Narrowband IoT Enterprise Application Market Size, Share, Growth Report 2032

Narrowband IoT Enterprise Application Market Insights

According to Zion Market Research, the global Narrowband IoT Enterprise Application Market was worth USD 1.31 Billion in 2023. The market is forecast to reach USD 24.15 Billion by 2032, growing at a compound annual growth rate (CAGR) of 38.27% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Narrowband IoT Enterprise Application industry over the next decade.

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Global Narrowband IoT Enterprise Application Market: Overview

The LPWA market is a market in which there are many drawbacks, such as low safety, poor reliability and high maintenance and operating costs. These issues come from the emerging innovations that drive this market, which are uneven and not structured. The narrowband IoT enterprise overcomes all these problems as it consists of features such as wide area universal coverage, low-power usage with high battery life assurance, low-cost terminals, and high carrier-class network protection with stability, rapid network upgrading, high coupling, plug and play and centralised business device management. The initial implementation cost will be high, but it is worth it in the long run.

Global Narrowband IoT Enterprise Application Market: Growth Factors

The global narrowband IoT business technology market is rising due to a growth in demand for a low-power wide-area network across multiple vertical lines. Factors driving global demand growth include strong deployment stability with GSM, expanded range and long battery life, and WCDMA or LTE. In the coming years, smart metering is projected to dominate the narrowband IoT business application market.

In addition, smart metering is sub-segmented into smart gas, smart water and smart electrical. These are also essential components for smart cities, since they are used for utility billing and tracking purposes. Using these metres, energy utilisation is measured exactly, thereby increasing the demand for the narrowband IoT business application segment. Among other aspects, asset monitoring is also seeing an increase in business growth. Asset tracking helps in the tracking, control and sensing of wireless assets, offering round-the-clock visibility on the status of assets. Mapping the features of asset monitoring with personalised data allows to provide information about any asset being tracked. The restricting factors for the narrowband IoT business device market are competition from LPWAN technology and the downtime of IT systems.

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Global Narrowband IoT Enterprise Application Market: Segmentation

The global narrowband IoT enterprise application market is segmented on the basis of application software, vertical, technology service, smart application, and regions. Based on the application software, the global market is segmented into security solutions, soil monitoring, logistics tracking solutions, real-time streaming analytics, and asset tracking solutions, smart parking management solutions and others. On the basis of the technology, the global narrowband IoT enterprise application market is segregated into professional and managed. Based on the vertical, the global market is categorized into agriculture, healthcare, energy and utilities, logistics and transportation, manufacturing, retail, and others. The narrowband IoT enterprise application market has different smart applications such as smart governance, smart buildings, smart metering, smart asset tracking and others. Region wise, global the narrowband IoT enterprise application market is diversified into Europe, the Middle East and Africa, North America, Asia-Pacific and Latin America.

Narrowband IoT Enterprise Application Market: Report Scope

Global Narrowband IoT Enterprise Application Market: Regional Analysis

The Asia-Pacific region is the region that contributes the highest share of the narrowband IoT business application market. This share is attributed to the recent development of smart cities in the region, which is why a vast number of innovative tech and smart technologies are being deployed, which is driving global business growth. Other developing areas, such as North America and Europe, are also contributing to business growth as a result of their strong investment in smart cities development.

Global Narrowband IoT Enterprise Application Market: Competitive Players

Some main participants of the narrowband IoT enterprise application market are China Mobile, China Mobile, SK Telecom, Etisalat, Telstra, Telefonica, Vodafone Group PLC, China Unicom, AT&T, Orange S.A. and Deutsche Telekom among others.

Narrowband IoT Enterprise Application Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa