The Narrowband IoT (NB-IoT) Chipset Market size was estimated at USD 1.85 billion in 2023 and is projected to reach USD 3.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.00% during the forecast period (2024-2030).

Narrowband IoT (NB-IoT) Chipset Market

Market Summary

The Narrowband IoT (NB-IoT) chipset market is a rapidly evolving segment within the semiconductor and electronics industry, characterized by its focus on enabling low-power, wide-area connectivity for a vast array of IoT devices. NB-IoT technology is a standards-based low power wide area (LPWA) technology developed to enable a wide range of new IoT devices and services. It operates within the licensed spectrum, ensuring secure and reliable connectivity, and is designed specifically for applications that require small amounts of data to be transmitted infrequently over long distances while maximizing battery life. The market is driven by the escalating demand for efficient and cost-effective connectivity solutions for massive machine-type communications. Key industry players are continuously innovating to develop chipsets that offer enhanced performance, lower power consumption, and greater integration capabilities. The proliferation of smart city initiatives, industrial automation, and the increasing adoption of smart agriculture practices are significant contributors to the expansion of this market. The technology's ability to provide deep indoor coverage and support a massive number of connections makes it a cornerstone for the future growth of the IoT ecosystem. As industries worldwide continue their digital transformation journeys, the demand for robust and scalable connectivity solutions like NB-IoT is expected to see sustained growth, positioning the chipset market for long-term development and integration into a multitude of verticals.

Key Highlights

The NB-IoT chipset market is distinguished by several key attributes that underscore its importance and potential. A primary highlight is the technology's exceptional power efficiency, enabling device batteries to last for many years, often exceeding a decade, which is critical for applications where frequent battery replacement is impractical or costly. This feature is paramount for large-scale sensor deployments in remote or hard-to-access locations. Another significant aspect is the robust and secure connectivity provided by operating in the licensed spectrum, which mitigates interference risks and ensures reliable data transmission, a non-negotiable requirement for many industrial and commercial applications. The market is also characterized by strong ecosystem support from major telecommunications operators, module manufacturers, and chipset vendors like Huawei, Qualcomm, and MediaTek, who are driving standardization and commercialization efforts globally. Furthermore, the integration of NB-IoT capabilities with other cellular technologies like LTE-M into multi-mode chipsets offers device manufacturers and end-users greater flexibility and future-proofing for their IoT deployments. The technology's design for massive scalability allows it to support an immense density of connections per cell, making it an ideal solution for urban environments and large-scale industrial IoT projects. These highlights collectively position NB-IoT as a foundational technology for the next wave of IoT innovation and adoption.

Drivers, Opportunities & Restraints

The growth of the NB-IoT chipset market is propelled by a confluence of powerful drivers. The global expansion of smart city projects is a major force, creating immense demand for connected solutions in areas such as smart parking, waste management, and environmental monitoring, all of which benefit from NB-IoT's characteristics. Similarly, the accelerating pace of industrial automation, often referred to as Industry 4.0, relies on countless sensors for predictive maintenance, asset tracking, and process optimization, fueling the need for reliable, low-power connectivity. The urgent focus on energy efficiency and sustainability across sectors is also a significant driver, as NB-IoT enables smart metering for utilities, allowing for precise monitoring and management of water, gas, and electricity consumption. These drivers present substantial opportunities for market players. The untapped potential in agricultural technology, or smart farming, offers a fertile ground for growth, with applications in soil monitoring, livestock tracking, and automated irrigation systems. The development of more advanced and cost-effective chipsets opens opportunities for penetration into consumer IoT segments, such as smart home security and wearable health monitors. However, the market does face certain restraints. The initial deployment and integration costs for network infrastructure can be a barrier for some mobile network operators, potentially slowing down rollouts in certain regions. The existence of competing LPWA technologies, such as LoRaWAN and Sigfox, creates a fragmented market landscape, which can lead to uncertainty for adopters regarding technology selection. Furthermore, the need for device certification and the complexity of integrating chipsets into end-products can pose challenges for smaller manufacturers, potentially restraining faster market adoption in some verticals.

Concentration Insights

The competitive landscape of the NB-IoT chipset market is characterized by a high degree of concentration among a few leading semiconductor giants, though a broader ecosystem of module makers and solution providers surrounds them. A handful of companies dominate the core technology development and chipset supply. Huawei Technologies, through its HiSilicon subsidiary, is a formidable force, having been an early pioneer and proponent of the technology within the 3GPP standards body. Qualcomm Incorporated is another dominant player, leveraging its extensive expertise in mobile communications to offer highly integrated and power-efficient multi-mode chipsets that support both NB-IoT and LTE-M. MediaTek Inc. also holds a significant market share, providing competitive solutions that cater to a wide range of device manufacturers. This concentration is a result of the significant research and development investments, extensive intellectual property portfolios, and deep-seated relationships with mobile network operators required to succeed in this space. These key players not only supply the chipsets but also provide comprehensive reference designs and development tools, which accelerates time-to-market for their customers. The market concentration fosters a environment of intense innovation and competition on performance, power consumption, and cost, ultimately benefiting the end-user by driving technological advancements and gradually reducing the total cost of ownership for IoT solutions.

Type Insights

The NB-IoT chipset market can be segmented by type, primarily distinguished by their operational capabilities and integration levels. A fundamental categorization is between standalone chipsets and integrated chipsets. Standalone NB-IoT chipsets are dedicated components designed exclusively for NB-IoT connectivity. They are often chosen for applications where ultra-low power consumption is the absolute priority and where cost sensitivity is extreme, as they can be optimized for a single purpose. The other, and increasingly prevalent, category is multi-mode or integrated chipsets. These components support NB-IoT alongside other cellular IoT standards, most commonly LTE-M (also known as Cat-M1), and in some cases, even 2G fallback. Chipsets from companies like Qualcomm's 9205 LTE modem exemplify this trend, offering developers a single silicon platform that provides flexibility and future-proofing. This allows a device to connect via the most appropriate network technology available in a given region or for a specific use case, ensuring broader operational coverage and longevity. The choice between a standalone or multi-mode chipset is a critical design decision influenced by factors such as target application, desired device lifespan, geographic deployment plans, and overall bill-of-material cost targets. The industry trend is visibly shifting towards multi-mode solutions as they reduce complexity for OEMs and provide a more robust connectivity strategy.

Application Insights

The application landscape for NB-IoT chipsets is vast and diverse, spanning numerous industry verticals. One of the most mature and significant application areas is smart metering. Utilities worldwide are deploying millions of NB-IoT-connected smart meters for electricity, water, and gas, enabling automated meter reading, leak detection, and dynamic pricing models, which lead to massive operational efficiencies and conservation. Asset tracking is another critical application, providing real-time visibility into the location and condition of high-value assets across logistics, supply chain, and manufacturing sectors. In the realm of smart cities, NB-IoT is the backbone for solutions like smart parking systems that guide drivers to available spots, smart waste bins that signal when they need emptying, and environmental sensors that monitor air quality and noise pollution. The agricultural sector is leveraging this technology for smart farming, using soil moisture sensors, livestock monitoring tags, and climate stations to optimize yields and resource usage. Furthermore, the healthcare industry is exploring applications in remote patient monitoring, where wearable devices can transmit vital signs over long periods without frequent charging. The common thread across all these applications is the need for reliable, long-range communication with minimal power consumption, making NB-IoT an enabling technology for a smarter, more connected world.

Regional Insights

The adoption and development of the NB-IoT chipset market exhibit distinct regional patterns influenced by regulatory support, infrastructure investment, and industrial focus. The Asia-Pacific region, particularly China, stands as the undisputed leader and largest market. This dominance is fueled by aggressive government mandates promoting smart city development, strong support from national telecom operators who have deployed nationwide NB-IoT networks, and a powerful manufacturing ecosystem for IoT devices. Europe represents another highly advanced market, driven by a strong regulatory framework focused on energy efficiency and sustainability, which accelerates the adoption of smart metering and smart building solutions. European mobile operators have also been proactive in rolling out NB-IoT networks, often alongside LTE-M, providing robust coverage. North America shows a slightly different dynamic, where the market growth has been steady but more measured. The focus here is often on specific verticals such as logistics, industrial IoT, and agriculture. The presence of major chipset developers and a strong culture of technological innovation supports the market. Other regions, including Latin America and the Middle East & Africa, are in earlier stages of adoption but are showing growing interest, particularly for smart utility and smart city projects, as network coverage continues to expand in urban centers.

Company Insights

The NB-IoT chipset market is shaped by the strategies and innovations of its key players. Huawei's HiSilicon division is a central figure, known for its early and deep investment in the technology. Their Boudica series of chipsets are widely used, particularly in China, and are recognized for their integration and low power profile. Qualcomm is a powerhouse in the wireless semiconductor space and has brought its considerable expertise to bear on NB-IoT. Their chipsets, such as the Qualcomm 212 LTE IoT Modem, are often multi-mode (supporting NB-IoT and LTE-M) and are designed for global deployment, appealing to device makers targeting international markets. MediaTek competes aggressively, offering cost-effective solutions like the MediaTek MT2625 chipset, which has gained significant traction in a variety of consumer and industrial applications. Other notable players include Samsung, with its Exynos i T100 modem, and Nordic Semiconductor, which although more famous for its short-range wireless products, has entered the cellular IoT market. Intel, while having shifted its strategy in the modem business, contributed significantly to the early technology development. These companies compete not only on the silicon itself but also on the strength of their software development kits, security features, and the overall ecosystem support they provide to manufacturers integrating their technology.

Recent Developments

The NB-IoT chipset market is dynamic, with continuous advancements aimed at enhancing performance and reducing costs. A prominent recent trend is the industry's move towards the integration of NB-IoT with non-terrestrial networks (NTN), specifically satellite connectivity. Chipset vendors and satellite operators are collaborating to develop solutions that can provide truly global coverage, even in the most remote oceanic and terrestrial regions where terrestrial networks are absent. This development is poised to revolutionize asset tracking and environmental monitoring. Furthermore, there is a strong focus on advancing process technology to create chipsets manufactured at smaller nanometer nodes. This shift results in significant reductions in power consumption and physical size, enabling the development of even smaller and longer-lasting IoT devices. Another key development is the enhancement of security features directly embedded within the hardware of the chipsets. As IoT deployments scale, they become larger targets for cyber threats; therefore, incorporating robust, hardware-based root-of-trust and secure boot capabilities has become a critical differentiator for leading chipset providers. Additionally, the industry is working on refining standards to improve positioning capabilities without GNSS, using cellular signals for low-power location tracking, which opens new applications in indoor and dense urban environments.

Report Segmentation

This comprehensive market report on the Narrowband IoT (NB-IoT) Chipset market provides a detailed analysis structured through multiple segmentation parameters to offer a granular view of the industry landscape. The report is meticulously segmented by type to analyze the market for standalone NB-IoT chipsets versus integrated multi-mode chipsets that support additional standards like LTE-M. This analysis reveals the adoption trends and future trajectory for each chipset type. Furthermore, the report is segmented by application, delivering deep insights into the market dynamics within key verticals such as smart metering, asset tracking, smart cities, agriculture, and healthcare, detailing the specific drivers and opportunities within each segment. A critical component of the segmentation is by region, providing a comparative analysis of market maturity, growth patterns, and competitive environments across North America, Europe, Asia-Pacific, and the Rest of the World. This regional breakdown helps stakeholders identify high-growth geographies and tailor their strategies accordingly. The report also includes a detailed company profiling section, offering competitive intelligence on the key players, their market shares, product portfolios, and strategic initiatives. This multi-dimensional segmentation ensures that the report delivers actionable intelligence for businesses, investors, and strategists operating within or entering the NB-IoT ecosystem.

FAQs

What is the difference between NB-IoT and LoRaWAN? NB-IoT and LoRaWAN are both low-power wide-area network (LPWAN) technologies but operate on fundamentally different principles. NB-IoT is a cellular technology that uses licensed spectrum, managed by mobile network operators, ensuring high reliability, strong security, and guaranteed quality of service. LoRaWAN operates in unlicensed spectrum, is often deployed in private networks, and can be more flexible and lower cost for certain deployments but may face challenges with interference and scalability.

What are the main applications of NB-IoT? The main applications are extensive and include smart metering for utilities (electricity, water, gas), asset tracking and management across supply chains, a wide array of smart city solutions (smart parking, waste management, lighting), environmental and agricultural monitoring, and emerging use cases in healthcare for remote patient monitoring.

Which companies are the leading players in the NB-IoT chipset market? The market is led by major semiconductor companies including Huawei (through its HiSilicon subsidiary), Qualcomm Incorporated, and MediaTek Inc. Other significant players include Samsung, Nordic Semiconductor, and Sequans Communications.

How does NB-IoT achieve its long battery life? NB-IoT achieves exceptional battery life through several design features. It uses simplified, low-bandwidth communication protocols that minimize the time the radio is active (reducing power-hungry transmission and reception cycles). It also supports Power Saving Mode (PSM) and extended Discontinuous Reception (eDRX), which allow the device to enter very deep sleep states for prolonged periods while remaining registered on the network.

Is NB-IoT suitable for mobile applications? While NB-IoT is optimized for stationary or low-mobility applications due to its design for deep penetration and long battery life, it can support mobile use cases, especially with recent network enhancements. However, for applications requiring seamless handover between cells at higher speeds, LTE-M is generally considered a more suitable cellular IoT technology.

What are the challenges for NB-IoT deployment? Key challenges include the initial capital expenditure required for mobile operators to deploy and optimize the network infrastructure, the technological fragmentation in the LPWA space causing confusion among adopters, and the need for device certification which can add complexity and time to product development cycles for manufacturers.

Citius Research has developed a research report titled “Narrowband IoT (NB-IoT) Chipset Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” delivering key insights regarding business intelligence and providing concrete business strategies to clients in the form of a detailed syndicated report. The report details out the factors such as business environment, industry trend, growth opportunities, competition, pricing, global and regional market analysis, and other market related factors.

Details included in the report for the years 2024 through 2030

• Narrowband IoT (NB-IoT) Chipset Market Potential
• Segment-wise breakup
• Compounded annual growth rate (CAGR) for the next 6 years
• Key customers and their preferences
• Market share of major players and their competitive strength
• Existing competition in the market
• Price trend analysis
• Key trend analysis
• Market entry strategies
• Market opportunity insights

The report focuses on the drivers, restraints, opportunities, and challenges in the market based on various factors geographically. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report. The Narrowband IoT (NB-IoT) Chipset Market report is segmented on the basis of various market segments and their analysis, both in terms of value and volume, for each region for the period under consideration.

Narrowband IoT (NB-IoT) Chipset Market Segmentation

Regions Covered

• North America
• Latin America
• Europe
• MENA
• Asia Pacific
• Sub-Saharan Africa and
• Australasia

Narrowband IoT (NB-IoT) Chipset Market Analysis

The report covers below mentioned analysis, but is not limited to:

• Overview of Narrowband IoT (NB-IoT) Chipset Market
• Research Methodology
• Executive Summary
• Market Dynamics of Narrowband IoT (NB-IoT) Chipset Market
  • Driving Factors
  • Restraints
  • Opportunities
• Global Market Status and Forecast by Segment A
• Global Market Status and Forecast by Segment B
• Global Market Status and Forecast by Segment C
• Global Market Status and Forecast by Regions
• Upstream and Downstream Market Analysis of Narrowband IoT (NB-IoT) Chipset Market
• Cost and Gross Margin Analysis of Narrowband IoT (NB-IoT) Chipset Market
• Narrowband IoT (NB-IoT) Chipset Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030
  • Competition Landscape
  • Market Share of Major Players
• Key Recommendations

The “Narrowband IoT (NB-IoT) Chipset Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” report helps the clients to take business decisions and to understand strategies of major players in the industry. The report delivers the market driven results supported by a mix of primary and secondary research. The report provides the results triangulated through authentic sources and upon conducting thorough primary interviews with the industry experts. The report includes the results on the areas where the client can focus and create point of parity and develop a competitive edge, based on real-time data results.

Narrowband IoT (NB-IoT) Chipset Market Key Stakeholders

Below are the key stakeholders for the Narrowband IoT (NB-IoT) Chipset Market:

• Manufacturers
• Distributors/Traders/Wholesalers
• Material/Component Manufacturers
• Industry Associations
• Downstream vendors

Narrowband IoT (NB-IoT) Chipset Market Report Scope

COVID-19 Impact Analysis

Like most other markets, the outbreak of COVID-19 had an unfavorable impact on the Narrowband IoT (NB-IoT) Chipset Market worldwide. This report discusses in detail the disruptions experienced by the market, the impact on flow of raw materials, manufacturing operations, production trends, consumer demand and the projected future of this market post pandemic.

The report has helped our clients:

• To describe and forecast the Narrowband IoT (NB-IoT) Chipset Market size, on the basis of various segmentations and geography, in terms of value and volume
• To measure the changing needs of customers/industries
• To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
• To gain competitive intelligence and uncover new opportunities
• To analyse opportunities in the market for stakeholders by identifying high-growth segments in Narrowband IoT (NB-IoT) Chipset Market
• To strategically profile key players and provide details of the current competitive landscape
• To analyse strategic approaches adopted by players in the market, such as product launches and developments, acquisitions, collaborations, contracts, expansions, and partnerships

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