Global Narrowband IoT (NB-IoT) Chipset Market Outlook 2024–2030

The Global Narrowband IoT (NB-IoT) Chipset Market is witnessing exponential expansion, driven by the rapid evolution of low-power wide-area (LPWA) communication technologies. The market is expected to grow at a robust CAGR of 38.9% during the forecast period, reaching nearly US$ 12.74 billion by 2030, up from US$ 1.27 billion in 2023.

NB-IoT chipsets enable efficient, low-cost, and highly secure connectivity for massive IoT deployments, making them a preferred choice for applications such as smart metering, smart cities, asset tracking, and industrial automation.

Market Overview

Narrowband IoT (NB-IoT) is a cellular-based LPWAN technology standardized by 3GPP, specifically designed to support devices that require low data rates, long battery life, and extended coverage. NB-IoT chipsets play a critical role in enabling seamless communication between connected devices and networks, particularly in challenging environments such as underground facilities, dense urban areas, and remote locations.

With the growing adoption of IoT ecosystems, Industry 4.0, and smart infrastructure, demand for NB-IoT chipsets continues to rise across multiple industry verticals.

To know the most attractive segments, click here for a free sample of the report:https://www.maximizemarketresearch.com/request-sample/29666/ 

Impact of COVID-19 on the NB-IoT Chipset Market

The report provides an in-depth analysis of the COVID-19 lockdown impact on the revenues of market leaders, followers, and new entrants. As lockdown measures varied significantly across regions and countries, the impact on NB-IoT chipset adoption differed by geography and application.

• Short-term impact: Temporary disruptions in supply chains and manufacturing operations
• Long-term impact: Accelerated digital transformation, increased demand for remote monitoring, smart healthcare, and connected infrastructure

These insights help organizations design region-specific short-term recovery strategies and long-term growth plans.

Narrowband IoT (NB-IoT) Chipset Market Dynamics

Key Growth Drivers

• Advancements in NB-IoT Technology: Continuous innovation in chipset architecture and power optimization is improving performance and scalability.
• Rising IoT and M2M Adoption: Increasing deployment of connected devices across industries is fueling chipset demand.
• Low Power and Long Battery Life: Ideal for applications requiring minimal maintenance and long operational cycles.
• Strong Industry Participation: Growing investments and partnerships among chipset manufacturers and telecom operators accelerate commercialization.

Market Challenges

• Deployment Costs in Early Stages
• Interoperability and Integration Complexity
• Competition from Alternative LPWAN Technologies

Despite these challenges, NB-IoT remains highly attractive due to its licensed spectrum reliability and global standardization.

Segment Analysis

By Deployment Type

• Stand-Alone
• Guard Band
• In-Band

Among these, stand-alone deployment is gaining traction due to better flexibility and improved coverage.

By Device Type

• Smart Parking
• Smart Meters
• Trackers
• Alarms and Detectors
• Smart Streetlights
• Smart Appliances
• Wearable Devices
• Other Connected Devices

The wearable devices segment is projected to register the highest CAGR during the forecast period, driven by rising adoption across healthcare, fitness, sports, and personal safety applications that demand secure, low-power cellular connectivity.

By Vertical

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

The energy and utilities sector leads adoption, with smart metering emerging as the dominant application. NB-IoT enables utilities to enhance process optimization, plant automation, supply chain efficiency, and regulatory compliance, while supporting sustainability initiatives.

To know the most attractive segments, click here for a free sample of the report:https://www.maximizemarketresearch.com/request-sample/29666/ 

Regional Insights

Asia Pacific – Market Leader

Asia Pacific dominates the global NB-IoT chipset market, supported by large-scale smart city deployments and government-backed digital infrastructure initiatives.

• China leads the region due to:
  • Favorable government policies
  • Strong domestic ecosystem of chipset, module, and infrastructure providers
  • Aggressive smart utility and smart city rollouts

Other key contributors include Japan, South Korea, India, and Australia.

Europe

Europe continues to see steady growth driven by smart energy management, industrial IoT, and building automation initiatives. Major contributing countries include Germany, the UK, France, Italy, and Spain.

North America

North America benefits from early adoption of IoT, smart infrastructure, and connected healthcare, supported by strong R&D investments and advanced telecom networks.

Middle East & Africa and South America

These regions are emerging markets, with increasing adoption of NB-IoT in smart utilities, security, and infrastructure modernization.

Competitive Landscape

The NB-IoT chipset market is highly competitive, characterized by technological innovation, strategic partnerships, and global expansion.

Key Market Players

• Huawei
• Qualcomm
• Nordic Semiconductor
• Samsung Electronics
• Intel
• MediaTek
• Altair Semiconductor
• Sierra Wireless
• u-blox
• Sequans Communications
• Telit
• Quectel Wireless Solutions
• SimCom Wireless Solutions
• Gemalto
• Sercomm
• Riot Micro
• Commsolid
• GCT Semiconductor
• Xiamen Cheerzing IoT Technology

These companies compete based on chip performance, power efficiency, pricing, scalability, and regional presence.

Strategic Analysis Tools Covered

• PEST Analysis
• Porter’s Five Forces Analysis
• SWOT Analysis

These frameworks help stakeholders identify high-growth segments, investment priorities, and competitive strategies.

Future Outlook

The Narrowband IoT (NB-IoT) Chipset Market is poised for exceptional growth as industries increasingly rely on massive IoT connectivity, smart infrastructure, and data-driven decision-making. With strong backing from governments, telecom operators, and technology providers, NB-IoT will remain a cornerstone technology for next-generation connected ecosystems through 2030 and beyond.