Narrowband IOT Chipset Market

Widening applications of NB-IoT technology are driving the market growth

NB-IoT offers good indoor, outdoor and terrestrial coverage, making it ideal for battery-powered applications with occasional data transmission. These features enable the adoption of NB-IoT technology in various applications. Among NB-IoT technology's many important current applications are smart parking, control, smart water use and smart metering. Currently, many companies are testing and testing the Deployment of NB-IoT technology in many new applications; These applications include nursing and residential care in industrial areas; smart grids in power and energy; management, building automation, and electronic search.

Video surveillance in the home automation industry; remote control and order recovery in the home appliance industry; safety management, energy and water management and security applications in the building automation industry; Safety and performance controls in the wearable industry. This factor drives the market CAGR.

In smart cities, IoT infrastructure is used to manage devices and objects connected by all connections. Application enablement platforms help smart cities manage most IoT services from a single platform, reducing the overall cost of services. Authorities in many smart cities are now looking for ways to expand the use of multi-use to improve public buildings' management, efficiency and energy monitoring for services such as waste and water management. The situation analysis application is also useful for providing real-time information to the public and authorities, which should create a job for the business.

The growing number of IoT devices is a major driver for the narrowband IoT chipsets market. Components are becoming more common in M2M connections. The business sector, in particular, has adopted many IoT devices to increase efficiency and productivity. Electronics, healthcare, and retail are some industries where connected devices are used. Wide use of devices leads to the use of narrowband IoT chipsets. Some benefits of connected devices include better connectivity, lower energy consumption and a smarter world. All these factors enable end users to use IoT devices. Finally, it will positively impact the narrow IoT chip market.

Also, machine-to-machine communication is getting more attention. The Internet of Things makes communication between machines possible. It reduces human interaction and creates effective communication. These entire factors make IoT today's technology. The advantages of these connected devices create a lot of demand for the narrowband IoT chipsets market. Thus, driving the Narrowband IOT Chipset market revenue.

Technological advancements play a crucial role in propelling the Global Narrowband IoT Chipset Market Industry forward. Innovations in chipset design and manufacturing processes have led to enhanced performance and reduced power consumption. These improvements enable longer battery life and increased device longevity, which are essential for IoT applications that require continuous connectivity. As technology continues to evolve, the capabilities of narrowband IoT chipsets are expected to expand, allowing for more complex applications and integrations. This ongoing evolution is likely to attract investment and interest from various sectors, further driving market growth.

The increasing proliferation of smart devices is a primary driver for the Global Narrowband IoT Chipset Market Industry. As more consumers adopt smart home technologies, wearables, and connected appliances, the need for efficient communication solutions grows. Narrowband IoT chipsets enable low-power, wide-area connectivity, making them ideal for these applications. In 2024, the market is valued at 0.12 USD Billion, reflecting the initial stages of this trend. By 2035, the market is projected to expand significantly, reaching 11.8 USD Billion, indicating a robust demand trajectory driven by the integration of IoT in everyday life.

The growing interest in smart agriculture is emerging as a vital driver for the Global Narrowband IoT Chipset Market Industry. Farmers are increasingly adopting IoT solutions to enhance productivity and efficiency in agricultural practices. Narrowband IoT chipsets facilitate real-time monitoring of soil conditions, crop health, and livestock management, thereby optimizing resource usage. This trend is particularly pronounced in regions where agriculture is a primary economic activity. As the market matures, the integration of these technologies is expected to contribute significantly to the projected growth, with a market valuation of 11.8 USD Billion by 2035.

Government initiatives aimed at promoting IoT adoption are pivotal in shaping the Global Narrowband IoT Chipset Market Industry. Various countries are implementing policies to encourage the development of smart cities and infrastructure, which rely heavily on IoT technologies. For instance, initiatives that support the deployment of narrowband IoT networks facilitate the growth of this market. These regulations not only provide funding but also create a conducive environment for innovation. As a result, the market is expected to witness a compound annual growth rate of 51.76% from 2025 to 2035, driven by supportive governmental frameworks.

The cost-effectiveness of narrowband IoT solutions serves as a significant catalyst for the Global Narrowband IoT Chipset Market Industry. These chipsets offer a low-cost alternative to traditional cellular technologies, making them accessible for a wide range of applications, particularly in developing regions. The ability to connect numerous devices with minimal infrastructure investment enhances their appeal. This economic advantage is likely to attract more businesses to adopt narrowband IoT technologies, further expanding the market. As the industry evolves, the affordability of these solutions could lead to increased penetration in sectors such as agriculture, logistics, and healthcare.

Segmented by region, the study provides market insights for North America, Europe, Asia Pacific and the rest of the world. The North American NB-IoT chipset market will be the market; the increasing adoption of NB-IoT technology and good IT development in the region will drive the market's growth.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: GLOBALNARROWBAND IOT CHIPSET MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Narrowband IOT Chipset market accounts for the second-largest market share due to themoderate demand for loT chipsets with a high expansion rate. Further, the German Narrowband IOT Chipset market held the largest market share, and the UK Narrowband IOT Chipset market was the fastest-growing market in the European region.

The Asia-Pacific Narrowband IoT Chipset Market is expected to grow at the largest CAGR from 2023 to 2032. This is because of the higher cost of expansion and technology. Smart cities will bring extraordinary development opportunities to the region. Moreover, China’sNarrowband IOT Chipset market held the largest market share, and the Indian Narrowband IOT Chipset market was the fastest-growing market in the Asia-Pacific region.

Leading manufacturers are investing heavily in R&D to expand their products, which will help support further growth of the IoT chipset market. Entrepreneurs are also undertaking various activities to expand their global footprint. Key business development activities include new product development, contract deals, joint venture mergers and acquisitions, increased investment and collaboration with other organizations. The NB-IoT chipset industry needs to provide quality products to grow and survive in a more competitive and increasing business environment.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Narrowband IoT Chipset industry to benefit clients and increase the market sector. The Narrowband IoT Chipset industry has offered some of the most significant advantages in recent years. Key players in the Narrowband IoT Chipset market, includingIntel Corporation (U.S.), Huawei Technologies Co. Ltd. (China), Ericsson (Sweden), Nokia Corporation (Finland), Quectel Wireless Solutions Co. Ltd. (China), Sierra Wireless (Canada), Deutsche Telekom AG (Germany), China United Network Communications Group Co., Ltd. (China).

1NCE is the only worldwide provider of low-cost IoT connectivity and software, providing fast, secure and reliable cellular connectivity and software services in over 150 countries worldwide. 1NCE has doubled its NB-IoT footprint with expansion in the USA, Taiwan, Belgium, Denmark, Sweden, Norway, Croatia, Finland and the Slovak Republic. This development places the company among the providers of NB-IoT technology.

Qualcomm is an American multinational corporation headquartered in San Diego, California and incorporated in Delaware. It produces electronics, software and services related to wireless technology. It has important patents for 5G, 4G, CDMA2000, TD-SCDMA and WCDMA mobile communication standards.Qualcomm introduced the energy-efficient NB2 IoT chipset that supports 3GPP Release 14 Cat.