Market Size of Narrowband IoT Enterprise Application Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 61.30 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Narrowband IoT Enterprise Application Market Analysis
The NB-IoT Enterprise Application Market is expected to register a CAGR of 61.3% over the forecast period (2021 - 2026). Many service providers are into setting up of their IoT business units in order to counter the growing number of companies embracing the benefits that mobile IoT brings with major operators acquiring business to capture the wider part of the value chain and revenues.
- There is a growing demand for LPWAN across various verticals, along with high deployment flexibility with WCDMA, GSM, or LTE, low deployment cost, and extended coverage and long battery life. These are some of the factors responsible for driving the NB-IoT application market.
- The narrowband IoT also offers better performance in terms of network coverage, reliability and uplink, and downlink traffic as compared to other LPWA technologies such as Lora, SigFox, e-MTC. Vendors claimed that nb-IoT provides 20+dB coverages, 200 kHz bandwidth and 1000x connections, unlike the competition. This instance of NB IoT opens up a plethora of business opportunities for various end-users.
- NB-IoT is mostly used in applications having projects where non-cellular standards are often found. Examples include smart agriculture, smart city applications such as smart parking, smart street lighting, waste management), smart home applications, smart meters, manufacturing automation, smart grid applications, IIoT applications with many low-power devices. It also finds use across Industry 4.0 with condition monitoring and predictive maintenance, environmental monitoring, trackers and more.
- The factors hindering the market growth include transformation downtime of IT systems and competition from rival LPWAN technologies.
Narrowband IoT Enterprise Application Industry Segmentation
NB-IoT is a standards-based low power wide area (LPWA) technology that is developed to enable a wide range of new IoT devices and services. It significantly improves the system capacity, power consumption of user devices, and spectrum efficiency, especially in deep coverage. The technology also provides wide coverage; many connections; low data rates, costs, and power consumption; and optimized architecture. It perfectly satisfies the need for IoT deployment in numerous industries as well as applications.
By Enterprise Size | |
Small and Medium Enterprises | |
Large Enterprises |
By Application | |
Smart Metering | |
Smart Asset Tracking | |
Smart Governance | |
Facility Management Services | |
Other Applications (Security, Connected Industrial Assets) |
By End-user Industry | |
Energy & Utilities | |
Retail | |
Industrial Manufacturing | |
Transportation & Logistics | |
Other End-user Industries |
Geography | |
North America | |
Europe | |
Asia-Pacific | |
Latin America | |
Middle East & Africa |
Narrowband IoT Enterprise Application Market Size Summary
The Narrowband IoT (NB-IoT) Enterprise Application Market is experiencing significant growth, driven by the increasing adoption of mobile IoT technologies across various sectors. This growth is fueled by the demand for Low Power Wide Area Networks (LPWAN) due to their deployment flexibility, cost-effectiveness, and extended coverage capabilities. NB-IoT offers superior performance in network coverage, reliability, and traffic management compared to other LPWA technologies, creating numerous business opportunities for end-users. The technology is predominantly utilized in smart city applications, smart agriculture, smart home systems, and Industry 4.0 initiatives, among others. However, market expansion faces challenges such as IT system transformation downtimes and competition from rival LPWAN technologies.
The smart metering segment is poised for substantial growth within the NB-IoT application market, encompassing smart water, gas, and electric meters. These meters are crucial for utility monitoring and billing, playing a vital role in the development of smart cities. The integration of NB-IoT into a broader range of products, including home appliances and security systems, is expected to enhance energy efficiency and reduce wastage. North America is anticipated to hold a significant market share due to early technology adoption and substantial investments in IoT infrastructure. Major telecom operators in the region are expanding their NB-IoT networks, facilitating the deployment of low-power IoT devices across multiple networks. The market is highly competitive, with key players like Huawei, AT&T, and Telefonica investing heavily in research and development to innovate and improve smart products.
Narrowband IoT Enterprise Application Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Demand for LPWAN Use Cases Across Verticals
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1.2.2 High Deployment Flexibility with GSM, WCDMA, or LTE
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1.3 Market Restraints
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1.3.1 Deployment Issues & Competition From Rival LPWAN Technologies
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1.4 Industry Value Chain / Supply Chain Analysis
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1.5 Industry Attractiveness - Porter's Five Force Analysis
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1.5.1 Bargaining Power of Suppliers
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Threat of New Entrants
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Enterprise Size
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2.1.1 Small and Medium Enterprises
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2.1.2 Large Enterprises
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2.2 By Application
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2.2.1 Smart Metering
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2.2.2 Smart Asset Tracking
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2.2.3 Smart Governance
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2.2.4 Facility Management Services
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2.2.5 Other Applications (Security, Connected Industrial Assets)
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2.3 By End-user Industry
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2.3.1 Energy & Utilities
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2.3.2 Retail
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2.3.3 Industrial Manufacturing
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2.3.4 Transportation & Logistics
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2.3.5 Other End-user Industries
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2.4 Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia-Pacific
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2.4.4 Latin America
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2.4.5 Middle East & Africa
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Narrowband IoT Enterprise Application Market Size FAQs
What is the current Narrowband IoT Enterprise Application Market size?
The Narrowband IoT Enterprise Application Market is projected to register a CAGR of 61.30% during the forecast period (2024-2029)
Who are the key players in Narrowband IoT Enterprise Application Market?
Vodafone Group PLC, AT&T Inc., Telstra Corporation Limited, Telefonica S.A. and Deutsche Telekom AG are the major companies operating in the Narrowband IoT Enterprise Application Market.