Narrowband-IoT (NB-IoT) Market to Surpass USD 13,361.65 Million by 2031 | SkyQuest

Westford USA, June 05, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that Narrowband-IoT (NB-IoT) Market will attain a value of USD 13,361.65 Million by 2031, with a CAGR of 40.0% over the forecast period (2024-2031). The market is expanding due to the rising need for real-time analytics and monitoring in logistical operations and supply chain activities, where timeliness and data accuracy are critical. Additionally, as NB-IoT consumes little power, the demand for it is being facilitated by the increased knowledge and acceptance of energy-efficient technologies. Additionally, the market is expanding due to the growing use of technology brought about by the increased demand for dependable machine-to-machine (M2M) communications in industrial settings.

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Browse in-depth TOC on the ” Narrowband-IoT (NB-IoT) Market ”

  • Pages – 197
  • Tables – 94
  • Figures – 76

Narrowband-IoT (NB-IoT) Market Overview:

Report Coverage Details
Market Revenue in 2023 $905.39 Million
Estimated Value by 2031 $13,361.65 Million
Growth Rate Poised to grow at a CAGR of 40.0%
Forecast Period 2024–2031
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Component, Device Type and End-user
Geographies Covered North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights Integration with AI & Edge Computing
Key Market Opportunities Smart Cities to Create Substantial Market Opportunity
Key Market Drivers  Rising Use of IoT Devices

Dominant Stance of Network Sub-Segment Is Made Possible by Efficient Base Stations and Robust Connectivity Solutions

Robust connection solutions and effective base stations are among the advanced network components that propel the dominance of the NB-IoT market. These constituents provide dependable and comprehensive coverage, hence engendering broad acceptance. Improved performance and scalability thereby provide a competitive advantage and strong market positioning.

Due to Enhancing User Experience and Reliability, the Application is Emerging as the Fastest-Growing Sector

Low power consumption and long battery life are key factors driving the global narrowband-IoT (NB-IoT) market’s supremacy in the wearable device application. These elements guarantee long-term, continuous monitoring capabilities, improving dependability and user experience. As a result, this garners substantial acceptance and establishes market leadership.

North America Dominates Owing to the Presence of Key Connected Device and Network Providers

Due to the existence of important connected device and network providers, North America is predicted to hold a sizable proportion of the global narrowband-IoT (NB-IoT) market. Other reasons that contribute to this region’s dominance in the global narrowband-IoT (NB-IoT) market include the quick acceptance of IoT technologies, developments in connectivity technology, and the strong demand for industrial IoT (IIoT). Going forward, the United States is anticipated to be the primary market for providers of narrowband-IoT (NB-IoT) in this region.

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Narrowband-IoT (NB-IoT) Market Insight


  1. Rising Use of IoT Devices
  2. Demand for Scalable Connectivity
  3. Widening Applications of NB-IoT Technology


  1. Deployment Challenges
  2. Lack of Standardization
  3. Stringent Competition from Alternate Technologies

Prominent Players in Narrowband-IoT (NB-IoT) Market

  • Huawei (China)
  • Qualcomm (US)
  • Intel (US)
  • Nordic Semiconductor (Norway)
  • Sanechips (China)
  • Samsung (South Korea)
  • MediaTek (Taiwan)
  • Sercomm (Taiwan)
  • Cheerzing (China)
  • u-blox (Switzerland)

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Key Questions Answered in Global Narrowband-IoT (NB-IoT) Market Report

  • What will the Global Narrowband-IoT (NB-IoT) Market be worth by 2031, and what will be its anticipated compound annual growth rate (CAGR) throughout that time frame?
  • What are the main reasons propelling the growth of the Narrowband-IoT (NB-IoT) market globally?
  • Why is the global narrowband-IoT (NB-IoT) market expected to be dominated by North America

This report provides the following insights:

  • Analysis of key drivers (IoT devices have found application in multiple industry verticals, NB-IoT plays a vital role in ensuring connectivity of IoT device networks, narrowband-IoT is highly affordable & scalable and battery-operated applications that transmit data), restraints (Deploying a narrowband IoT network can be a challenging task, range-related limitations and  networks eliminate a lot of unnecessary overheads), opportunities (IoT infrastructure is deployed to handle devices, technology cab be connected via any connectivity method and IoT to improve services such as waste management), and challenges (Standardization of NB-IoT technology is difficult and challenges in commercialization of NB-IoT) influencing the growth of narrowband-IoT (NB-IoT) market.
  • Market Penetration: Comprehensive information on the product portfolios offered by the top players in the narrowband-IoT (NB-IoT) market.
  • Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the narrowband-IoT (NB-IoT) market.
  • Market Development: Comprehensive information on lucrative emerging regions.
  • Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
  • Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

Related Reports:

Global Internet Of Things (IoT) Market

Global IoT Security Market

Global IoT In Healthcare Market

Global Industrial Internet Of Things (IIoT) Market

Global 5G IoT Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.


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