The global Narrowband IoT (NB-IoT) chipset market is predicted to reach USD 250 million in 2024 and USD 2,990 million by 2029, growing at a robust growth rate of CAGR 64.66% for the forecasted period of 2024 and 2029. The market is thriving because of the increasing adoption of IoT and growth in network-enabled devices, etc.
The major factors favoring the N.B. IoT Chipset market are the increasing rates in the adoption of IoT, the sudden growth and need for the installations of network-enabled devices, and the growing demand for long-range connectivity among the networks, etc. Apart from these, factors such as the high reliability of N.B. IoT chipsets, the low operational costs involved, and the lower power consumption factor of these chipsets are also aiding the growth of this market globally.
However, non-standardized issues and unstable updates are hurting this market.
REPORT COVERAGE
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
64.66% |
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Segments Covered |
By Offering, Device, Deployment Type, End-Use Application, Geography |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Huawei Technologies Co. Ltd., Ericsson, Vodafone Group PLC, Qualcomm Incorporated, Intel Corporation, Samsung Group, Nokia Networks, Verizon Communication, CommSolid GmBH, U-Blox Holding AG, MistBase AB, and others. |
The North American region has dominated the global market by accounting for most of the market share and revenue. The U.S. government's investment in launching the IoT in various sectors, such as infrastructure and public services, under programs such as "Smart America," drove the N.B. chip market in North America's IoT and helped it place its position so strong. Deploying intelligent cities and infrastructures in countries such as China, Japan, and India will contribute to the fastest progress in the Asia-Pacific region over the planned period.
The significant players in the narrowband IoT market are Huawei Technologies Co. Ltd., Ericsson, Vodafone Group PLC, Qualcomm Incorporated, Intel Corporation, Samsung Group, Nokia Networks, Verizon Communication, CommSolid GmBH, U-Blox Holding AG, MistBase AB.
In March 2019, CEVA Inc., a semiconductor company, collaborated with an I.C. design company, our link Technology, to launch Nurlink's NK6010 3GPP Rel.14 eNB-IoT system-on-chip (SoC).
In February 2019, a semiconductor industrial company, STMicroelectronics, unveiled a Linux-driven STM32MP1 SoC, its first Cortex-A chip optimized for small cells, portable base stations, and specialized handsets.
In January 2019, Qualcomm Technologies Inc., an American semiconductor company and a subsidiary of Nasdaq-listed Qualcomm, has recently declared the integration of Qualcomm Snapdragon mobile platform with 5G integrated chip (SoC). The company said adding the 5G multimode modem and application processing technologies in one system-on-a-chip was essential in making 5G more widely available in all regions and levels.
In August 2018, With the updates that implement Lora WAN 1.0.3 specifications recently approved by the Lora-Alliance, STMicroelectronics updated its I-CUBE-LRWAN extension package for the STM32 family of microcontrollers for an improved Lora WAN experience and help keep the updates more secure, expanding the possibilities of Internet-of-Things (IoT) applications running on low-power extensive area networks (LPWAN).
In June 2018, Qualcomm and Gizwits collaborated to create the world's first commercial breakthrough in IoT development solutions by working to deliver the world's first commercial 2G cellular modules with LTE IoT field upgrades.
By Offering
Hardware
Software
By Device
Alarms & Detector
Trackers
Smart Appliance
Smart Meters
Wearable Devices
Others
By Deployment Type
In-band
Guard band
Standalone
By End-Use Application
Agriculture
Automotive & Transportation
Energy
Healthcare
Manufacturing
Retail
Safety & Security
Infrastructure
Building Automation
Others
By Region
North America
The United States
Canada
Rest of North America
Europe
The United Kingdom
Spain
Germany
Italy
France
Rest of Europe
The Asia Pacific
India
Japan
China
Australia
Singapore
Malaysia
South Korea
New Zealand
Southeast Asia
Latin America
Brazil
Argentina
Mexico
Rest of LATAM
The Middle East and Africa
Saudi Arabia
UAE
Lebanon
Jordan
Cyprus
Frequently Asked Questions
The market is primarily driven by the increasing adoption of IoT devices, rising demand for low-power and cost-effective connectivity solutions, and the growing deployment of smart city initiatives globally.
In North America, key trends include the integration of Narrowband IoT in industrial IoT applications, the development of smart infrastructure, and increased focus on energy-efficient solutions.
The adoption of Narrowband IoT Chipsets in Europe is contributing to the advancement of smart metering, asset tracking, and smart agriculture applications, fostering overall market growth.
Some challenges include concerns about security and privacy, interoperability issues among different IoT devices, and the need for standardized regulations across regions.
Industries such as healthcare, agriculture, logistics, and utilities are among the primary users, leveraging Narrowband IoT for efficient and reliable connectivity in their applications.
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