The global narrowband IoT (NB-IoT) market size was valued at USD 4.16 billion in 2023 and is projected to reach USD 22.75 billion by 2030, expanding at a CAGR of 28.1% from 2024 to 2030. This rapid growth is fueled by the increasing adoption of IoT devices across diverse industries, as NB-IoT technology delivers cost efficiency, extensive coverage, and low power consumption—making it ideal for applications such as smart metering, asset tracking, and smart agriculture.

The rising demand for real-time monitoring and analytics in logistics and supply chain management further propels the market, as NB-IoT enables accurate and timely data collection. Advancements in cloud computing, along with the growing need for reliable machine-to-machine (M2M) communications in industrial environments, are also key contributors to this expansion.

One of the standout features of NB-IoT is its ability to penetrate deep underground and reach narrow or remote spaces, supporting IoT device deployment in challenging locations. Telecom service providers play a pivotal role in enabling network connectivity for IoT devices in standalone, in-band, and guard-band modes.

Government support through policies, strategic partnerships, and funding initiatives is significantly boosting the NB-IoT market. Global smart city programs—aimed at modernizing infrastructure, enhancing public services, and improving quality of life—require extensive IoT networks to manage electricity usage, optimize waste disposal, and regulate traffic. NB-IoT’s low energy consumption and broad coverage make it the preferred choice for such applications.

Key Market Trends & Insights

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

• Germany led the European narrowband IoT market in 2023.

• By component, the network segment dominated with a 63.9% share in 2023.

• By deployment, the in-band segment generated the highest market revenue share in 2023.

• By device, the in-band segment also accounted for the largest 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%

• Largest Market in 2023: Europe

Key Narrowband IoT Company Insights

Prominent players in the NB-IoT market include Cisco Systems, Inc., Sierra Wireless, and Verizon, among others. These companies focus on developing innovative modules and expanding NB-IoT networks to enhance coverage and widen the range of commercial applications.

• Cisco Systems, Inc. plays a leading role through its Cisco Jasper platform, which supports large-scale IoT deployments. The platform enables enterprises to manage NB-IoT devices efficiently using existing LTE infrastructure, delivering reliable, cost-effective IoT connectivity. It is particularly impactful in smart cities, smart metering, and asset-tracking applications.

• Sierra Wireless offers NB-IoT solutions via its HL78 series modules, providing ultra-low power consumption and deep coverage tailored for industrial IoT applications such as asset tracking, smart energy, and smart cities—ensuring long battery life and robust connectivity.

Leading 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 poised for exponential growth, driven by its unmatched suitability for low-power, wide-area applications in both urban and remote environments. As industries and governments increasingly adopt IoT-driven solutions for efficiency, safety, and sustainability, NB-IoT will remain a cornerstone technology in advancing smart city infrastructure, optimizing industrial operations, and enabling next-generation connectivity across sectors.

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