The global narrowband IoT market is expected to grow at an exponential CAGR of 61.5% during the forecast period of 2023-2030. The internet of things is creating a hyper-connectivity by establishing digital connectivity between people and things at anytime and anywhere. 50 billion networked devices exist globally as on 2021. The global Narrowband IoT market is majorly driven by increasing internet penetration across the world, rising demand across industrial and commercial applications and technological development.

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Acceptance of the internet of things is growing due to the increasing access of mobile devices and smart consumer electronics products worldwide. The increasing penetration along with the advancement in wireless communication technology is anticipated to considerably drive the growth in the coming years. Internet is also having acceptance in the energy sector due to the rising investment in smart grid communications. Internet of things is the strength of smart grids since it contains data gathering and further analysis for energy optimization.

The global IoT market is segmented on the basis of various consumer and commercial applications which include agriculture, automotive & transportation, building & automation, energy, healthcare, infrastructure, manufacturing, and so on. Among these applications of narrowband IoT in energy sector is expected to grow at the highest CAGR of 67.1% during the forecast period of 2023-2030. The major drivers include increasing awareness levels, rising demand for energy and utility analytics, and so on.

Data privacy and accuracy will be the most challenging task for wearable device manufacturing companies. The wearable device market is estimated to grow at CAGR 61.9% for the forecasted period 2023-2030. There are enough reasons to state that Wearable devices and technology are one of the ultimate applications of IoT. These devices can strap on to arm and can be handy. There is enough room for innovation and development in wearable technology.  Healthcare, fitness so far the major arenas exploited by IoT companies for wearable devices.

The regional paradigm of global narrowband internet of things market is dominated by North America. However, the North America IoT market will witness slow growth due to saturation levels at various points. The future Narrowband IoT market is driven by the significant growth in Asia Pacific & European region. Asia Pacific region holds the potential growth opportunities specifically in the energy, safety & security, healthcare, and agriculture. Asia Pacific, growing at a CAGR of 65.4% is projected to be the fastest growing region for the global narrow band IoT market (NB-IoT).

The market is filled with many companies, each of which is specialized into IoT for specific purposes. The current competition is in between the giant players, but as the NBIoT chipset technology continues to grow there is huge number of startups based upon IoT technology is ready to hit the market. However, global IoT market is largely filled with many players such as , IBM Inc., AT&T, CISCO, Ericson, Huawei technologies Ltd., Intel Corp., Microsoft Ltd., Apple Inc, HP, Google Inc., Qualcomm Inc., Samsung Electronics, Vodafone group PLC., Verizon Communications.

Key Market Movements

• The global narrowband IoT market is expected to grow at an exponential CAGR of 61.5% during the forecast period of 2023-2030.
• Acceptance of internet of things is growing due to the increasing access of mobile devices and smart consumer electronics products worldwide. Therefore, this remains as a key driver.
• Narrowband IoT in energy sector is expected to grow at the highest CAGR of 67.1% during the forecast period of 2023-2030.
• Wearable device market is estimated to grow at CAGR 61.9% for the forecasted period 2023-2030.
• The regional paradigm of global narrowband internet of things market is dominated by North America.
• Asia Pacific, growing at a CAGR of 65.4% is projected to be the fastest growing region for the global narrow band IoT market.
• Global IoT market is largely filled with many players such as , IBM Inc., AT&T, CISCO, Ericson, Huawei technologies Ltd., Intel Corp., Microsoft Ltd., Apple Inc, HP, Google Inc., Qualcomm Inc., Samsung Electronics, Vodafone group PLC., Verizon Communications.

Narrowband IoT Market is segmented into:

*Detailed Segmentation is available on the report page