Narrowband IoT NB-IoT Devices Market Size Forecast to Reach $23.1 Billion by 2026

(IT-NEWSWIRE.COM, February 06, 2022 ) The global Narrowband IoT NB-IoT devices market size is forecast to reach $23.1 billion by 2026, growing at a CAGR of 22.6% from 2021 to 2026. Growing penetration of connected IoT applications like wearable devices, smart meters and so on, along with rising adoption of alarms and detectors for industrial safety concerns have been attributing to the market growth. The increasing adoption across smart cities for serving applications like smart parking, smart streetlights, smart waste management, and others have been also driving the demand for long range networking devices like NB-IoT. Moreover, growing demand for M2M communication and smart meters have been also driving the market forward. The shift towards advancing industrial automation trends across energy & utilities, automotive, manufacturing and others along with growing utilization of remote healthcare consultation facilities is set to create new opportunities for the NB-IoT devices market in the coming time.

Narrowband IOT (NB-IoT) Devices Market Segment Analysis-By Device Type

Wearable Devices segment is analysed to grow with the highest CAGR of 11.6% in the global narrowband IoT (NB-IoT) devices market during the forecast period 2021-2026. Rising health concerns as well as fitness awareness among consumers have been driving the need for smart wearables with advanced functionalities and optimized network performance. With the growing demand for wearable devices across various end use applications including healthcare, sports and fitness, and others have been eventually boosting the growth for wearable devices with low power consumption and excellent coverage benefits, impacting the market growth of NB-IoT technology. Adoption of NB-IoT wearables have been facing wide popularity overtime across varied end use markets owing to cost efficiency, network security and reliability, long range connectivity with many others. Rising trends towards developing wearables with less energy wastage and longer battery life acts as a major factor for attracting customers, thereby set to further enhance the need for NB-IoT wearable devices in the long run. In June 2019, Huami announced about the launch of a fully functional health-oriented smartwatch, named AMAZFIT Health Watch, equipped with NB-IoT independent communication. This development was done to help in real-time reporting of emergency health events without Bluetooth connection, with capabilities of storing upto 60 minutes of ECG data and last for about 7 days. Such developments can be considered vital in influencing the market growth towards narrowband IoT wearables in the coming time.

Narrowband IOT (NB-IoT) Devices Market Segment Analysis-By Industry Vertical

Healthcare sector is analyzed to grow with the highest CAGR of 12.3% in the global narrowband IoT (NB-IoT) devices market during 2021-2026. With growing trends like remote consultation, health monitoring through connected devices, remote observation, medical emergency, smart medical devices and so on, there have been a significant transition towards adoption of new communication technologies offering better data transmission, easy integration, intensive data processing, and others. Conducting real-time monitoring of health conditions be it heart rate, blood pressure, pulse, oxygen levels and so on through gathering sensor data, eventually drives the need for low latency networks coupled with reduced processing complexities. This serves as an integral part in boosting the market growth of NB-IoT enabled devices for offering high throughput with energy efficiency, while enhancing the healthcare industry. With the surge of COVID-19 pandemic, the need for smart wearables, healthcare monitoring devices and others have been facing a significant surge, which is set to drive the market growth forward. In April 2020, Advanced Remote Monitoring LLC and Advanced Wearables Inc. announced about its partnership with an IoT and smart wearable developer, KaHa, for the launch of a 360 degree solution, Continuous Covid Monitoring+, used for monitoring as well as isolating COVID-19 cases. This development was done to utilize smart wearables for monitoring temperature, heart rate and related metrics, offering real-time data to doctors remotely, set to further boost the market growth of NB-IoT devices.

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Narrowband IOT (NB-IoT) Devices Market Segment Analysis-By Geography

APAC region had dominated the global narrowband IoT (NB-IoT) market with a share of around 35% in 2020 and is also analysed to have a significant growth during 2021-2026. Rapid rise of smart city or smart infrastructural projects, growing penetration of IoT applications and government initiatives towards modernizing or upgrading network infrastructures have attributed towards the market growth of NB-IoT devices in the region. Increasing adoption of smart wearables, shift towards connected healthcare as well as support towards improving industrial IoT automation trends can also propel the need for NB-IoT devices overtime. Additionally, rise in development of IoT enabled consumer electronic products, increasing demand for energy efficient devices, initiatives towards implementation of NB-IoT services, along with growing adoptability of NB-IoT based smart meters overtime can further boost the market growth in the coming time. In April 2021, Tata Power-DDL announced about the deployment of India’s first smart meter leveraging NB-IoT communications, due to rise in data volumes, enabling an increased number of remote meter readings. Such initiatives are bound to aid the market growth of NB-IoT devices in the long run.

Narrowband IOT (NB-IoT) Devices Market Drivers

Growing demand for M2M communication and smart meters

Growing demand for M2M communication and smart meters is analyzed to be one of the major factors driving the market growth of narrowband IoT (NB-IoT) devices during the forecast period. With technological advances, adoption of connected devices, improving industrial automation and so on have been attributing towards the rise of M2M communication and smart metering applications across varied industries. Deployment of NB-IoT devices have eventually gained wide popularity for M2M or smart metering applications, owing to its capabilities of providing wireless transmission over a more extended range at relatively low costs, under limited power consumption. Due to its less power use, NB-IoT modules contribute towards increased device battery life through supporting high speed 4G and 5G networks. In June 2021, HPL Electric & Power had revealed about receiving the approval as well as production clearance related to implementation of NB-IoT based Smart Meters within Delhi, India. These NB-IoT communication technology based smart meters with both 4G and 5G compatibility, are capable of offering a dedicated channel for smart metering, eliminating performance degradation due to interference or obstruction from public network congestions. Such factors are further set to boost the market growth of NB-IoT devices in the long run.

Increasing adoption across smart cities drives the market forward

Increasing adoption across smart cities act as a major driver boosting the market growth of global narrowband IoT (NB-IoT) devices. Application areas including smart parking, street lighting, smart meters, and waste management with others, drive the need for sensors and connected devices, influencing the demand for advanced IoT networks. Technological advances for improving mobile IoT networks have led the shift towards NB-IoT technology capable of offering a secured and robust method for connecting smart city assets. Leveraging NB-IoT based devices for smart cities help in offering significant benefits in parking, water metering and related applications owing to its capabilities of minimal power consumption, optimum data security, extended long span network coverage even at remote areas and many others, thereby impacting its market growth. In July 2019, a U.K based smart waste management solution provider for Smart Cities, Sensoneo announced about deployment of its first commercial narrowband IoT solution from Twilio within U.S. This was done to enhance reliability, ease of management and coverage for managing smart sensor application areas regarding smart cities.

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Narrowband IOT (NB-IoT) Devices Market Challenges

Limited data transmission rates

Limited data transmission rates of narrowband IoT (NB-IoT) devices act as a major factor restraining its market growth. Since the data sent over NB-IoT networks are comparatively slower, showing its higher use across low-speed applications, alongside limiting its deployment in high-speed application areas including video surveillance and others requiring faster data transmission. Implementation of slower network modules in NB-IoT devices creates cellular capability complexity in comparison to LTE-M technologies, which enable higher data rates. Such factors have been eventually hampering its market demand owing to availability of faster data rates in the markets.

Narrowband IOT (NB-IoT) Devices Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Narrowband IOT (NB-IoT) Devices market. Narrowband IOT Devices top 10 companies include MediaTek Inc., Qualcomm Technologies Inc., Verizon Communications Inc., Nordic Semiconductor, Samsung Group, Huawei Technologies Co. Ltd., Intel Corporation, Nokia Corporation, Altair Semiconductor and Sequans Communication among others.

Acquisitions/Technology Launches/Partnerships

In September 2020, MediaTek and Tuya Smart jointly announced about the launch of their latest narrow band IoT (NB-IoT) modules, namely NM1, NM1-CT as well as NM1-GL, designed specifically for serving smart city applications.

In April 2020, Qualcomm Technologies Inc. announced about the launch of a power efficient single mode NB2 (NB-IoT) chipset, named 212 LTE IoT Modem. This development was a part of its continuation the legacy of leading wireless innovations through driving the growth for cellular IoT.

Key Takeaways

Narrowband IoT (NB-IoT) Wearable device is analyzed to emerge as the fastest growing segment during 2021-2026, owing to rising demand for energy efficient wearables and others.

APAC Narrowband IoT (NB-IoT) devices market held the largest market share in 2020, due to varied factors like rise of smart city or smart infrastructural projects, growing penetration of IoT applications and so on.

Growing demand for M2M communication and smart meters along with rising adoption for smart cities is analyzed to significantly drive the Narrowband IoT (NB-IoT) devices market during the forecast period 2021-2026.

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Narrowband IoT NB-IoT Devices Market Size Forecast to Reach $23.1 Billion by 2026