The narrowband IoT (NB-IoT) chipset market is expected to grow at a CAGR of 40.7% during the forecast period of 2024 to 2032, driven by the increasing adoption of IoT solutions across various industries. NB-IoT technology offers low-power, wide-area connectivity for IoT devices, enabling efficient communication over cellular networks. Despite challenges related to interoperability, network coverage, and ecosystem fragmentation, the market is poised for substantial growth, fueled by the proliferation of IoT applications across various verticals and regions. Market segmentation by deployment, device, vertical, and geography provides valuable insights into market dynamics, growth opportunities, and competitive trends. Overall, the NB-IoT chipset market is expected to witness significant expansion during the forecast period, driven by technological advancements, regulatory support, and increasing investments in IoT infrastructure and applications.

Market Drivers

Growing Demand for Low-Power, Wide-Area Connectivity: The growing demand for low-power, wide-area connectivity solutions is a major driver of the NB-IoT chipset market. NB-IoT technology enables long-range communication with low power consumption, making it ideal for IoT applications such as smart meters, asset tracking, environmental monitoring, and smart agriculture. The ability to connect a large number of devices over a wide area with minimal power consumption is driving the adoption of NB-IoT chipsets across various verticals, including agriculture, utilities, and logistics.

Increasing Deployment of Smart City Solutions: The increasing deployment of smart city solutions is driving demand for NB-IoT chipsets, particularly in applications such as smart parking, smart streetlights, environmental monitoring, and building automation. NB-IoT technology enables smart city infrastructure to efficiently collect and analyze data from sensors and connected devices, leading to improved urban planning, resource management, and citizen services. The scalability, reliability, and cost-effectiveness of NB-IoT solutions make them well-suited for large-scale smart city deployments, driving market growth in urban areas worldwide.

Accelerating Adoption of IoT in Industrial Automation: The accelerating adoption of IoT in industrial automation is fueling demand for NB-IoT chipsets in applications such as asset tracking, predictive maintenance, and remote monitoring. NB-IoT technology enables industrial IoT (IIoT) devices to connect to existing cellular networks, providing real-time visibility into manufacturing operations, supply chain logistics, and equipment performance. The robustness, security, and scalability of NB-IoT solutions make them essential for Industry 4.0 initiatives aimed at improving efficiency, productivity, and safety in industrial environments.

Restraint

Despite the market drivers, the NB-IoT chipset market faces challenges related to interoperability, network coverage, and ecosystem fragmentation. Interoperability issues arise from the diverse ecosystem of IoT devices, platforms, and protocols, requiring standardization efforts and compatibility testing to ensure seamless communication and integration. Network coverage limitations in rural and remote areas hinder the widespread adoption of NB-IoT technology, particularly in regions with inadequate cellular infrastructure. Ecosystem fragmentation, characterized by the presence of multiple NB-IoT chipset vendors, network operators, and IoT platform providers, complicates deployment decisions and interoperability requirements, slowing market growth to some extent.

Market Segmentation Analysis

Market by Deployment

Market segmentation by deployment includes stand-alone, guard band, and in-band solutions. In 2023, stand-alone deployments accounted for the highest revenue share, driven by their compatibility with existing cellular networks and infrastructure. However, in-band deployments are expected to witness the highest CAGR during the forecast period, attributed to the growing adoption of integrated NB-IoT solutions in multi-mode cellular devices and IoT modules.

Market by Device

Segmentation by device encompasses a wide range of IoT applications, including smart parking, smart meters, trackers, alarms and detectors, smart streetlights, smart appliances, wearable devices, and other connected devices such as healthcare devices and environmental monitoring sensors. In 2023, smart meters dominated the market in terms of revenue, driven by their widespread deployment in utilities for remote metering, billing, and energy management. However, wearable devices are expected to experience the highest CAGR during the forecast period, fueled by the growing demand for health and fitness tracking, remote patient monitoring, and personal safety solutions.

Market by Vertical

Segmentation by vertical covers industries such as agriculture, automotive and transportation, energy and utilities, healthcare, manufacturing, safety and security, infrastructure, building automation, and consumer electronics. In 2023, the energy and utilities sector emerged as the largest vertical market for NB-IoT chipsets, driven by the deployment of smart meters, grid monitoring systems, and asset management solutions. However, the healthcare sector is expected to witness the highest CAGR during the forecast period, driven by the increasing adoption of IoT-enabled medical devices, telemedicine platforms, and remote patient monitoring solutions.

North America Remains the Global Leader

Geographic segmentation provides insights into regional trends, market dynamics, and growth opportunities across different geographical regions. In 2023, North America emerged as the largest market for NB-IoT chipsets, driven by the presence of leading technology providers, early adoption of IoT solutions, and government initiatives supporting smart city development and industrial automation. However, Asia Pacific is expected to exhibit the highest CAGR during the forecast period, attributed to rapid urbanization, increasing investments in IoT infrastructure, and the growing demand for connected devices and smart solutions in emerging economies such as China, India, and South Korea.

Market Competition to Intensify during the Forecast Period

The NB-IoT chipset market is characterized by intense competition among key players such as Qualcomm Technologies, Inc., MediaTek Inc., Huawei Technologies Co., Ltd., Sequans Communications S.A., Nordic Semiconductor ASA., Samsung, Intel Corporation, Sanechips Co. Ltd., Sercomm Corporation, and u-blox Holding AG These companies employ various strategies such as product innovation, strategic partnerships, mergers and acquisitions, and geographic expansion to gain a competitive edge and strengthen their market position. In 2023, Qualcomm Technologies, Inc. led the market in terms of revenue, driven by its extensive portfolio of NB-IoT chipsets and strong partnerships with leading IoT platform providers and network operators. However, Huawei Technologies Co., Ltd. is expected to experience significant growth during the forecast period, fueled by its leadership in 5G infrastructure deployment, IoT ecosystem development, and strategic collaborations with industry partners.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Narrowband IoT (NB-IoT) Chipset market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Narrowband IoT (NB-IoT) Chipset market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Narrowband IoT (NB-IoT) Chipset market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Narrowband IoT (NB-IoT) Chipset market?
• Which is the largest regional market for Narrowband IoT (NB-IoT) Chipset market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Narrowband IoT (NB-IoT) Chipset market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Narrowband IoT (NB-IoT) Chipset market worldwide?