Smart metering is vital to developing smart cities and industrial automation because it enables efficient monitoring and administration of energy consumption. This paper aims to assess the efficacy of NB-IoT for smart meter applications. Considering a NB-IoT-based smart meter application and using a MATLAB-based Simulation tool, we analysed NB-IoT from the point of view of various performance metrics, including spectrum efficiency, resource utilisation, and session drop rate. This study conducted simulations to evaluate the efficacy of NB-IoT in various scenarios considering the number of smart meters/User Equipment (UE) (ranging from 240 to 3,150), and the payload size (100, 150, 250, and 350 bytes). This research demonstrated that the number of UEs and the payload size impact all the considered metrics in NB-IoT. These insights are important for network designers and administrators who wish to establish efficient communication routes for Internet of Things devices while minimising dropout rates.