The NB-IoT market is set to grow at a CAGR of over 69.2% to reach approximately $208bn by the end of 2030, according to Market Research Future (MRFR).

The proliferation of IoT devices in industrial applications is expected to allow the market to gain huge momentum in the next six years. The expanding NB-IoT ecosystem enables utilities, energy and other critical infrastructure industries to deploy massive IoT supporting internal operations and local communities.

Vast deployments of NB-IoT devices across industries to improve operations and communication networks will substantiate market revenues. Increasing adoption of IoT systems in business systems, alongside the growing digitisation, will also boost market size.

The leading players in the NB-IoT market are Vodafone, Verizon, Huawei, Emirates Telecommunications, Qualcomm, Telecom Italia, China Unicom, Ericsson, Intel and Nokia.

Over the past few years, telecom equipment requirements have changed rapidly due to the emergence of 5G and new government policies, leading to a spurt in the telecoms industry. Further, technology upgrades, as well as policy developments, are creating the right conditions for the development of the telecom ecosystem. Satellite-based service will be a key enabler for global NB-IoT deployments.

Recent extensions of satellite-based ground networks create a vast demand for NB-IoT. The cellular community continues to struggle to build an NB-IoT ecosystem as it allows communication providers to deliver service using inexpensive radio modules. NB-IoT is well-suited to the needs of IoT devices, open-source mobile core networks and critical IoT applications ranging from smart grid and smart meter services to public safety applications.

The market is witnessing a constant uptick and increasing investment by providers over recent years, which fosters R&D activities to develop NB-IoT products and services. Remote working and work-from-home mandates increased the market demand for high-speed networks and IoT securities. Increased digitisation and automation across the manufacturing sectors boosted IoT deployments and the need for NB-IoT.

NB-IoT is a 5G-compatible network offering that lets IoT create connected space quickly. The proliferation of 5G should drive the market demand for NB-IoT, allowing increased control of service-based use cases. Also, the penetration of location-based services and remote monitoring applications should escalate the market value.

Increasing business needs to trace, track and monitor remotely the status of assets and devices create vast market demand. Increasing AR and VR applications, alongside the penetration of autonomous vehicles, increase the market size. Furthermore, increasing demand for IoT providing real-time information and data for more sustainable farming positively impacts the market value.

Rising numbers of cellular networks with satellite NB-IoT boost market revenues. Moreover, increasing demand for satellite constellations to address challenges with terrestrial networks defines the growing market landscape. Evolving NB-IoT communications technology and the emergence of various 4G and 5G compatible devices are expected to drive market growth in the future.

On the flip side, the lack of standardisation of IoT regulations is a major headwind restricting market growth. Although some regulatory initiatives are implemented, the ecosystem still lacks unified NB-IoT standards globally. Also, existing NB-IoT devices, networks, data and applications do not address concerns around IoT as a whole.

North America dominates the global NB-IoT market, driven by the presence of various leading device manufacturers and network service providers focusing on testing and commercial deployment of NB-IoT for consumer applications. Increasing initiatives for developing modules and deploying NB-IoT networks substantiate the market size.

Moreover, increasing demand for improved coverage and wider scope of commercial applications where the technology can be applied create significant growth opportunities. Technological expertise and continued adoption of emerging technologies for personal and business applications are other major factors driving the growth of the NB-IoT market in North America. 

The market is estimated to witness significant product launches and major strategic deals, such as mergers, acquisitions, collaboration, expansion and product development. Leading market players are making significant investments in research and development activities to drive their expansion plans.

For instance, in September 2022, Sateliot, a satellite telecom operator, announced its collaboration with Amazon Web Services (AWS) to provide direct-to-satellite 5G-based NB-IoT connectivity. This fully virtualised cloud-native 5G core for its NB-IoT services, delivered by low Earth orbiting (LEO) satellites, is expected to be commercially available around the second half of 2023.

Sateliot wants to provide seamless coverage for mobile operators via roaming agreements rather than sell the service itself. This technology works with unmodified commercial devices compliant with the 3GPP R17 standard. Customers can continue using the same commercial RF module or device and SIM to switch between their terrestrial network and Sateliot’s satellite constellation without additional hardware costs.