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The global private narrowband-internet of things (NB-IoT) market is poised for remarkable growth, with a projected Compound Annual Growth Rate (CAGR) of 92.1% from 2019 to 2025. This surge is primarily propelled by the escalating demand for low-power wide-area network (LPWAN) solutions on a global scale. Private NB-IoT, known for its myriad benefits including low deployment costs and extended battery life, finds applications across various sectors such as industrial manufacturing, logistics and transportation, energy & utilities, agriculture, and healthcare. Offering unparalleled coverage and heightened security, private NB-IoT has evolved significantly in the last two years, with pilot testing projects showcasing its commercial viability. As the technology continues to mature, the market anticipates a substantial increase in applications in the near future.
Market Growth and Projections: The global private NB-IoT market is anticipated to register a staggering 92.1% CAGR, reaching a projected value of USD 16,075.4 million by the end of 2025. In 2019, smart parking management applications held a leading position with a 32.4% market share. However, the logistics tracking application is poised to exhibit the highest CAGR of 97.7%, reflecting the growing significance of private NB-IoT in optimizing logistics operations. The deployment landscape is dominated by guard band private NB-IoT, accounting for 62.5% in 2019 and expected to maintain its leadership with a CAGR of 95.5%.
Verticals Driving Market Share: In terms of verticals, industrial manufacturing is anticipated to claim the largest share in 2019, valued at USD 115.4 million and projected to escalate to USD 5,912.6 million by 2025. The industrial sector's adoption of private NB-IoT is indicative of its transformative impact on optimizing manufacturing processes. This growth trajectory underscores the technology's ability to enhance operational efficiency and provide a competitive edge in the industrial landscape.
Regional Dynamics: North America leads the charge in the private NB-IoT market, commanding a 38.36% market share in 2019. The region's early adoption of IoT technologies and robust infrastructure contribute to its dominance. Following closely is the Asia-Pacific region, holding a 33.17% market share in 2019. What sets Asia-Pacific apart is its exceptional CAGR of 97.1% during the forecast period, indicating unparalleled growth potential. The region's diverse markets and burgeoning technological landscape position it as a key player in driving revenue growth for private NB-IoT.
Emerging Opportunities and Applications: The landscape of private NB-IoT is dynamic, with applications expanding rapidly. Beyond the conventional sectors, the technology is finding new applications in commercial settings. Pilot testing projects conducted over the past two years have demonstrated the efficacy of private NB-IoT in real-world scenarios, opening doors to a myriad of commercial applications. This evolution signals a shift from theoretical possibilities to tangible and practical use cases, fueling optimism about the technology's future growth.
Conclusion: Private NB-IoT's staggering growth rate, driven by its versatility and efficiency, positions it as a key player in the IoT landscape. The technology's applications in smart cities, smart buildings, and various industries underline its transformative impact on connectivity and data transmission. As the market continues to evolve, private NB-IoT is not just a technological advancement; it is a catalyst for innovation, offering solutions that redefine how businesses operate and how cities function. With the projected growth and diverse applications, private NB-IoT is undoubtedly a force to be reckoned with, ushering in a new era of connectivity and technological integration.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 36.0% (2022-2032 Base Year 2019 Forecast Period 2022-2032 Historical Data 2018 Forecast Units Value (USD Million) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered by Application, Deployment Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW) Key Vendors AT&T, Verizon Communications, China Mobile Limited, Huawei technologies co. Ltd., Intel Corporation, Telefónica, Vodafone Group Plc., Orange, China Unicom, Telstra, Nokia, Ericsson, Qualcomm Technologies Inc, Telecom Italia, Emirates Telecommunications Corporation. Key Market Opportunities The growing tech-savvy population and continued adoption of emerging technologies for personal and business applications are some of the other major factors driving the growth of the private narrowband IoT market in North America. Key Market Drivers The market is driven by increasing demand for low-power wide-area network (LPWAN), globally. Also, since private NB-IoT offers several benefits including low deployment cost and long battery life, it is deployed for a number of applications including industrial manufacturing, logistics and transportation, energy & utilities, agriculture, and healthcare among others, thereby driving the overall market. |
Private Narrowband IoT Market Highlights:
Private Narrowband IoT Market Overview
Private Narrowband-Internet of Things (NB-IoT) Market is expected to reach USD 43.871 with a CAGR of 36.0% from the year 2024–2032. The market is driven by increasing demand for low-power wide-area network (LPWAN), globally. Also, since private NB-IoT offers several benefits including low deployment cost and long battery life, it is deployed for a number of applications including industrial manufacturing, logistics and transportation, energy & utilities, agriculture, and healthcare among others, thereby driving the overall market. Private NB-IoTs offer extended coverage and higher security over its substitutes. The private NB-IoT technology is being deployed recently for commercial purposes, with pilot testing projects being run at various locations in the past two years. The private NB-IoT solutions have evolved significantly over the last two years and the applications of this technology are expected to increase significantly in the future.
Figure 1: Private Narrowband-Internet of Things Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The value chain of private narrowband IoT consists of four key stakeholders namely, component manufacturers, telecom operators (MNOs and MVNOs), system integrators, and verticals. The manufacturers usually partner with other stakeholders in order to efficiently sell their solutions in the market. They tend to build strong relationships with regional resellers/suppliers so that they can expand their presence in the stipulated area. In terms of Porter's five forces analysis, the market is expected to witness moderate to high rivalry. Currently, telecom operators are investing in private NB-IoT projects and are running pilot projects in various regions/countries. As the demand for NB-IoT connectivity increases among industry verticals, these telecom operators will try to cater to the market demand by providing efficient private NB-IoT services, thereby increasing the competition/rivalry in the market in the years to come.
Synopsis
The Private Narrowband IoT Market has been segmented based on Application, Deployment, Vertical, and Region.
Based on the application, the private narrowband IoT has been segmented into real-time streaming analytics, asset tracking, smart parking management, security, logistics tracking, soil monitoring, and others. The smart parking management segment accounts for the largest market share in 2019, and it is expected to register a CAGR of 89.7% during the forecast period. The asset tracking segment holds the second-largest share in 2019; it is projected to exhibit substantial CAGR during the forecast period. However, the logistics tracking segment is expected to register the highest CAGR of 97.7%.
Based on the deployment model, the market has been segmented into in-band, standalone, guard band. The guard band segment accounts for the largest market share in 2019, with a market value of USD 199.6 million; it is expected to register substantial growth during the forecast period. The standalone segment is the second-largest market in 2019.
Based on industry vertical, the Private Narrowband IoT has been categorized as agriculture, logistics and transportation, healthcare, industrial manufacturing, energy and utilities, and others. The industrial manufacturing segment accounts for the largest market share in 2019, and it is expected to register a CAGR of 92.7% during the forecast period. However, the energy & utility segment is expected to register the highest CAGR of 95.9%.
Regional Analysis
Geographically, the global private narrowband IoT market has been segmented into Asia-Pacific, North America, Europe, and the Middle East & Africa, and South America.
North America dominates the global private narrowband IoT market owing to the presence of various leading device manufacturers and network service providers focusing on testing and commercial deployment of private narrowband IoT solutions for consumer applications. These market players are working towards the development of new modules and deployment of private NB-IoT networks to enhance the coverage and increase the scope of commercial applications where the technology can be applied. Moreover, the growing tech-savvy population and continued adoption of emerging technologies for personal and business applications are some of the other major factors driving the growth of the private narrowband IoT market in North America.
IoT device shipments in Asia is expected to reach 12.7 billion units by 2030. The market for NB-IoT is expected to grow significantly in the forecast period in the region. At present, NB-IoT is deployed in countries such as China, Taiwan, Hong Kong, Singapore, Thailand, Bangladesh, Sri Lanka, Japan, South Korea, New Zealand, Indonesia, and Australia. The region has a huge potential as NB-IoT as it uses the mobile wireless network which offers better scalability, quality of service, and security as compared to unlicensed LPWA networks such as LoRa/Sigfox. Along with this, it offers long battery life due to low power consumption. The price of NB-IoT modules/chipset is expected to decline in the coming year.
Companies Covered
The Key Players of the Global Private Narrowband IoT Market are,
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AT&T
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China Mobile Limited
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Huawei technologies co. Ltd.
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Intel Corporation
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Telefónica
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Vodafone Group Plc.
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Orange
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Verizon Communications
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China Unicom
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Telstra
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Nokia
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Ericsson
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Qualcomm Technologies Inc
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Telecom Italia
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Emirates Telecommunications Corporation
Key Developments
- In April 2019 AT&T launched a narrowband (NB-IoT) network across the US in addition to its low-power wide-area networks (LPWANS) in order to remain competitive in the private narrowband IoT market. This further helps the company to increase its customer base.
- In May 2019 Verizon has launched its nationwide NB-IoT network, which the carrier claims, covers 92% of the total US population. The network is capable of managing both IP and non-IP traffics. Non-IP traffic management can be used for devices and solutions that are not traditionally connected to mobile networks, such as alarm panels, environmental sensors, industrial appliances, factory equipment, and parking meters. Verizon maintains that the network can also be used in smart city applications.
- In Feb 2019 China Mobile Limited partnered with Singtel, a Singapore-based telecommunication company, to expand the IoT market to the Asia-Pacific region. China Mobile Limited also partnered to provide its narrowband-IoT (NB-IoT) products and services in Singapore using Singtel’s network.
- In November 2017 Gemalto and Huawei—via its semiconductor arm, HiSilicon, announced their partnership to develop NB-IoT modules with a focus on security and low power consumption. These modules can be used in a range of IoT devices to reduce both size and production costs. The initiative will combine expertise from both companies in an effort to appeal to manufacturers to meet the growing demand for NB-IoT enabled devices.
Key questions addressed by the report
- What was the historic market size (2019)?
- Which segmentation (Application, Deployment, Vertical) are driving the market?
- What will be the growth rate by 2025?
- Who are the key players in this market?
- What are the strategies adopted by key players?
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