Narrowband IoT Chipset Market Size was valued at USD 0.08 billion in 2023. The Narrowband IoT Chipset market industry is projected to grow from USD 0.12 Billion in 2024 to USD 3.435973837 billion by 2032, exhibitinga compound annual growth rate (CAGR) of 50.87%during the forecast period (2024 - 2032). The increasing demand for long-range connectivity and the growing prominence of the machine to machine communication are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
NB-IoT offers good indoor, outdoor and terrestrial coverage, making it ideal for battery-powered applications with occasional data transmission. These features enable the adoption of NB-IoT technology in various applications. Among NB-IoT technology's many important current applications are smart parking, control, smart water use and smart metering. Currently, many companies are testing and testing the Deployment of NB-IoT technology in many new applications; These applications include nursing and residential care in industrial areas; smart grids in power and energy; management, building automation, and electronic search. Video surveillance in the home automation industry; remote control and order recovery in the home appliance industry; safety management, energy and water management and security applications in the building automation industry; Safety and performance controls in the wearable industry. This factor drives the market CAGR.
In smart cities, IoT infrastructure is used to manage devices and objects connected by all connections. Application enablement platforms help smart cities manage most IoT services from a single platform, reducing the overall cost of services. Authorities in many smart cities are now looking for ways to expand the use of multi-use to improve public buildings' management, efficiency and energy monitoring for services such as waste and water management. The situation analysis application is also useful for providing real-time information to the public and authorities, which should create a job for the business. The growing number of IoT devices is a major driver for the narrowband IoT chipsets market. Components are becoming more common in M2M connections. The business sector, in particular, has adopted many IoT devices to increase efficiency and productivity. Electronics, healthcare, and retail are some industries where connected devices are used. Wide use of devices leads to the use of narrowband IoT chipsets. Some benefits of connected devices include better connectivity, lower energy consumption and a smarter world. All these factors enable end users to use IoT devices. Finally, it will positively impact the narrow IoT chip market. Also, machine-to-machine communication is getting more attention. The Internet of Things makes communication between machines possible. It reduces human interaction and creates effective communication. These entire factors make IoT today's technology. The advantages of these connected devices create a lot of demand for the narrowband IoT chipsets market. Thus, driving the Narrowband IOT Chipset market revenue.
Based on Deployment, the Narrowband IoT Chipset Market segmentation includes In-band, Standalone, and Guard band. The in-band segment dominated the market because in-band Deployment is the most common way to deploy NB-IoT. In-band Deployment is compatible with existing LTE networks, which means it can be deployed without needing to build a new network. In-band deployment offers good coverage, which is important for asset tracking and smart metering applications. Furthermore, the in-band segment is expected to remain the dominant NB-IoT chipset market in the coming years. This is due to the continued growth of the NB-IoT market and the high demand for cost-effective and compatible solutions.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Narrowband IoT Chipset Market segmentation, based on the device, includes Wearable devices, Smart Parking, Smart appliances, Trackers, Smart street lights. The smart appliances category dominated the market; this is because Smart appliances trackers are the most common type of NB-IoT device. Smart appliances Trackers are devices that are used to track the location of other objects. They are typically battery-powered and use NB-IoT to communicate with the network. The Smart appliances trackers segment is expected to remain dominant in the NB-IoT chipset market in the coming years. This is due to the continued growth of the tracker market and the high demand for low-power, long-range IoT devices.
The Narrowband IoT Chipset Market segmentation, based on Vertical, includes Consumer electronics, Agriculture, Building automation, Automotive, Infrastructure, Healthcare, Safety and security. Consumer electronics category dominated the market; this is because consumer electronics is the largest market for NB-IoT devices. NB-IoT is well-suited for consumer electronics devices, as it offers low power consumption, which is important for battery-powered devices. Consumer electronics devices are used for various purposes, such as communication, entertainment, and productivity.
Segmented by region, the study provides market insights for North America, Europe, Asia Pacific and the rest of the world. The North American NB-IoT chipset market will be the market; the increasing adoption of NB-IoT technology and good IT development in the region will drive the market's growth.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Narrowband IOT Chipset market accounts for the second-largest market share due to themoderate demand for loT chipsets with a high expansion rate. Further, the German Narrowband IOT Chipset market held the largest market share, and the UK Narrowband IOT Chipset market was the fastest-growing market in the European region.
The Asia-Pacific Narrowband IoT Chipset Market is expected to grow at the largest CAGR from 2023 to 2032. This is because of the higher cost of expansion and technology. Smart cities will bring extraordinary development opportunities to the region. Moreover, China’sNarrowband IOT Chipset market held the largest market share, and the Indian Narrowband IOT Chipset market was the fastest-growing market in the Asia-Pacific region.
Leading manufacturers are investing heavily in R&D to expand their products, which will help support further growth of the IoT chipset market. Entrepreneurs are also undertaking various activities to expand their global footprint. Key business development activities include new product development, contract deals, joint venture mergers and acquisitions, increased investment and collaboration with other organizations. The NB-IoT chipset industry needs to provide quality products to grow and survive in a more competitive and increasing business environment.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Narrowband IoT Chipset industry to benefit clients and increase the market sector. The Narrowband IoT Chipset industry has offered some of the most significant advantages in recent years. Key players in the Narrowband IoT Chipset market, includingIntel Corporation (U.S.), Huawei Technologies Co. Ltd. (China), Ericsson (Sweden), Nokia Corporation (Finland), Quectel Wireless Solutions Co. Ltd. (China), Sierra Wireless (Canada), Deutsche Telekom AG (Germany), China United Network Communications Group Co., Ltd. (China).
1NCE is the only worldwide provider of low-cost IoT connectivity and software, providing fast, secure and reliable cellular connectivity and software services in over 150 countries worldwide. 1NCE has doubled its NB-IoT footprint with expansion in the USA, Taiwan, Belgium, Denmark, Sweden, Norway, Croatia, Finland and the Slovak Republic. This development places the company among the providers of NB-IoT technology.
Qualcomm is an American multinational corporation headquartered in San Diego, California and incorporated in Delaware. It produces electronics, software and services related to wireless technology. It has important patents for 5G, 4G, CDMA2000, TD-SCDMA and WCDMA mobile communication standards.Qualcomm introduced the energy-efficient NB2 IoT chipset that supports 3GPP Release 14 Cat.
MediaTek (Taiwan)
Huawei (China
RDA (China)
Qualcomm (US)
ZTE (China)
Samsung (South Korea)
Sierra Wireless (Canada)
Nordic Semiconductor (Norway)
Sequans Communications (France)
Sercomm (Taiwan)
Cheerzing (China)
Altair Semiconductor (Sony Group Company)
April 2020: Qualcomm introduces energy-saving NB2 IoT chipset with support for a single 3GPP Release 14 Cat.
December 2019: GUTERMANN, the world leader in water industry solutions, presents the world's first noise logger, the ZONESCAN NB-IoT for water research. This will allow the city to monitor the water regularly.
In-band
Stand alone
Guard band
Wearable device
Smart parking
Smart appliances
Trackers
Smart streetlights
Consumer electronics
Agriculture
Building automation
Automotive
Infrastructure
Healthcare
Safety and Security
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 0.08 Billion |
| Market Size 2024 | USD 0.12 Billion |
| Market Size 2032 | USD 3.435973837 Billion |
| Compound Annual Growth Rate (CAGR) | 50.87% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Deployment, Device, Vertical, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | USA, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea and Brazil |
| Key Companies Profiled | Intel Corporation (U.S.), Huawei Technologies Co. Ltd. (China), Ericsson (Sweden), Nokia Corporation (Finland), Quectel Wireless Solutions Co. Ltd. (China), and Sierra Wireless (Canada). |
| Key Market Opportunities | The emergence of key segments and the diffusion of new technologies into key industries is driving business growth in this region. |
| Key Market Dynamics | The growing need for long-range connectivity and the growth of machine-to-machine communication is driving the NB-IoT chipset market. |
Frequently Asked Questions (FAQ) :
The Narrowband IoT Chipset Market size was valued at USD 0.08 Billion in 2023.
The global market is growing at a CAGR of 50.87% during the forecast period, 2024-2032.
North America witnessed the largest share of the global market
The key players in the market areIntel Corporation (U.S.), Huawei Technologies Co. Ltd. (China), Ericsson (Sweden), Nokia Corporation (Finland), Quectel Wireless Solutions Co. Ltd. (China), and Sierra Wireless (Canada).
The In-bandcategory dominated the market in 2022.
Consumer electronics witnessed the largest share of the global market.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
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