How big is the NB-IoT Market | Industry Analysis & Key Trends 2025

How big is the NB-IoT Market?

This growth is fuelled by the rapid expansion of smart city projects, increasing IoT device adoption, and telecom operator investments in LPWAN infrastructure.

Key Growth Drivers of the NB-IoT Market

• Proliferation of connected devices across utilities, agriculture, and logistics
• Government initiatives supporting smart cities and industrial automation
• Increasing adoption of LPWAN technologies for low-power, long-range connectivity
• Cost-effectiveness and energy efficiency of NB-IoT modules
• Expanding 5G infrastructure enabling enhanced NB-IoT performance

NB-IoT Market Trends

The NB-IoT market is witnessing transformative trends including integration with 5G networks to enable ultra-reliable, low-latency communication across industries. Rising adoption of intelligent waste management, connected streetlights, smart metering is also catalysing the market growth. Moreover, the miniaturization of chipsets, increased battery life, and the increase in the use of NB-IoT solutions in emerging economies are opening up new market opportunities leading to increased revenues.

Emerging Developments in the NB-IoT Market

The NB-IoT market is undergoing notable developments such as network deployments in remote and rural areas to support agricultural IoT applications. Telecom firms are releasing NB-IoT-oriented service platforms and cloud-based analytics packages. There is an ongoing attempt to standardisation to bring NB-IoT into closer association with 5G Redcap (Reduced Capability) features, which further increases scalability and the possibility of device interoperability.

List of Leading Companies in the NB IoT Market

Below is a comprehensive list of the leading market players driving growth in this sector:

1. Huawei Technologies Co., Ltd.

Huawei is a global leader in NB IoT modules and infrastructure, offering telecom-grade solutions that enable smart city deployments, utility metering, and IoT scalability.

2. Ericsson AB

Ericsson provides integrated NB IoT network solutions aligned with 5G platforms, supporting telecom operators and enterprises in large-scale IoT connectivity.

3. Qualcomm Technologies, Inc.

Qualcomm produces energy-efficient NB IoT chipsets and RF modules that are optimized for ultra-low power devices across smart metering, logistics, and agriculture.

4. Vodafone Group Plc

Vodafone is a pioneer in NB IoT rollout across regions, delivering use cases in smart metering, asset tracking, and consumer IoT connectivity via its network.

5. China Mobile Ltd.

China Mobile leads NB IoT infrastructure deployment in Asia, enabling massive connectivity for smart cities, agriculture sensors, and industrial automation.

6. Telit Cinterion (Telit IoT Platform)

Telit offers embedded NB IoT modules and integrated cloud platforms tailored for asset tracking, smart infrastructure, and telecommunications IoT use cases.

7. u-blox Holding AG

u-blox develops compact NB IoT chips and GNSS solutions for low-power industrial monitoring, wearable devices, and indoor positioning systems.

8. Sierra Wireless (Semtech Corporation)

Sierra Wireless delivers NB IoT modules and integrated devices supporting connectivity, analytics, and IoT application deployment for business and government clients.

9. MediaTek Inc.

MediaTek produces cost-effective NB IoT chipsets optimized for consumer electronics, healthcare, smart energy, and connected appliance solutions.

10. Nokia Corporation

How big is the NB-IoT Market : FAQ's