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Some of the prominent participants in the global narrowband IoT market are Huawei Technologies Co. Ltd., Ericsson Corporation, Nokia Corporation, Quectel Wireless solutions Co. Ltd., Sierra Wireless, Deutsche Telekom, China Unicom, Qualcomm Technologies Inc., Vodafone Group plc, u-blox SEQUANS Communications SA, ZTE Corporation, Intel Corporation, China Telekom, and Etisalat Corporation.

The growth of the global narrowband IoT market is primarily driven by growth in adoption of technology and widened application areas of technology for building smart cities. The Low Power Wide Area (LPWA) characteristic of narrowband IoT is leading to its rising adoption predominantly for the development of smart cities. NB-IoT offers a number of advantages such as very low power consumption, easy deployment into existing cellular network, lower component cost, excellent extended range in buildings and underground, and increased network security and reliability.

Narrowband IoT is supported by all major mobile equipment, chipset, and module manufacturers and it can co-exist with 2G, 3G, and 4G mobile networks. It also benefits from security and privacy features of mobile networks such as confidentiality, data integrity, support for user identity, and mobile equipment identification.

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