Narrowband-IoT (NB-IoT) Market is Estimated to Top the Charts at a Stellar 40% CAGR from 2024 to 2031 as IoT Adoption Picks Up Pace

Skyquest Technology

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).

Surging penetration of the Internet of Things (IoT) devices and technologies is projected to primarily augment the demand for narrowband-IoT over the coming years. NB-IoT is a low-power network radio standard developed to enable a new line of connected IoT devices and services. Increasing demand for miniaturization of electronics is a key trend shaping the global narrowband-IoT market development.

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Telecommunication companies are projected to be at the forefront of the global narrowband-IoT (NB-IoT) market development. Rising digitization and growing adoption of automation in different industry verticals are also slated to create new business scope for narrowband IoT providers in the future. Sensor technology advancements are also estimated to alter the demand outlook for NB-IoT by supplementing the creation of novel devices. 5G technology is projected to further widen the scope of application for narrowband-IoT (NB-IoT) devices and create new opportunities for market players.

Development of New Narrowband IoT Networks to Remain a Priority

High investments in the development of smart infrastructure and the growing use of smart technologies are all slated to create new opportunities for narrowband IoT (NB-IoT) providers. Companies are also investing in the development of novel hardware solutions to be compatible with NB-IoT networks. The rising use of IoT and connected devices in the automation of different industry verticals is also slated to bolster the demand for narrowband IoT solutions going forward. New companies and start-ups operating in this narrowband-IoT (NB-IoT) market are projected to emphasize raising new capital to finance their R&D and business expansion efforts in the long term. Leading NB-IoT providers are slated to target integration of advanced technologies and applications in smart infrastructure to improve revenue generation.

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• In March 2021, Sony Semiconductor Israel, a leading provider of semiconductor solutions previously known as Altair Semiconductor, announced the launch of a new chipset for IoT devices. Altair ALT1255 is a low-power 5G-ready chipset designed for NB-IoT networks.
• In August 2021, Flickswitch announced the launch of NB-IoT connectivity on its SIMcontrol platform. The leading data SIM management provider will offer narrowband IoT connectivity on the Vodacom South Africa mobile network.
• In September 2022, Three Ireland, a telecommunications provider in Ireland operating under the global Three brand, launched two new networks for the Irish market. NB-IoT and LTE-M are the two low-power wide area networks (LPWAN) launched by the company.
• BT, a leading telecommunications company based in the United Kingdom, in a bid to support the development of smart cities announced the launch of its NB-IoT network in February 2024. The network utilizes the infrastructure of EE, a mobile network operator from the United Kingdom as well.
• In March 2024, a Spanish start-up focusing on expanding the IoT network through satellite constellations revealed its plans to raise €100m to finance its 5G NB-IoT satellite fleet. Sateliot is one of many companies trying to achieve this feat and capitalize on the growing demand for IoT technology.

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 Telecommunication companies and network providers have a golden opportunity to make the best of their investments in the NB-IoT market. Growing demand for better connectivity infrastructure for advanced IoT devices and technologies is projected to keep the market opportune for a long time. Expanding application scope of NB-IoT networks will also foster lucrative business scope for all market players in the long run.

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