Narrowband IoT Chipset Market Size, Share, Trends, Growth and Forecast 2032

Narrowband IoT Chipset Market Size

The global Narrowband IoT Chipset Market size was worth around USD 1.28 Billion in 2023 and is predicted to grow to around USD 26.20 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 39.9% between 2024 and 2032.

A low-power wide-area technology that operates virtually, irrespective of the location, is termed as narrowband IoT (NB IoT). Chipsets that are specially designed for narrowband IoT applications are called narrowband IoT chipsets (NB IoT).

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Narrowband IoT Chipset Market: Overview

Development in narrowband IoT technology and growing participation of industry players in the development of NB-IoT are the factors fueling the growth of global narrowband IoT chipset market. In addition, growing implementation of IoT and rise in use of connected devices is further supplementing the growth of the global narrowband IoT chipset market. Based on the device segment, the wearable devices segment is projected to foresee the highest CAGR xx% in the overall market throughout the forecast period. The M2M and IoT market for wearable devices is projected to grow at a high rate with the development of new products and better customer engagement. The increasing market for wearable strategies across healthcare, performing, sports and fitness, and other sectors is driving the demand for low-power and greatly secure cellular networks. On the basis of vertical segment, the implementation of NB-IoT technology is projected to help the energy sector to achieve business objectives. In the coming years, the technology can be deployed for overall plant automation, process optimization, supply chain optimization, improved safety, and combined business processes, while fulfilling corporate social responsibility. Currently, smart metering is the major application of NB-IoT technology in energy and utilities.

The worldwide emerging demand for low-powered, low-ranged, and inexpensive technology is primarily driving the narrowband IoT chipset market. Developing power-efficient IoT devices is among the most critical tasks and NB IoT chipsets are highly preferred in such cases. NB IoT devices save power when they are not in operation mode, as they mainly draw energy while the modem is running. As NB-IoT chipsets are developed based on simple configurations, they are comparatively inexpensive and are given utmost priority while deployment. This is another main factor fuelling the narrowband IoT chipset market. However, the intense competition faced by the leading market players from various other low-power wide-area networks (LP WAN) may hinder the narrowband IoT chipset market growth. Moreover, the ever-increasing demand for technically-advanced network infrastructure is likely to benefit the narrowband IoT chipset market in the future.

Narrowband IoT (NB-IoT) Chipset Market, Key Highlights:

Global Narrowband IoT (NB-IoT) Chipset Market analysis and forecast, in terms of value. Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Narrowband IoT (NB-IoT) Chipset Market Global Narrowband IoT (NB-IoT) Chipset Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided. Global Narrowband IoT (NB-IoT) Chipset Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study. Global Narrowband IoT (NB-IoT) Chipset Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation. Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.

Narrowband IoT Chipset Market: Segmentation

The narrowband IoT chipset market is fragmented on the basis of component, deployment, application, and vertical.

By component, the market is classified into services, hardware, and software. The increasing number of applications of NB-IoT chipset worldwide is driving the services segment. Additionally, the services segment includes both professional and managed services.

The deployment segment includes guard, stand-alone, and in-band. The guard band segment accounts for a significant market share globally, due to its numerous advantages over in-band and standalone, such as it reutilizes already existing RF module frequency without any additional setup.

By application, the narrowband IoT chipset market includes alarms and detectors, smart parking, trackers, wearable devices, smart street lighting, smart appliances, smart meters, and others. Smart meters account for a significant market share globally, owing to the increasing adoption rate of electricity, gas, and water meters.

The vertical segment of the market includes consumer electronics, automotive and transportation, building automation, healthcare, infrastructure, energy and utilities, agriculture, and safety and security.

Narrowband IoT Chipset Market: Report Scope

Narrowband IoT Chipset Market: Regional Analysis

The Asia Pacific narrowband IoT chipset market held a predominant share globally in 2018, due to the rising adoption and penetration of advanced technologies. In the Asia Pacific, China witnessed the highest demand for narrowband IoT chipsets and dominated the regional market for narrowband IoT chipset.

Narrowband IoT Chipset Market: Competitive Players

Some prominent players of narrowband IoT chipset market are:

• Qualcomm
• Samsung
• Sequans Communications
• Altair Semiconductor
• Nordic Semiconductor
• Sercomm
• u-blox
• Cheerzing
• ZTE
• RDA
• MediaTek
• Riot Micro
• Huawei
• CommSolid

This report segments the global narrowband IoT chipset market into:

Narrowband IoT Chipset Market: Component Analysis

• Hardware
• Software
• Services

Narrowband IoT Chipset Market: Deployment Analysis

• Guard
• Stand-Alone
• In-Band

Narrowband IoT Chipset Market: Application Analysis

• Trackers
• Alarms and Detectors
• Smart Street Lighting
• Wearable Devices
• Smart Meters
• Smart Appliances
• Smart Parking
• Others

Narrowband IoT Chipset Market: Vertical Analysis

• Consumer Electronics
• Energy and Utilities
• Building Automation
• Infrastructure
• Healthcare
• Agriculture
• Automotive and Transportation
• Safety and Security

Narrowband IoT Chipset Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa