Global Narrowband IoT (NB-IoT) Chipset Market Size By Deployment Type, By End-Use Industry, By Application By Geographic Scope And Forecast

Narrowband IoT (NB-IoT) Chipset Market Size And Forecast

Narrowband IoT (NB-IoT) Chipset Market size was valued at USD 797.37 Million in 2024 and is projected to reach USD 11,321.14 Million by 2031, growing at a CAGR of 39.1% during the forecast period 2024-2031.

Global Narrowband IoT (NB-IoT) Chipset Market Drivers

The market drivers for the Narrowband IoT (NB-IoT) Chipset Market can be influenced by various factors. These may include

• Growing Need for IoT Applications The market for NB-IoT chipsets is being driven by the growing adoption of Internet of Things (IoT) applications in a variety of industries, including manufacturing, smart cities, healthcare, and agriculture. Numerous Internet of Things devices, such as sensors, meters, trackers, and smart appliances, can be connected thanks to these chipsets.
• Low Power Consumption and Extended Battery Life Because NB-IoT chipsets are built to run at extremely low power, they can be used in long-term deployment scenarios where regular battery replacements are not necessary for Internet of Things devices that run on batteries. The increased dependability and efficiency of IoT deployments are made possible by NB-IoT technology’s longer battery life.
• Extended Coverage and Penetration Compared to standard cellular technologies, NB-IoT technology offers greater coverage and penetration. As such, it is a good fit for IoT applications in isolated or subterranean locations where access may be difficult. The breadth of IoT deployments across diverse industries is increased by NB-IoT’s capacity to function in difficult-to-reach places.
• Cost-Effective Connectivity Solutions Compared to other wireless technologies, NB-IoT chipsets enable enterprises to establish large-scale IoT networks at a cheaper cost by providing cost-effective connectivity solutions for IoT deployments. NB-IoT chipsets are becoming more and more popular in businesses that want to maximize operational efficiency and cut connectivity costs due to their affordability.
• Standardization and Interoperability Interoperability and compatibility between various NB-IoT devices and networks are guaranteed by the standardization of NB-IoT technology by international cellular standards groups like 3GPP. By lowering entry barriers for producers and developers, this standardization promotes market growth by making the development and implementation of NB-IoT solutions easier.
• Government Regulations and Initiatives The market for NB-IoT chipsets is being driven by government initiatives that support smart city projects and encourage the usage of IoT. The market for NB-IoT chipsets is also expanding as a result of regulatory requirements for the installation of smart meters, environmental monitoring systems, and other IoT applications.
•  New Use Cases and Sector Verticals in Industry The market potential for NB-IoT chipsets are growing as new use cases and applications for the technology appear in industries including healthcare, agriculture, asset tracking, and environmental monitoring. The need for NB-IoT chipsets is predicted to increase as companies use IoT more and more for innovation and operational optimization.

Global Narrowband IoT (NB-IoT) Chipset Market Restraints

Several factors can act as restraints or challenges for the Narrowband IoT (NB-IoT) Chipset Market. These may include

•  Difficulties with Rural Deployment Although NB-IoT has a longer coverage range, it can be difficult to implement in isolated rural locations with poor network and infrastructure coverage. Inadequate network connectivity and base station infrastructure could prevent NB-IoT technology from being widely adopted in these areas.
•  Security and Privacy Issues Security and privacy issues become major roadblocks as IoT devices connected to NB-IoT networks gather and transfer sensitive data. IoT device and network vulnerabilities can leave data vulnerable to cyberattacks, resulting in breaches and privacy violations. Gaining confidence and maintaining the NB-IoT chipset market’s sustainable growth depend on addressing these security issues.
• Interference and Spectrum Availability Problems with interference and spectrum availability can affect how well NB-IoT networks function. Signal interference and poor network performance can result from spectrum congestion in heavily populated urban areas or locations with a high density of IoT devices. The scalability of NB-IoT deployments may potentially be restricted by regulatory limitations on spectrum allocation and administration.
• Compatibility and Integration Challenges It might be difficult and time-consuming to make sure that NB-IoT chipsets are compatible with and seamlessly integrate with the current IoT ecosystems, protocols, and platforms. The scalability and efficiency of IoT deployments may be hampered by a lack of interoperability between various NB-IoT devices and networks, which could cause market fragmentation and compatibility problems.
• Cost Restrictions for End Users Although NB-IoT chipsets provide affordable connection options, certain end users—particularly small and medium-sized businesses (SMEs) and emerging markets—may still find the whole cost of implementing and sustaining IoT solutions to be unaffordable. A high initial investment in hardware, equipment, and subscription fees may discourage prospective NB-IoT technology adopters.
• NB-IoT devices and networks may be subject to regulatory compliance and certification requirements, which may complicate and increase the cost of the development and commercialization process. The NB-IoT chipset market has hurdles for manufacturers and developers as they must comply with regional standards, certifications, and compliance requirements. These factors may cause delays in product launches and increase time-to-market.

Global Narrowband IoT (NB-IoT) Chipset Market Segmentation Analysis

The Global Narrowband IoT (NB-IoT) Chipset Market is Segmented on the basis of Deployment Type, End-Use Industry, Application and Geography.

Narrowband IoT (NB-IoT) Chipset Market, By Deployment Type

• In-Band Deployment NB-IoT operates within the existing LTE spectrum, allowing for efficient use of resources and seamless integration with LTE networks.
•  Guard Band Deployment NB-IoT operates in the guard bands of existing LTE spectrum, ensuring minimal interference with LTE services while providing IoT connectivity.

Based on By Deployment Type, The market is segmented into In-Band Deployment, and Guard Band Deployment.

Narrowband IoT (NB-IoT) Chipset Market, By End-Use Industry

•  Smart Cities NB-IoT enables various smart city applications such as smart lighting, smart parking, waste management, and environmental monitoring.
•  Smart Agriculture NB-IoT facilitates precision agriculture through soil monitoring, crop health monitoring, irrigation management, and livestock tracking.
•  Healthcare NB-IoT supports remote patient monitoring, asset tracking, medication management, and telemedicine applications in the healthcare industry.

Based on End-Use Industry, The market is segmented into Smart Cities,Smart Agriculture, and Healthcare.

Narrowband IoT (NB-IoT) Chipset Market, By Application

•  Smart Metering NB-IoT is used for smart metering applications, including electricity, water, and gas metering, enabling remote meter reading and efficient utility management.
•  Asset Tracking NB-IoT enables real-time tracking and monitoring of assets such as vehicles, containers, equipment, and inventory in logistics, transportation, and supply chain management.
• Environmental Monitoring NB-IoT facilitates environmental monitoring applications such as air quality monitoring, water quality monitoring, and weather monitoring for pollution control and climate resilience.

Based on Application, The market is segmented into Smart Metering, Asset Tracking, and Environmental Monitoring.

Narrowband IoT (NB-IoT) Chipset Market, By Geography

• North America Market conditions and demand in the United States, Canada, and Mexico.
• Europe Analysis of the NARROWBAND IOT (NB-IOT) CHIPSET MARKET in European countries.
• Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
• Middle East and Africa Examining market dynamics in the Middle East and African regions.
• Latin America Covering market trends and developments in countries across Latin America.

Based on Geography, The Global Narrowband IoT (NB-IoT) Chipset Market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.

Key Players

The major players in the Narrowband IoT (NB-IoT) Chipset Market are

• Qualcomm Inc.
• Samsung Electronics Co.Ltd.
• Sequans Communications S.A.
• Intel Corporation
• MediaTek Inc.
• U-blox Holding AG
• Huawei Technologies Co. Ltd.
• Nordic Semiconductor ASA
• Sercomm Corporation
• Sanechips Technology Co.Ltd.

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