Narrowband Iot Enterprise Application Market To Witness Comprehensive Growth By 2032 AT&T Inc., Vodafone Group Plc

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Narrowband IoT enterprise application market

The market research is offered along with information related to key drivers, restraints, and opportunities.

WILMINGTON, NEW CASTLE, DE, UNITED STATES, January 28, 2025 /EINPresswire / -- The global Narrowband IoT Enterprise Application Market was valued at $4.3 billion in 2023, and is projected to reach $19.0 billion by 2032, growing at a CAGR of 17.5% from 2024 to 2032. Rise in demand for efficient connectivity solutions and rise in adoption of smart city initiatives are factors expected to propel the growth of the global narrowband IoT enterprise application market. However, limited bandwidth and data transfer rate and infrastructure and deployment costs are expected to hamper the growth of the global market. On the contrary, increased focus on sustainability is further likely to create lucrative opportunities for the growth of the global market.

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By industry vertical, the public sector segment accounted for the largest share in 2023, as it has been a major adopter of smart metering and remote monitoring solutions. Utilities companies have long used NB-IoT technology to efficiently manage electricity, gas, and water consumption, allowing for accurate billing and better resource management. This sector benefits greatly from NB-IoT's reliable connectivity and wide coverage, making it ideal for their extensive networks, which is further expected to propel the overall market growth.

By enterprise size, the large enterprises segment accounted for the largest share in 2023, of the narrowband IoT enterprise application market revenue, owing to the resources and infrastructure available in large scale companies to implement, invest and scale NB-IoT solutions across extensive operations in companies. These companies benefit from the technology's ability to manage numerous devices and large amounts of data efficiently, making it ideal for their complex and broad-scale applications, such as smart metering and industrial automation, which is further expected to propel the overall market growth.

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By application, the smart metering segment accounted for the largest share in 2023, of the narrowband IoT enterprise application market revenue, owing to its extensive adoption and critical role in utility management. This application involves the use of NB-IoT technology to remotely collect and transmit data from utility meters for water, gas, and electricity, which is further expected to propel the overall market growth.

The key players profiled in this report include

Huawei Technologies Co., Ltd.

Ericsson AB

Qualcomm Incorporated

Nokia Corporation

Intel Corporation

Vodafone Group Plc

China Mobile Limited

Deutsche Telekom AG

AT&T Inc.

Cisco Systems, Inc.

ZTE Corporation

Sony Corporation

Sierra Wireless, Inc.

Semtech Corporation

Telstra Group Limited.

The report provides a detailed analysis of these key players in the narrowband IoT enterprise application market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Recent Development:

On May 2023, NTT Ltd., a leading IT infrastructure and services company, and Cisco, a worldwide leader in technology, announced a collaboration to develop and deploy joint solutions that empower organizations to improve operational efficiencies and advance sustainability goals. Leveraging NTT's Edge as a Service portfolio and Cisco's IoT capabilities, solutions developed by the two companies will offer real-time data insights, enhanced security, improved decision-making, and reduced operational costs through predictive maintenance, asset tracking, and supply chain management capabilities.

In August 2023, STMicroelectronics, a global semiconductor leader serving customers across the spectrum of electronics applications, announced the achievement of Vodafone NB-IoT certification of its ST87M01 NB-IoT and GNSS modules. The ST87M01 combines cellular IoT connectivity and geolocation in a miniaturized, low-power, integrated module featured for wide-ranging IoT and smart-industrial applications.

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Regional Analysis:

By region, the North America segment held the highest market share in terms of revenue in 2022, owing to to its advanced infrastructure, early adoption of technology, and substantial investment in smart city projects and industrial IoT applications. The region's well-established telecom networks and a strong focus on innovation have made it a leader in deploying NB-IoT solutions across various industries, including energy and utilities, anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to attain the highest CAGR from 2024 to 2033, owing to rapid urbanization, increasing industrialization, and significant government initiatives promoting smart city technologies. Countries in this region are investing heavily in NB-IoT to enhance connectivity for smart metering, asset tracking, and other applications, further expected to contribute to the growth of the market in this region.

David Correa
Allied Market Research
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