The global NB-IoT Devices market size was USD 903 million in 2022 and register a revenue CAGR of 40% during the forecast period. The NB-IoT Devices market revenue growth is expected to expand significantly in the coming years. NB-IoT technology offers a Low-Power Wide-Area Network (LPWAN) for devices that need infrequent data transmissions and is specifically created for the Internet of Things (IoT). Rapid developments in industries, including Smart Cities, healthcare, and agriculture across the globe is expected to drive revenue growth of the NB-IoT Devices market.
Rising demand for inexpensive and low-power IoT devices as well as the requirement for effective connection solutions are some of the major factors driving market revenue growth. In addition, rising demand for wearable technology, asset tracking systems, and smart home gadgets is also expected to drive market revenue growth in the coming years. Increasing investments in 5G technology, which incorporates NB-IoT technology is expected to drive market revenue growth. It is expected that the rollout of 5G networks will increase network coverage, lower latency, and offer quicker data transfer rates, all of which are crucial for IoT applications.
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Key Trends and Innovations:
Integration of NB-IoT technology into 5G networks is expected to drive revenue growth of the NB-IoT Devices market. IoT device connectivity will be made efficient and affordable with the use of NB-IoT technology in 5G networks. The NB-IoT technology’s Low-Power Wide-Area Network (LPWAN) is ideal for IoT applications that call for occasional data transmissions. To support IoT applications, the combination of 5G and NB-IoT technologies is expected to increase network coverage, decrease latency, and offer quicker data transfer rates.
Rising demand for smart cities is one of the major factors driving the NB-IoT Devices market revenue growth across the globe. Smart city solutions such as intelligent lighting, intelligent parking, and intelligent waste management call for an economical and effective connection solution. Smart city applications benefit from the low-power wide-area network provided by NB-IoT technology. Increasing urban population and the need for sustainable and effective municipal infrastructure, the need for smart city solutions is expected to drive the market revenue growth during the forecast period.
Qualcomm, Intel, Ericsson, Huawei, STMicroelectronics, NXP Semiconductors, Sierra Wireless, Texas Instruments, Quectel Wireless Solutions, and Nordic Semi.
The global market is further segmented into type and application:
|By Deployment Type Outlook||
|By Business Outlook||
|By End-Use Industry Outlook||
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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