NB-IoT Chipset Market to Reach US$ 4,785.1 Million by 2033 | Rising Adoption in Smart Cities and Industrial IoT to Drive Growth | Persistence Market Research

The Narrowband IoT (NB-IoT) Chipset Market is on a trajectory of robust growth, with a projected value of US$ 4,785.1 million by 2033. With an impressive CAGR of 21.1% during the forecast period (2023-2033), the NB-IoT chipset industry is gaining momentum, driven by expanding IoT applications across smart cities, healthcare, agriculture, and utilities. The low-power wide-area (LPWA) capabilities of NB-IoT make it ideal for connecting large volumes of low-throughput devices in areas with poor signal strength or limited connectivity.

This growing demand stems from the global digital transformation and rapid urbanization fueling smart infrastructure projects. Governments and private sectors are actively investing in NB-IoT-enabled solutions, leading to increased chipset integration in applications like smart meters, trackers, alarms, and healthcare monitors. Notably, the smart meter segment leads in market share, while Asia Pacific holds the dominant regional position, primarily due to high deployment rates in China and India and robust government support.

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✅Key Highlights from the Report:

➤The global NB-IoT chipset market is forecasted to reach US$ 4,785.1 million by 2033.
➤The market will grow at a robust CAGR of 21.1% from 2023 to 2033.
➤Asia Pacific holds the largest market share due to early adoption in China and India.
➤Smart meters are the leading application segment in 2023 and are expected to remain dominant.
➤Government initiatives supporting smart cities are major growth drivers.
➤LTE-M and 5G integrations are providing hybrid opportunities for NB-IoT chipsets.

📊Market Segmentation:

The NB-IoT chipset market can be segmented by product type, including modules, routers, and evaluation boards. Modules hold the largest share, primarily because of their scalability, cost-efficiency, and easy integration into end devices. Chipsets used in modules are optimized for low energy consumption and long battery life, essential for long-term remote monitoring. Evaluation boards are gaining attention in R&D sectors as companies innovate for new IoT applications.

Based on end-use industries, the market is classified into smart metering, smart buildings, healthcare, agriculture, logistics, and automotive. Among these, smart metering accounts for the highest revenue share due to rising utility automation. Healthcare and agriculture are rapidly emerging segments, driven by remote patient monitoring systems and smart irrigation practices, respectively.

📊Regional Insights:

Asia Pacific remains the dominant region in the NB-IoT chipset market, driven by high-volume deployments in countries like China, India, and South Korea. China, in particular, has led the charge with millions of NB-IoT connections, largely through government-backed smart city initiatives and aggressive rollout by telecom providers.

Europe and North America are also witnessing strong growth. In Europe, regulatory support and energy efficiency mandates have pushed for NB-IoT-based smart metering. North America benefits from investments in healthcare and industrial automation, although slightly slower adoption compared to APAC due to LTE-M preference in certain sectors.

Market Drivers

A major driver behind the NB-IoT chipset market is the explosion in IoT devices requiring low power, low cost, and deep coverage solutions. From utility providers using smart meters to agriculture applications with soil and weather sensors, the use cases are expanding. Additionally, government mandates for smart infrastructure are incentivizing telecoms and OEMs to integrate NB-IoT solutions into their products and networks.

Market Restraints

Despite its benefits, the NB-IoT market faces challenges, such as fragmentation in standards and interoperability issues. Some regions favor competing LPWA technologies like LoRaWAN, which can affect uniform adoption. Additionally, the high initial infrastructure cost and limited data throughput of NB-IoT chipsets can deter certain industrial use cases, particularly those needing real-time high-speed data transmission.

Market Opportunities

The emergence of 5G is creating hybrid opportunities, where NB-IoT functions alongside other cellular standards for broader coverage. As IoT applications become more sophisticated, there's increasing demand for multi-mode chipsets that support NB-IoT, LTE-M, and 5G. Also, rural and under-connected regions represent a massive untapped market for NB-IoT due to its extended range and minimal bandwidth requirements, especially in agriculture, water management, and remote healthcare.

✅Reasons to Buy the Report:

👉✔Gain detailed insights into a high-growth market projected to reach US$ 4,785.1 million by 2033.
👉✔Understand the competitive landscape, including key players and regional strategies.
👉✔Access in-depth segmentation by application, product type, and end-use industries.
👉✔Evaluate growth opportunities presented by hybrid 5G-NB-IoT chipset integration.
👉✔Make informed business decisions with accurate market forecasts and CAGR data.

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📌Key Players

✦Huawei Technologies Co., Ltd.
✦Qualcomm Technologies, Inc.
✦MediaTek Inc.
✦Intel Corporation
✦Nordic Semiconductor ASA
✦u-blox AG
✦Samsung Electronics Co., Ltd.
✦HiSilicon Technologies Co., Ltd.
✦Altair Semiconductor (Sony Group)
✦Sequans Communications

■In 2023, Qualcomm launched a next-generation NB-IoT chipset focused on low-power healthcare and industrial wearables.
■u-blox announced an expansion of its NB-IoT module lineup to support multi-region cellular connectivity and 5G compatibility.

Final Thoughts

The NB-IoT chipset market is evolving rapidly, playing a crucial role in connecting billions of low-power devices across industries. As more nations invest in smart infrastructure and IoT ecosystems expand, the market's momentum is expected to accelerate. For stakeholders, this means rich opportunities, especially in underserved regions and hybrid 5G-NB-IoT use cases. With supportive regulations, advancing technology, and growing demand, the NB-IoT chipset sector is set to redefine connectivity in the decade ahead.

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