and support the deployment of IoT solutions. For example, the expansion of 5G networks is creating new opportunities for private narrowband applications, allowing businesses to leverage low-power, wide-area network capabilities for their IoT devices. This infrastructure development not only supports current use cases but also paves the way for innovative applications in smart agriculture, healthcare, and transportation. The rise in data security concerns and the need for dedicated networks for critical applications are propelling organizations to adopt private narrowband IoT solutions. With the increasing volume of sensitive data generated by connected devices, businesses are prioritizing secure and private communication channels to protect against potential cyber threats. As organizations in the Asia-Pacific region seek to harness the power of IoT while ensuring data integrity and security, the demand for private narrowband IoT solutions is expected to continue its upward trajectory, solidifying the region's position as a leader in this emerging market.
Major
companies operating in the Global Private Narrowband IoT Market are:
- Huawei Technologies Co., Ltd
- Telefonaktiebolaget LM Ericsson
- Qualcomm Incorporated
- AT&T Inc
- Verizon Communications Inc.
- Nokia Corporation
- Vodafone Group Plc
- Intel Corporation
Download Free Sample Report
Customers
can also request 10% free customization in this report.
“The
Global Private Narrowband IoT Market is expected to rise in the upcoming years
and register a significant CAGR during the forecast period. The Private
Narrowband IoT Market is set for substantial growth, driven by rising demand
for secure, low-power connectivity solutions across industries such as
manufacturing, healthcare, and logistics. The emergence of smart city
initiatives and the need for efficient asset management further amplify market
opportunities. Organizations are also
motivated to invest in private networks to enhance data privacy and control,
allowing for customized solutions that meet specific operational needs. These
trends position the market for significant expansion in the years ahead. Therefore,
the Market of Private Narrowband IoT is expected to boost in the
upcoming years.,” said Mr. Karan Chechi, Research Director of TechSci Research,
a research-based global management consulting firm.
“Private
Narrowband IoT Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented, By Application (Real-Time Streaming Analytics, Asset
Tracking, Smart Parking Management, Security, Logistics Tracking, Soil
Monitoring and others), By Development (In-Band, Standalone, Guard Band), By
Vertical (Agriculture, Logistics & Transportation, Healthcare, Industrial
Manufacturing, Energy & Utilities and others), By Region, By Competition,
2019-2029F”, has
evaluated the future growth potential of Global Private Narrowband IoT Market and
provides statistics & information on the 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 Private Narrowband IoT Market.
Contact
Techsci Research LLC
420 Lexington Avenue,
Suite 300, New York,
United States-
10170
Tel: +13322586602
Email: [email protected]
Website: www.techsciresearch.com