Narrowband IoT Market Set to Reach USD 17.3 Billion by 2035 as Smart Utilities, City Infrastructure, and Connected Healthcare Accelerate Adoption

The global Narrowband IoT (NB-IoT) market is projected to grow from USD 1.0 billion in 2025 to USD 17.3 billion by 2035, expanding at a CAGR of 19.2% over the forecast period.

Growth is being driven by large-scale deployments across smart metering, utilities, connected healthcare, industrial automation, and smart city infrastructure, where ultra-low power consumption and deep-indoor coverage are vital for long-lifecycle devices.

MarketGenics highlights NB-IoT as a foundational connectivity layer for the next decade of infrastructure digitization, as national-scale utility initiatives, remote asset monitoring, and municipal smart systems increasingly shift to LPWA (low-power wide-area) cellular technologies that prioritize reliability, reach, and battery efficiency over bandwidth.

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Recent Developments Shaping the Market
Vodafone Expands Platform for Mass NB-IoT Deployments

In July 2025, Vodafone España unveiled a proprietary IoT platform built on its long-standing NB-IoT infrastructure, which has supported commercial networks since 2017. The platform now powers over 9.3 million connected devices, enabling smart city services, smart water metering, wildfire detection, elderly care teleassistance, and connected emergency lighting systems.

Pan-European Roaming Strengthens Smart Utility Rollouts
In June 2025, Deutsche Telekom and Vodafone completed a successful pan-European NB-IoT roaming trial confirmed by the GSMA, demonstrating cross-border operability for smart city and utility applications. This interoperability accelerates procurement for municipalities and infrastructure operators seeking standardized connectivity across multiple jurisdictions.

Strategic Expansion in NB-IoT Hardware Capabilities
In March 2025, TRASNA Solutions acquired u-blox's cellular IoT module division, including IP and engineering teams. The move strengthens NB-IoT hardware innovation and lifecycle management capabilities, reinforcing the dominance of dedicated module suppliers in the global ecosystem.

Narrowband IoT Market Forecast to 2035
The NB-IoT market is projected to create an incremental opportunity of USD 16.3 billion between 2025 and 2035. National-scale digital infrastructure rollouts-particularly across utilities, mobility tracking, and industrial telemetry-will form the backbone of this expansion.

By 2035, NB-IoT is expected to be embedded as a persistent connectivity layer across critical public infrastructure, consumer telemetry devices, logistics networks, and environmental sensing applications.

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Key Drivers, Challenges, and Opportunities
Driver - Smart Metering and Nationwide Utility Deployment
NB-IoT adoption is being propelled by utility-scale smart metering initiatives that require durable, low-power connectivity. Its long battery life, deep-indoor penetration, and scalable provisioning make it the preferred choice for large municipal fleets. Cross-border roaming now demonstrated in Europe is improving procurement confidence among public and private infrastructure operators.

Restraint - Fragmented Spectrum and Rollout Inconsistency
Regulatory fragmentation and non-uniform prioritization of NB-IoT spectrum have delayed global consistency in rollouts. Device makers face added complexity supporting multiple band variants, raising certification overhead and slowing time-to-market for pan-regional applications.

Opportunity - Satellite NTN Integration Unlocks Remote Coverage
NB-IoT convergence with satellite-based non-terrestrial networks (NTN) will enable seamless off-grid coverage for maritime, agricultural, remote industrial, and logistics use cases. Single-SKU device deployment across terrestrial and satellite networks will open significant new application zones.

Key Trend - Edge AI Embedded in NB-IoT Devices
NB-IoT deployments are increasingly coupled with on-device analytics, where lightweight AI inference reduces uplink requirements and enables predictive intelligence at the endpoint. Telecom and chipset providers are integrating modem, security, provisioning, and analytics stacks into unified platforms for large-scale rollouts.

Segmental Insights
Hardware Leads with Dominant Share

The hardware segment accounted for 75% of the NB-IoT market in 2025, as chipsets, modules, and gateways continue to form the backbone of infrastructure-scale deployments. Rapid expansion in utilities, industrial automation, and public infrastructure connectivity continues to reinforce hardware's leadership.

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Regional Highlights
North America
Adoption is supported by operator-led infrastructure upgrades and the increasing integration of NB-IoT into logistics, utilities, and remote asset monitoring applications. Maturity in telecom infrastructure encourages early commercialization of NB-IoT-based industrial and infrastructure telemetry.

Asia Pacific
Asia Pacific holds the largest market share at 67.2% (USD 0.7 billion in 2025), driven by extensive smart city rollouts, smart metering deployment programs, and telecom-backed nationwide IoT coverage. China, India, and South Korea are leading growth as governments and operators accelerate NB-IoT integration into public infrastructure.

Europe
Growth is supported by coordinated operator networks and roaming infrastructure, exemplified by Vodafone and Deutsche Telekom initiatives. Smart utilities and cross-border industrial IoT deployments are strengthening adoption.

Middle East & Africa
Uptake is emerging through smart infrastructure modernization, municipal digitization, and remote monitoring deployments aligned with long-term national connectivity strategies.

South America
Adoption is rising among utilities and municipal infrastructure projects, with NB-IoT providing a low-cost foundation for energy and water metering deployments.

Competitive Landscape
The NB-IoT market is moderately consolidated, with the top five players holding over 65% of global share in 2025. Tier 1 companies dominate network infrastructure and chipset ecosystems, while Tier 2 players focus on modules and region-specific deployments.

Prominent Companies Operating in the Global NB-IoT Market:

Huawei Technologies Co., Ltd., Qualcomm Technologies, Inc., Samsung Electronics Co., Ltd., MediaTek Inc., Intel Corporation, and other key players.

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Future Outlook
By 2035, NB-IoT will function as an embedded layer of smart infrastructure globally, powering digital utilities, public-sector sensors, healthcare monitoring, and environmental telemetry at national scale. Satellite NTN integration will further extend its reach beyond terrestrial boundaries, while AI-enabled edge intelligence will transform NB-IoT endpoints into predictive sensing units.

NB-IoT is positioned to become a foundational enabler of massive-scale IoT networks, shaping the future of municipal and industrial connectivity over the next decade.

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This release was published on openPR.