Global Narrowband IoT Chipset Market Size, Share & Trends Analysis Report, Forecast Period, 2024-2032

The Narrowband IoT Chipset Market is experiencing robust expansion, with market size projected to increase from (2.32 Billion) 2024 to (7.31 Billion) 2032, demonstrating a consistent year-over-year growth rate of 17.79%. Narrowband IoT Chipset Market Size, Share, Competitive Landscape and Trend Analysis Report, , by Applications (Smart Metering, Trackers, Alarms & Detectors, Asset Tracking, Wearable Devices) , by End-User (Smart Cities, Smart Agriculture, Healthcare), by Deployment Type (In-Band, Guard Band, Stand-Alone) And Regions (North America (United States, Canada, Mexico), South America (Brazil, Argentina, Chile, Rest of South America), Europe (Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific), MEA (Middle East, Africa)) : Industry Forecast and Opportunity Analysis for 2024 - 2032

The Narrowband IoT (NB-IoT) Chipset Market is focused on the manufacturing and marketing of integrated circuit components specifically made for the Narrowband IoT (NB-IoT) technology. NB-IoT is a low-power wide-area network (LPWAN) technology standardized by the 3GPP for providing wide-area connectivity to IoT devices that need low bandwidth, long battery life, and inexpensive deployment. The chipsets play an important role for the devices to communicate over cellular networks with minimal power consumption and hence are useful for smart meters, asset tracking, and environmental monitoring. These chipsets are intended to provide reliable and secure connectivity for a good number of IoT devices across the licensed spectrum bands. The long-distance capability of chipsets allows the transmission of small amounts of data, providing solutions for applications that need rare data updates. The needs of the market are propelled by factors such as the swift adoption of IoT deployments by multiple industries, the necessity for low-power connectivity solutions, and the fast-growing segment of cellular IoT networks.

Narrowband IoT Chipset Report Highlights

Report Metrics	Details
Forecast period	2019-2032
Base Year Of Estimation	2024
Growth Rate	CAGR of 17.79%
Forecast Value (2032)	USD 7.31 Billion
Key Market Players	Nordic Semiconductor ASA Huawei Technologies Co. Ltd. Intel Corporation Sequans Communications S.A. Sanechips Technology Co.Ltd. U-blox Holding AG Qualcomm Inc. MediaTek Inc. Sercomm Corporation Samsung Electronics Co.Ltd.
By Region	North America (United States, Canada, Mexico) South America (Brazil, Argentina, Chile, Rest of South America) Europe (Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe) Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific) MEA (Middle East, Africa)

Narrowband IoT Chipset Market Trends

The Narrowband IoT (NB-IoT) chipset market is extremely competitive and is primarily powered by the growing adoption of LPWAN technologies in a variety of IoT applications. One notable trend is the gradually increasing need for more enhanced, power-efficient, new coverage and more secure chipsets that can be deployed for large-scale IoT networks. In fact, the market is significantly divided regionally. Truly, Asia-Pacific has led the list for the greatest number of users in chipsets adopted because of rampant industrialization and growing investments from the competition due to the smart city project. Such applications that have risen recently in this region have revolved around smart agriculture, asset tracking, and smart metering. This growth trend in chipset adoption due to infrastructure availability and direct proliferation of 5G networks for NB-IoT consumers all further contribute to market growth on a global scale. It opens many possibilities across industries for low-power connectivity for their IoT installations.

Narrowband IoT Chipset Market Leading Players

The key players profiled in the report are Sequans Communications S.A., Sanechips Technology Co.Ltd., Intel Corporation, MediaTek Inc., U-blox Holding AG, Nordic Semiconductor ASA, Sercomm Corporation, Qualcomm Inc., Huawei Technologies Co. Ltd., Samsung Electronics Co.Ltd.

Growth Accelerators

The NB-IoT chipset market is mainly driven by the growing requirement for low-power and wide-area connecting solutions for various IoT devices. Rapid smart city initiatives, increased incorporation of smart metering and asset tracking applications, and the growing requirement for IoT deployment efficiency and cost-effectiveness are some of the major accelerators. The fact that these chipsets are capable of deep indoor coverage and long battery life makes them best suited for applications demanding infrequent data uploads over a longer period of time. In addition, the development of infrastructure for cellular IoT systems and their increasing NB-IoT network coverage propel the market. Enhanced national initiatives regarding IoT development drive the standardization of NB-IoT technology and quality, which builds the market. IIoT applications such as remote monitoring and predictive maintenance need high reliability and security for industrial growth, creating a need for NB-IoT chipsets. It also has much effect on more general applications, such as environmental monitoring, through broader and more effective data collection from sensors being widely deployed.

Narrowband IoT Chipset Market Segmentation analysis

The Global Narrowband IoT Chipset is segmented by Application, and Region.
. The Application segment categorizes the market based on its usage such as Smart Metering, Trackers, Alarms & Detectors, Asset Tracking, Wearable Devices. Geographically, the market is assessed across key Regions like North America (United States, Canada, Mexico), South America (Brazil, Argentina, Chile, Rest of South America), Europe (Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific), MEA (Middle East, Africa) and others, each presenting distinct growth opportunities and challenges influenced by the regions.

Competitive Landscape

NB-IoT chipsets generally have a very dynamic competitive environment, where important players try to attain prime positions in a rapidly expiring market. In this contest are major semiconductor companies, telecommunications giants, and emerging IoT solution providers. The parameters defining the competitive structure include innovation, cost-effectiveness, and provision of reliable and secure connectivity solutions. Among the companies occupying most of the limelight are Qualcomm, Huawei, and U-Blox, all of which are engaged in continuous research and development to further advance chipset performance and diversify product offerings. Competition from alternative LPWAN technologies is heating up now, forcing NB-IoT chipset suppliers to constantly innovate and differentiate their products to stay competitive.

Challenges In Narrowband IoT Chipset Market

The NB-IoT chipset market faces many hurdles that it must overcome to be successful. The first key area that is problematic is the lack of standardization for all IoT protocols and LPWAN technologies, which creates interoperability issues and limits the ability for seamless integration of NB-IoT chipsets into varying applications. Also, competition from other LPWA technologies, such as LoRaWAN, Sigfox, and LTE-M, can pose challenges, as these technologies may present some advantages in bandwidth and latency in certain use cases. Additionally, the high initial deployment costs serve as a barrier, especially for small-scale enterprises and developing regions. Another area of challenge remains the technical complexity surrounding NB-IoT chipsets, which includes power efficiency and network coverage issues in challenging environments. These chipsets were mainly developed for low-speed applications and thus restrict their use for high-speed applications such as video surveillance and advanced industrial automation. As it stands, addressing those issues would require R&D investment to improve chipset performance, create better protocols for security, and develop a cost-oriented solution for different IoT applications.

Risks & Prospects in Narrowband IoT Chipset Market

The low-power, wide-area connectivity demand is increasing in agriculture (smart farming), logistics (supply chain tracking), and healthcare (remote patient monitoring). In addition to that, by combining NB-IoT with the 5G networks and implementing advanced chipset features such as better power efficiency and enhanced security, the market will enhance its growth opportunities. On a regional level, Asia-Pacific is likely to take the lead as a highly lucrative market, owing to fast-paced industrialization and increasing initiatives towards developing smart cities as well as government initiatives supporting IoT deployments. China, South Korea, and Japan are writing the NB-IoT technology adaptation scripts. Europe is another important market, fuelled mainly by very vigorous energy efficiency regulations and high investments in smart infrastructure. North America has witnessed a gradual but steadfast growth trajectory, especially with regards to utility and logistics, spurred by increased demand for remote monitoring and asset tracking solutions. Emerging markets in Latin America and Africa are also expected to propel market growth, thanks to their investments in infrastructure and intelligent technologies.

Key Target Audience

, The Narrowband IoT (NB-IoT) Chipset Market primarily aims its target audience across a wide range of industries and applications, especially focusing on those requiring low-power, wide-area connectivity applications. Utilities wishing to deploy smart metering solutions, asset tracking and logistics firms wishing to monitor their goods and equipment, and municipal bodies implementing smart city solutions such as environmental and street-lighting control all fall into this category., The applications also include developers and manufacturers of IoT devices such as those in smart agriculture, health care, and consumer electronics. A value for them would be a reliable and low-cost chipset that allows integration of NB-IoT connectivity in their products to facilitate long-range communication with minimal power consumption. The telecom operators and providers of network infrastructure are also an important set of audiences, as they deploy and maintain the NB-IoT networks on which the chipsets rely. All in all, the market targets whoever wants to connect low-bandwidth devices across larger areas with extended battery life.

Merger and acquisition

In August 2024, Qualcomm Technologies, Inc. signed a definitive deal to acquire the 4G IoT technology for Qualcomm Technologies, Inc. to enhance its Industrial IoT portfolio with low-power optimized cellular connectivity solutions from Sequans, a leading provider of 4G and 5G semiconductor solutions for IoT. The acquisition includes select employees, assets, and licenses; Sequans holds a global perpetual license to continue utilizing the 4G IoT technology for its ongoing operations. By September 2024, this transaction was completed, enabling the incorporation of Sequans' 4G IoT technologies within the Qualcomm comprehensive spectrum of products. Hence, this integration will enable the company to enhance its range of available and future low-power, reliable industrial IoT applications. Meanwhile, Sequans retains ownership of 5G technology and will continue developing its 5G portfolio with solid strength across its financial assets. >

Analyst Comment

There's a rapid growth rate in the Narrowband IoT (NB-IoT) Chipset Market primarily due to the increasing deployment of IoT devices in different sectors. The market also generates demand for low-power, wide-area connectivity solutions that enable long-range communication with low energy consumption. Major growth drivers are the progressive smart city missions, increasing uptake of asset tracking and remote monitoring applications, and the ever-expanding need for effective yet cost-effective IoT connectivity. Rapid advancement in chipset design technology integrated into a wider coverage of NB-IoT networks fuels the market.