TMCnet News

Narrowband Internet of Things (NB-IoT) Market to Reach $32.5 Billion, Globally, by 2031 at 48.4% CAGR: Allied Market Research
[February 06, 2023]

Narrowband Internet of Things (NB-IoT) Market to Reach $32.5 Billion, Globally, by 2031 at 48.4% CAGR: Allied Market Research

Seamless communications through greater connection, reduced power consumption, and rising demand for a smarter and greener world drive the growth of the global narrowband internet of things (Nb-IoT) market.

PORTLAND, Ore., Feb. 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Narrowband Internet Of Things (NB-IoT) Market by Component (Solution, and Service), Deployment Mode (In-Band, Guard Band, and, Standalone), Application (Smart Meter, Smart Parking, Alarm & Detector, Smart Lighting, Tracker, Wearable, and, Others), and, Industry Vertical (Infrastructure, Agriculture, Automotive, Healthcare, Energy and Utilities, Manufacturing, Consumer Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global narrowband internet of things (NB-IoT) industry generated $634.34 million in 2021, and is estimated to reach $32.5 billion by 2031, witnessing a CAGR of 48.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Allied Market Research Logo

Drivers, Restraints, and Opportunities

Increasing adoption of IoT along with better battery life for connected devices and winding applications of NB-IoT technology is boosting the growth of the narrowband-internet of things (NB-IoT) market. In addition, the rapid development in IoT industry and rising demand for new cellular communication technology is positively impacting the growth of the narrowband-internet of things (NB-IoT) market. However, the stringent competition from alternate technologies and the lack of standardization of IoT regulations is hampering the narrowband internet of things (NB-IoT) market growth. On the contrary, increasing investments by technology companies and telecommunications service providers is expected to offer remunerative opportunities for the expansion of the narrowband-internet of things (NB-IoT) market during the forecast period.

Download Sample Report at:

Covid-19 scenario

  • The COVID-19 pandemic has rapidly spread globally and has negatively impacted the growth of the market due to the disruption in the production of IoT devices. Governments have imposed restrictions which in turn disrupted the supply chain of the narrowband internet of things (NB-IoT) market.
  • However, rise in number of people staying at home has boosted the demand for rapid Internet connectivity owing to which there has been a substantial increase in data usage propelling the demand for the narrowband-IoT market during the pandemic.

The solution segment to maintain its dominance during the forecast period

By component, the solution segment held the largest share in 2021, garnering nearly three-fourths of the global narrowband internet of hings (NB-IoT) market revenue, and is projected to maintain its dominance by 2031. The service segment showcases the fastest CAGR of 49.9% during the forecast period. This is driven by improving network efficiency, increasing the capacity to support a massive number of new connections using only a portion of the available spectrum.

The standalone segment to rule the roost

By deployment mode, the standalone segment contributed to more than two-thirds of the global narrowband internet of things (NB-IoT) market share in 2021 and is projected to rule the roost by 2031. The same segment would also display the fastest CAGR of 50.3% throughout the forecast period. Surge in demand for IoT devices and provide energy-efficient and long-range network access to IoT devices fuel the segment growth.

Purchase Inquiry:

North America garnered the major share in 2021

By region, North America held the major share in 2021, garnering more than three-fifths of the global narrowband internet of things (NB-IoT) market revenue, and is expected to dominate by 2031. This is due to the presence of various leading device manufacturers and network service providers in the U.S. and other major regions across North America. Asia-Pacific, on the other hand, would showcase the fastest CAGR of 46.4% from 2022 to 2031.

Leading Market Players

  • Huawei Technologies Co., Ltd
  • Intel Corporation
  • Qualcomm Technologies, Inc
  • Nokia Corporation

The report analyzes these key players in the global narrowband internet of things (NB-IoT) market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

Buy this Report at:

Trending Reports in ICT & Media Industry:

Virtual Humans Market Expected to Reach $440.3 Billion by 2031

AI Governance Market Expected to Reach $2.7 Billion by 2031

Communication Platform-as-a-Service (CPaaS) Market Expected to Reach $80.2 Billion by 2031

Parental Control Software Market Expected to Reach $4.3 Billion by 2031

Digital Process Automation Market Expected to Reach $42.7 Billion by 2031

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.


David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Follow Us on Blog:



Cision View original content:

[ Back To's Homepage ]