Increasing Adoption Of Internet Of Things (IoT) Devices Fueling The Growth Of The Market Due To Rising Demand For Real-Time Data Monitoring Across Industries: An Emerging Driver Transforming The Narrowband Internet Of Things (IoT) Chipset Market Landscape

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What Is the Projected Growth of the Narrowband Internet Of Things (IoT) Chipset Market?
The market size of the narrowband internet of things (IoT) chipset has seen considerable growth in the past few years. It is anticipated to rise from $9.14 billion in 2024 to $11.49 billion in 2025, achieving a compound annual growth rate (CAGR) of 25.7%. This expanding growth can be tied to the escalating demand for low-power wide-area networks, the growing use of smart meters, increased investments in smart cities, a desire for more cost-effective IoT connectivity, and the prevalent adoption of IoT devices.

Expected to experience substantial growth in the coming years is the narrowband internet of things (IoT) chipset market. The projected growth is an increase to a substantial $28.47 billion in 2029, corresponding to a compound annual growth rate (CAGR) of 25.5%. Factors contributing to this growth during the forecast period include the surge in industrial automation, the growth of smart farming initiatives, escalating focus on healthcare-related IoT solutions, governmental backing of smart infrastructure, and an increase in asset tracking applications. Key trends during this forecast period encompass integration with 5G networks, the creation of energy-efficient chipsets, the establishment of private NB-IoT networks, advances in chipset technology, and the evolution of multimode internet of things (IoT) modules.

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What Are the Different Narrowband Internet Of Things (IoT) Chipset Market Segments?
The narrowband internet of things (IoT) chipset market covered in this report is segmented -

1) By Component: Solution, Hardware
2) By Deployment: Guard-Band, In-Band, Standalone
3) By Application: Smart Meters, Asset Tracking, Healthcare Monitoring
4) By Vertical: Consumer Electronics, Agriculture, Building Automation, Automotive, Infrastructure, Healthcare, Safety And Security

Subsegments:
1) By Solution: Network Management, Device Management, Application Enablement
2) By Hardware: Modules, Sensors, Processors, Power Management Units

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What Are the Primary Drivers Shaping the Narrowband Internet Of Things (IoT) Chipset Market?
The growth of the narrowband internet of things (IoT) chipset market is anticipated to be fueled by the escalating adoption of IoT devices. These devices, being physical entities equipped with sensors and software, allow connectivity to the Internet, facilitating real-time observation, automation, and data-driven choices. The popularity of IoT devices is on the rise as they facilitate real-time data compilation and evaluation, enabling organizations and individuals to make efficient, intelligent decisions thereby amplifying efficiency, productivity, and comfort. Demand for NB-IoT chipsets is being spurred by this increasing usage of IoT devices, given its ability to provide low-power, extensive-area connectivity essential for smooth and reliable functioning of numerous IoT applications. For instance, a report published by Ericsson, a networking and telecommunications company based in Sweden, projected nearly 4 billion cellular IoT connections by the end of 2024, a rise from 3.4 billion at the end of 2023. By the end of 2029, broadband IoT is likely to constitute more than 60% of cellular IoT connections, with 4G being the primary connection. Thus, the accelerating adoption of IoT devices is prompting the growth of the narrowband internet of things (IoT) chipset market.

Which Companies Are Leading in the Narrowband Internet Of Things (IoT) Chipset Market?
Major companies operating in the narrowband internet of things (IoT) chipset market are Samsung Electronics Co. Ltd., Verizon Communications Inc., Huawei Technologies Co. Ltd., Qualcomm Technologies Inc., Telefonaktiebolaget LM Ericsson, Nokia Corporation, MediaTek Inc., STMicroelectronics NV, Renesas Electronics Corporation, Sercomm Corporation, u-blox AG, Nordic Semiconductor ASA, Semtech Corporation, Telit Cinterion, Ceva INC., SIMCom Wireless Solutions Limited, Sony Semiconductor Israel Ltd., Skylo Technologies Inc., GCT Semiconductor Holding Inc., 1NCE Inc.

What Are the Major Trends Shaping the Narrowband Internet Of Things (IoT) Chipset Market?
Leading businesses in the narrowband internet of things (IoT) chipset market are focusing their efforts on enhancing chipset technology to improve connectivity, efficiency, and range of application. Chipset technology encompasses a group of integrated circuits which manage the data flow among a device's peripherals, memory, and CPU, enabling efficient performance and communication. For example, Renesas Electronics Corporation, a company from Japan that provides advanced semiconductor solutions, introduced the RH1NS200 in April 2023. This is a narrowband internet of things (NB-IoT) modem chipset created specifically for the Indian market. It has been presented as a perfect solution for the smart metering market in India, operating effortlessly on the networks of all major telecom providers in the country. It boasts incredibly low power consumption, using just 1 uA in deep sleep mode, thus greatly increasing battery lifespan. This product launch is in line with Renesas' aim of increasing its global presence and assisting India's digital transformation efforts through state-of-the-art and dependable IoT technologies.

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What Are the Top Revenue-Generating Geographies in the Narrowband Internet Of Things (IoT) Chipset Market?
North America was the largest region in the narrowband internet of things (IoT) chipset market in 2024. The regions covered in the narrowband internet of things (IoT) chipset market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
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2. What is the CAGR expected in the Narrowband Internet Of Things (IoT) Chipset Market?
3. What Are the Key Innovations Transforming the Narrowband Internet Of Things (IoT) Chipset Industry?
4. Which Region Is Leading the Narrowband Internet Of Things (IoT) Chipset Market?

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