The global sales of NB-IoT Trackers are estimated to be worth USD 5,731.6 million in 2024 and anticipated to reach a value of USD 46,397.7 million by 2034. Sales are projected to rise at a CAGR of 23.2% over the forecast period between 2024 and 2034. The revenue generated by NB-IoT Trackers in 2023 was USD 4,650.0 million. The market is anticipated to exhibit a Y-o-Y growth of 19.6% in 2024.
The NB-IoT trackers market deals with products and technologies that include Narrowband Internet of Things technology for tracking purposes to be applied efficiently in low-power, energy-efficient, and cost-effective ways.
The products are designed to track assets, people, vehicles, animals across industries like agriculture, logistics, manufacturing, healthcare, and transportation. Operating on a licensed spectrum, NB-IoT trackers offer better coverage, longer-lasting batteries, and reliable connectivity in the urban and remote environments to make them best-suited for real-time tracking and data management in IoT ecosystems.
Global NB-IoT Trackers Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2023 | USD 4,650.0 million |
| Estimated Size, 2024 | USD 5,731.6 million |
| Projected Size, 2034 | USD 46,397.7 million |
| Value-based CAGR (2024 to 2034) | 23.2% |
The global NB-IoT trackers market is growing at a fast pace due to the increasing adoption of IoT technologies in various industry sectors such as logistics, agriculture, health, and transportation. The main drivers behind this growth include increasing need for efficient asset tracking, improvements in Low Power Wide Area Network technology, and increasing investment in infrastructure for "smart" cities.
The NB-IoT trackers are quickly gaining popularity due to reliability of connectivity, extended battery life, and cost-effective operation under even the most difficult or extreme conditions. The market will enjoy large growth following the diffusion of smart cities and IoT ecosystems, driven by robust efforts from governments and collaboration among technology providers and end-users across the globe.
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Rising Adoption of IoT Ecosystems in Industrial and Consumer Applications Enhancing Demand for NB-IoT Trackers
Among the major drivers of this NB-IoT trackers market is the growing penetration of IoT ecosystems in industrial and consumer applications. Induced by IoT-led tracking solutions, sectors like logistics, agriculture, transportation, and healthcare are implementing them quickly to optimize operations, asset management, and efficiency in their supply chains.
The ideal applications for NB-IoT trackers are those that operate on low-power wide-area networks (LPWAN) with seamless connectivity in urban and remote areas. Also, the growing adoption of the use of connected devices in consumer applications, including wearable health trackers and personal safety devices using NB-IoT technology for real-time location tracking and monitoring, fuels its demand.
Expanding Smart City Projects and Government Initiatives Driving Deployment of NB-IoT Trackers
The global drive towards smart city development has rapidly heightened demand for NB-IoT trackers, as governments and private stakeholders bring efficient, connected infrastructure. Thus, low-power, cost-efficient NB-IoT technology is strategic in making smart city solutions possible, such as fleet management, waste tracking, and urban mobility systems.
Government policies to encourage IoT adoption and investments in smart grids, transportation, and public safety are the primary catalysts for the increased uptake of NB-IoT trackers. It also enhances reliable communication and tracking within the dense environment of the city, efficiently managing urban resources and enriching the quality of life for its citizens.
Advancements in Low-Power Wide-Area Network (LPWAN) Technology Enhancing Connectivity and Reducing Costs
Technological advancements in LPWAN, particularly in NB-IoT, are driving the market by enabling trackers to deliver improved connectivity, longer battery life, and reduced operational costs.
These advancements address key challenges in tracking solutions, such as maintaining performance in challenging environments and minimizing power consumption. These developments are exploited by NB-IoT trackers to ensure that there is robust coverage within indoors, underground, or remote locations.
The deployment of industries with reliable asset and vehicle tracking is therefore favored by many. The operation on existing cellular infrastructure also reduces the cost of deployment, hence encouraging widespread use in various applications.
Limited Availability of NB-IoT Infrastructure in Emerging Economies Hindering Market Expansion
While the NB-IoT trackers market is expanding globally, the limited availability of NB-IoT infrastructure in emerging economies poses a significant challenge to market growth. While the NB-IoT trackers market is expanding globally, the limited availability of NB-IoT infrastructure in emerging economies poses a significant challenge to market growth. Developing countries often lack the necessary cellular network upgrades and LPWAN deployments needed to support NB-IoT technology.
This infrastructure gap restricts the adoption of NB-IoT trackers in these regions, despite their growing need for cost-efficient tracking solutions in industries such as agriculture and logistics.
In addition, the high initial investment needed for network infrastructure upgradation might discourage governments and private players in these regions from adopting the NB-IoT technology at scale, thereby slowing down market penetration.
The global NB-IoT Trackers industry recorded a CAGR of 23.2% during the historical period between 2019 and 2023. The growth of NB-IoT Trackers industry was positive as it reached a value of USD 4650.0 million in 2023 from USD 2014.5 million in 2019.
Between 2019 and 2023, the NB-IoT trackers market grew at a steady pace based on growth prospects observed in the number of IoT devices adoption in multiple industries. This phase also marked the first implementation and introduction of the technology into applications like asset tracking, smart metering, and logistics management.
For the period of 2024 to 2034, growth in the market is expected to be at an accelerated level. Some of the reasons for this growth are the enhancement of LPWAN technologies, smart cities everywhere, and the growing needs for economical and efficient tracking solutions.
The global narrowband-IoT market, encompassing trackers, is expected to grow with a compound annual growth rate of 35% during the forecast period of 2024 to 2032, which signifies a huge increase in demand for NB-IoT trackers in the forthcoming decade.
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Tier 1 Industry Leaders: Companies such as Huawei Technologies Co., Ltd., Ericsson Corporation, and Qualcomm Technologies Inc. are the industry leaders in the NB-IoT trackers market.
These companies possess considerable experience in telecommunications and IoT technologies and thus provide complete NB-IoT solutions comprising hardware, software, and services. They can shape industry standards and innovate new applications by carrying out substantial research and development investments and strategic partnerships across the world.
Tier 2: Key Participants: AT&T Inc., Verizon Wireless, and Vodafone Group plc are major participants in the NB-IoT trackers market. Principally known as telecommunications service providers, they utilize their wide networks to provide NB-IoT connectivity and other services.
Although they do not produce NB-IoT hardware, their effort in delivering reliable network services along with the network manufacturers plays a vital part in the mass adoption and implementation of NB-IoT tracking solutions.
Tier 3 Specialized Providers Firms like Sierra Wireless, Telit Cinterion, and u-blox are specialized providers who are focused on selected aspects of the NB-IoT ecosystem. These firms have a strong focus on developing modules and other components for IoT devices.
Such organizations add to the market through the provision of critical hardware and software components that will make NB-IoT trackers function. Based on their competence in designing niche-specific solutions, these providers can adapt customized solutions for multiple NB-IoT applications targeted at niche markets and industry-specific needs.
The section below covers the industry analysis for the NB-IoT Trackers market for different countries. The market demand analysis on key countries in several countries of the globe, including USA, Germany, UK, China and India are provided.
The united states is expected to remains at the forefront in North America, with a value share of 64.2% in 2024. In South Asia & Pacific, India is projected to witness a CAGR of 26.2% during the forecasted period.
| Countries | Value CAGR (2024 to 2034) |
|---|---|
| USA | 19.2% |
| Germany | 18.0% |
| UK | 16.3% |
| China | 25.3% |
| India | 26.2% |
The United States has seen tremendous growth within the market of NB-IoT trackers, driven by its advanced IoT ecosystem, strong setup of telecommunication infrastructure, and tremendous demand for connected solutions.
The country's technological leadership and investments in low-power wide-area network (LPWAN) technologies have helped drive the fast adoption of NB-IoT trackers across various industries, including logistics, healthcare, and agriculture. With more and more attention to supply chain optimization, asset management, and fleet tracking, demand for NB-IoT-based solutions grew even more.
Moreover, smart city projects expansion and other government initiatives to encourage IoT adoption create an excellent environment for NB-IoT technology. Major USA-based telecommunications providers, including Verizon and AT&T, are instrumental in establishing reliable NB-IoT networks that can be easily used across various applications.
India is to become one of the main growth contributors to the market for NB-IoT trackers, a commercial leader bolstered by an upsurge in smart city initiatives, rapid expansions in its telecommunications networks, and the wide adoption of IoT solutions in agriculture and transportation sectors.
The government's emphasis on digital transformation and IoT deployment has encouraged high investments in NB-IoT technology. It is specifically applied in the agricultural sector through NB-IoT trackers for livestock monitoring and precision farming and in logistics and transportation companies that use such solutions for asset and fleet management purposes.
With leading telecom operators such as Reliance Jio and Bharti Airtel deploying NB-IoT across the nation, affordable and reliable connectivity would spur growth further.
Low-cost manufacturing of NB-IoT devices, mainly in India, is aiding rapid adoption and availability in rural as well as urban geographies. China leads the global NB-IoT trackers market because of its strong government support, its dominant IoT device manufacturing, and the vast installation of IoT applications across all industries.
The Chinese government has strategized through the "Made in China 2025" and the "New Infrastructure Plan" to push the adoption of IoT in general and NB-IoT in particular to further technological innovation and industrial modernization. A strong manufacturing base, China is making low-cost NB-IoT devices, so the technology reaches various verticals, ranging from logistics and agriculture to healthcare and utilities.
Major telecom players like China Mobile and China Telecom have also driven the rapid growth of LPWAN infrastructure, which has helped further cement the country's position as an early adopter of NB-IoT in large-scale smart city deployments.
This widespread availability of advanced connectivity solutions has enabled the seamless integration of NB-IoT trackers across diverse applications. The Asset Tracking & Monitoring segment holds the highest market share in the NB-IoT Trackers market primarily due to its critical role in optimizing operational efficiencies across various industries, including logistics, manufacturing, and healthcare.
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The section contains information about the leading segments in the NB-IoT Trackers industry. By Component, the Software segment is estimated to grow at a CAGR of 25.3%. during the forecasted period. moreover, By Type, the Asset Tracking & Monitoring segment has holding the share of 48.3% in 2024.
| Type | Asset Tracking & Monitoring |
|---|---|
| Share (2024) | 48.3% |
Asset tracking solutions offer real-time visibility of inventory, fleet, and equipment, which helps companies reduce losses, increase security, and optimize the allocation of resources. Increasing digital transformation efforts and a need to manage assets in real-time, particularly in the case of high-value equipment or perishable products, increased the demand for accurate and reliable tracking solutions and established this segment as one of the main contributors to the market.
The Software segment is growing rapidly with a CAGR of 25.3% over the forecast period, driven by analytics advancement, IoT integration, and cloud-based solutions.
| Component | Software |
|---|---|
| CAGR (2024 to 2034) | 25.3% |
Software segment is growing rapidly at a CAGR of 25.3% during the forecast period. The Software in NB-IoT tracking systems allows for data aggregation, processing, and visualization and gives businesses actionable insights and improved decision-making capabilities.
As NB-IoT technology increases its prevalence, the demand for software solutions that provide real-time monitoring, predictive maintenance, and analytics-based reporting has increased significantly.
The use of SaaS models and customizable platforms for companies to tap into more effectively means NB-IoT trackers will enhance the value proposition of software solutions and high growth rates.
The competitive landscape of this market is highly competitive since there is intense rivalry between key players, who are fueled by rapid technological advancements and an increasing demand for low-power, cost-effective tracking solutions in almost all industries.
The market is dominated by leading companies such as Huawei Technologies, Ericsson, and Qualcomm, with robust portfolios of NB-IoT modules, chipsets, and network solutions that can leverage its presence in virtually all parts of the world and significant R&D investments to maintain the edge.
Companies like AT&T, Verizon, and Vodafone focus on reliable NB-IoT connectivity services by working with the hardware manufacturers to expand market penetration. Specialists, including Sierra Wireless, Telit Cinterion, and u-blox, also play a role in this ecosystem with their application-tailored modules and components, which target niche applications in asset tracking and logistics.
Regional players are growing in various Asian-Pacific countries by providing affordable solutions. Startups work on driving innovation through unique use cases and customized services. Strategic alliances, mergers, acquisition, and aggressive product development continue to be the defining strategies for companies to increase their market share in the growing competitive landscape of NB-IoT trackers.
Recent Industry Developments in NB-IoT Trackers Market
In terms of Component, is segregated into Hardware, Software and Services.
In terms of Deployment, is distributed into Guard-band and Stand Alone.
In terms of Type is bifurcated into Asset Tracking & monitoring, Animal Tracking and Logistic Tracking.
Key countries of North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & pacific, Middle East and Africa (MEA) have been covered in the report.
The global NB-IoT Trackers industry is projected to witness CAGR of 23.2% between 2024 and 2034.
The global NB-IoT Trackers industry stood at USD 4650.0 million in 2023.
The global NB-IoT Trackers industry is anticipated to reach USD 46397.7 million by 2034 end.
South Asia & Pacific is set to record the highest CAGR of 22.8% in the assessment period.
The key players operating in the global NB-IoT Trackers industry include Huawei Technologies Co., Ltd., Ericsson Corporation, Qualcomm Technologies Inc., AT&T Inc., Verizon Wireless and others.
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