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NB-IoT Chipset Market by Deployment Type (Standalone, In-Band and Guard Band)
NB-IoT chipsets Market is anticipated to be worth around US$ 588.7 Million in 2022, with the market reaching over US$ 4,785.1 Million in 2033. It is also projected to be worth US$ 703.4 Million in 2023 and is estimated to grow at a CAGR of 21.1%, from 2023 to 2033.
NB-IoT (narrowband internet of things) chipset is a specialized hardware component that is designed to enable low-power, wide-area (LPWA) connectivity for Internet of Things (IoT) devices. It is a type of System-on-Chip (SoC) that includes a modem and other necessary hardware components, such as memory, sensors, and radio frequency (RF) transceiver.
NB-IoT chipset market accounts for the 17.1% of the IoT chipset market. NB-IoT chipsets use a narrowband radio frequency to transmit data over long distances, allowing devices to connect to cellular networks and the internet. They are specifically designed to support low-power consumption, enabling devices to operate for extended periods without requiring frequent battery replacements.
Growing demands for the connected devices together with the rising trends towards the smart cities are the major factors influencing the growth of the NB-IoT chipset market. As the number of connected devices continues to increase, the demand for low-power, wide-area connectivity solutions such as NB-IoT chipsets is also growing. NB-IoT chipsets enable devices to connect to cellular networks and the internet, making them an ideal solution for IoT applications.
According to the geographical market estimates, the North American region will account for 30.4% of the global market in 2022. In Europe, consumption for these solutions is estimated to account for around 28.2% of the market in 2023.
NB-IoT chipset Market Size (2023)
US$ 703.4 Million
Projected Market Value (2033)
US$ 4,785.1 Million
Global Market Growth Rate (2023 to 2033)
Smart Meter segment Market Share (2022)
Indian Market Growth Rate (2023 to 2033)
Agriculture Segment Market Share (2022)
“Limited Network Coverage Coupled with The Lack Of Standardization”
There are other low-power, wide-area connectivity technologies such as LoRaWAN and Sigfox that compete with NB-IoT chipsets. While NB-IoT has some advantages over these technologies, such as its ability to connect to cellular networks, the competition may limit its growth.
Furthermore, mobile network operators are expanding their NB-IoT coverage, there are still regions where NB-IoT networks are not available. This limits the adoption of NB-IoT chipsets in these regions.
“Lower Cost of NB-IoT Chipsets Are Boosting the Growth of NB-IoT Chipset Market”
The adoption of smart city technologies and infrastructure is driving the growth of the NB-IoT chipset market. NB-IoT chipsets are being used to connect smart city devices such as traffic sensors, streetlights, and waste management systems.
Additionally, the cost of NB-IoT chipsets has been decreasing, making them a more affordable solution for IoT applications. As the cost of these chipsets continues to decrease, their adoption is likely to increase.
These aspects are aiding the acceptance of these technologies in the United States region, accounting to the region's considerable market share of 23.1% in 2022.
“Improved Network Coverage Are Hastening the Adoption of NB-Iot Chipset”
As network coverage for NB-IoT improves, the adoption of these chipsets is likely to increase. Mobile network operators are expanding their NB-IoT coverage, making it easier for IoT devices to connect to the network.
Additionally, India is currently undergoing a major urbanization phase, and smart city infrastructure projects are being implemented across the country. NB-IoT technology can be used to connect various smart city applications such as smart parking, smart lighting, and waste management systems. This presents a significant opportunity for NB-IoT chipset manufacturers to supply the required technology for these applications.
These factors enable India's market to grow at a CAGR of 23.2% during the predicted period.
“Rising Demands for The Low Power Consuming Devices Are Facilitating the Adoption of NB-IoT Chipset Services”
NB-IoT chipsets are designed to consume very little power, which is a critical requirement for IoT devices that are expected to operate for extended periods without requiring frequent battery replacements. This feature makes NB-IoT chipsets a popular choice for IoT applications.
Moreover, Germany has a strong customer base for IoT devices, which has created a high demand for NB-IoT chipsets. The country has a large number of companies that are developing and deploying IoT devices, which has helped to create a strong domestic market for NB-IoT chipsets.
Such considerations are predicted to hasten the deployment of low power consuming devices in Germany.
Why Smart Meters Segment Hold the Major Market Share for NB-IoT Chipset Market?
One of the key reasons why smart meters hold the major market share for NB-IoT chipset market is because of their widespread use in utilities and energy sectors. Smart meters are already deployed in many parts of the world, particularly in developed countries where there is a strong emphasis on energy efficiency and sustainability.
Moreover, the deployment of NB-IoT networks has been accelerating globally, with many telecom operators and IoT solution providers investing in this technology. This has led to increased availability and lower costs of NB-IoT chipsets, which has made them more attractive to smart meter manufacturers and energy companies.
These factors are influencing the major share of 36.7% of smart meters’ segment in the market.
Why the Adoption of NB-IoT Chipset is maximum in Agriculture Sector?
The adoption of NB-IoT chipset is increasing in the agriculture sector for several reasons like cost-effectiveness, low power consumption, wide coverage and so on.
NB-IoT technology provides a cost-effective solution for farmers to monitor their crops and livestock. It is much cheaper than traditional methods of monitoring, which often involve hiring people to collect data manually.
Furthermore, NB-IoT technology is designed to consume very little power, which means that devices using this technology can last for a long time on a single battery charge. This is important in the agriculture sector, where sensors and devices are often located in remote areas with limited access to power sources.
Thus, market share of inductive charging technology segment in the NB-IoT chipset is analysed to be 19.2% in 2022.
NB-IoT chipset market is highly competitive, with several major players offering a range of products for IoT applications. The market is expected to continue growing rapidly as demand for IoT devices and applications increases across various industries.
Recent developments related to key players providing NB-IoT chipset market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.
2023 to 2033
Historical Data Available for
2018 to 2022
US$ Million for Value
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
By Deployment Type:
By Industry Vertical:
In 2023, the market value of NB-IoT chipset was US$ 703.4 Mn.
The global NB-IoT chipset market is estimated to advance at a 21.1% CAGR through 2033.
The market for NB-IoT chipset is forecasted to climb to US$ 4,785.1 Mn by 2033 end.
Demand for NB-IoT chipset market in India is projected to rise at a CAGR of 23.2% for 2023-2033.
In 2022, the North America NB-IoT chipset market held a dominant market share of 30.4%.