The global narrowband IoT (NB-IoT) market size was valued at USD 4.16 billion in 2023 and is expected to reach USD 22.75 billion by 2030, growing at a CAGR of 28.1% from 2024 to 2030. This significant growth is attributed to the expanding adoption of IoT devices across various sectors. NB-IoT technology is particularly well-suited for use cases that demand wide coverage, cost-efficiency, and low power consumption, such as smart metering, asset tracking, and smart agriculture.

The increasing need for real-time monitoring and analytics in logistics and supply chain operations further accelerates market growth, as NB-IoT enables reliable and precise data collection. Additionally, advancements in cloud computing and the rising demand for stable machine-to-machine (M2M) communication in industrial settings are bolstering the adoption of NB-IoT solutions.

One of the key strengths of NB-IoT technology is its capacity to operate in difficult environments, including deep underground areas and tight spaces, which enhances the viability of IoT deployments in various locations. Telecom operators play a pivotal role by delivering NB-IoT connectivity through standalone, in-band, and guard-band deployment models.

Government initiatives and funding play a crucial role in advancing the NB-IoT landscape. Numerous smart city projects across the globe are integrating NB-IoT to modernize infrastructure, improve service delivery, and raise living standards. These initiatives commonly rely on large-scale IoT device deployment for tasks such as energy monitoring, waste management, and traffic regulation, where NB-IoT proves advantageous due to its low energy demands and broad coverage capabilities.

Key Market Trends & Insights

• Europe held the largest revenue share at 32.3% in 2023.

• Germany emerged as the dominant market in Europe for NB-IoT in 2023.

• The network segment led the market by component, contributing 63.9% of the revenue in 2023.

• By deployment type, the in-band segment recorded the highest market share in 2023.

• In terms of device usage, the in-band segment also held the largest market share in 2023.

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Market Size & Forecast

• 2023 Market Size: USD 4.16 Billion

• 2030 Projected Market Size: USD 22.75 Billion

• CAGR (2024–2030): 28.1%

• Leading Region: Europe in 2023

Key Narrowband IoT Company Insights

Several major companies are leading the development and commercialization of NB-IoT solutions. Among them are Cisco Systems, Inc., Sierra Wireless, and Verizon, who are actively investing in new technologies and network infrastructure to support broader NB-IoT applications.

Cisco Systems, Inc. has established a strong presence in the market through its Cisco Jasper platform, which facilitates scalable NB-IoT deployments. The platform enables enterprises to efficiently manage IoT devices using existing LTE networks, making it ideal for smart city applications, utility monitoring, and asset management—where long-range, low-power connectivity is essential.

Sierra Wireless contributes significantly to the NB-IoT ecosystem with its HL78 series modules, offering deep indoor coverage and ultra-low power consumption. These modules cater to industrial IoT applications, including energy monitoring, asset tracking, and smart infrastructure.

Key Narrowband IoT Companies

• Cisco Systems, Inc.
• Sierra Wireless
• Verizon
• Nokia Corporation
• Telefonaktiebolaget LM Ericsson
• Huawei Technologies Co., Ltd.
• AT&T
• Tata Communications
• Fibocom Wireless Inc.
• Quectel Wireless Solutions Co., Ltd.
• Qualcomm Technologies, Inc.
• Intel Corporation

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Conclusion

The narrowband IoT market is undergoing a rapid transformation, fueled by increasing industry-wide adoption, strong governmental backing, and technological advancements. With its capability to deliver low-power, cost-effective, and wide-area connectivity, NB-IoT is becoming a cornerstone for smart infrastructure, industrial automation, and real-time monitoring applications. As global connectivity needs grow, NB-IoT is poised to play a central role in enabling scalable and sustainable IoT deployments across industries.