The burgeoning realm of Machine Type Communications (MTC) has ushered in a paradigm shift in wireless communication, necessitating innovative strategies to efficiently manage diverse application requirements. This paper presents a pioneering Dynamic Priority-based Bandwidth Allocation (DPBA) scheme tailored specifically for MTC scenarios, encompassing both MTC and Human Type Communications (HTC) coexistence. DPBA employs an adaptive framework addressing dynamic MTC traffic, optimizing resource use while meeting latency constraints and sporadic data patterns. By dynamically prioritizing MTC applications based on requirements, the scheme allocates bandwidth for reliable data delivery. DPBA extends to MTC and HTC coexistence, managing diverse quality demands. This underlines its versatility and capacity to serve distinct needs in a shared spectrum. To substantiate its performance, the DPBA scheme is rigorously evaluated against a spectrum of related allocation methods like Proportional Fairness (PF), Static Priority Scheduling (SPS), and the Machine Learning-based Scheme (MLS), DPBA excels in simulations, minimizing packet loss, latency, enhancing throughput and ensuring fairness, surpassing benchmarks. This research underscores the critical importance of tailored bandwidth allocation strategies in advancing MTC and HTC coexistent environments. With its adaptability, efficiency, and remarkable performance, the DPBA scheme emerges as a cornerstone in the trajectory of wireless communication networks, catering to the distinct requirements of both MTC and HTC applications.