Press release
NB-IoT Chipset Industry Forecasted to Grow at a 21.1% CAGR, Surpassing USD 4.7 Billion by 2033 | Persistence Market Research
NB-IoT Chipset Market
The growth of the market is primarily driven by the surging demand for connected devices, particularly in smart metering, agriculture, and industrial automation. Among segments, smart meters dominated the market in 2022 with a 36.7% share, highlighting the importance of utility monitoring and management in driving chipset adoption. North America emerges as the leading region, accounting for 30.4% of the market in 2022, owing to its advanced telecommunication infrastructure, early adoption of smart technologies, and government support for IoT initiatives. Europe follows closely, with rising adoption in smart city projects expected to account for around 28.2% of the market in 2023.
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Key Highlights from the Report
NB-IoT chipsets accounted for 17.1% of the global IoT chipset market in 2022.
The smart meter segment led the market with a 36.7% share in 2022.
North America is projected to dominate the market with a 30.4% share in 2022.
Agriculture applications held a significant 19.2% market share in 2022.
The market is expected to grow at a CAGR of 21.1% from 2023 to 2033.
India shows a strong growth potential, with a projected CAGR of 23.2% over the forecast period.
Market Segmentation
The NB-IoT chipset market can be segmented based on product type, application, and end-user industry. Based on product type, the market primarily includes NB-IoT modules, NB-IoT chips, and NB-IoT integrated circuits (ICs). NB-IoT modules are the most widely adopted due to their plug-and-play functionality, simplifying device integration for various IoT applications. On the other hand, standalone NB-IoT chips are preferred by manufacturers seeking custom hardware solutions and optimized performance.
From an application perspective, the market is dominated by smart meters, agriculture, healthcare, logistics, and industrial automation. Smart meters lead due to the growing need for energy efficiency and remote utility monitoring, while agriculture applications are growing with the adoption of precision farming. Logistics and healthcare sectors increasingly use NB-IoT chipsets for asset tracking, patient monitoring, and connected medical devices, showcasing the versatility of NB-IoT technology in various industries.
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Regional Insights
North America continues to dominate the NB-IoT chipset market due to its robust telecom infrastructure, early IoT adoption, and government support for smart city projects. The U.S. and Canada are investing heavily in LPWA networks, which facilitates large-scale deployment of NB-IoT-enabled devices across multiple sectors.
Europe is another key market, with strong adoption in countries like Germany, France, and the U.K. Smart city initiatives and smart grid projects are driving demand for NB-IoT chipsets, particularly in utility management and industrial automation. Meanwhile, emerging markets in Asia-Pacific, especially India and China, are projected to witness high growth due to increasing IoT penetration and supportive government policies.
Market Drivers
The primary drivers of the NB-IoT chipset market include the exponential growth of connected devices, rising demand for low-power wide-area connectivity, and the growing implementation of smart city projects. NB-IoT chipsets enable efficient data transmission with minimal energy consumption, which is essential for battery-operated IoT devices. The rapid adoption of smart meters, industrial IoT, and precision agriculture solutions is further accelerating market growth.
Market Restraints
Despite the growth, the market faces challenges related to network deployment costs and integration complexities. High initial investment in LPWA infrastructure can deter small-scale deployments. Additionally, variations in global cellular standards and compatibility issues may affect widespread adoption of NB-IoT chipsets across different regions.
Market Opportunities
The NB-IoT chipset market presents significant opportunities in emerging economies, particularly in Asia-Pacific, where IoT adoption is rapidly increasing. Additionally, advancements in low-power semiconductor technologies and integration with AI-driven IoT solutions can expand applications in smart cities, industrial automation, and healthcare, offering lucrative growth avenues for chipset manufacturers.
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✔ Gain comprehensive insights into NB-IoT chipset market trends and growth forecasts.
✔ Identify key segments and applications driving market demand.
✔ Understand regional market dynamics and growth opportunities.
✔ Access detailed competitive landscape and company strategies.
✔ Make informed business decisions with strategic market intelligence.
Frequently Asked Questions (FAQs)
How Big is the NB-IoT Chipset Market?
Who are the Key Players in the Global NB-IoT Chipset Market?
What is the Projected Growth Rate of the Market?
What is the Market Forecast for 2032?
Which Region is Estimated to Dominate the Industry through the Forecast Period?
Company Insights
Key players operating in the NB-IoT chipset market include:
Qualcomm Technologies, Inc.
MediaTek Inc.
Huawei Technologies Co., Ltd.
Sequans Communications S.A.
Nordic Semiconductor ASA
Sierra Wireless, Inc.
u-blox AG
Recent Developments:
Qualcomm launched its latest NB-IoT chipset supporting enhanced low-power capabilities for smart city applications in 2023.
MediaTek partnered with European telecom operators to expand NB-IoT coverage for industrial IoT solutions in 2024.
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