PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1572681
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1572681
Market Insights
The global Narrowband Internet of Things (NB-IoT) chipset market is poised for substantial growth, with projections indicating an increase from approximately USD 851.82 million in 2024 to more than USD 3911 million by 2031. This growth represents a robust Compound Annual Growth Rate (CAGR) of 24.3% during the forecast period from 2024 to 2031. NB-IoT chipsets, which include modems, memory, sensors, and RF transceivers, are designed to enable low-power, wide-area (LPWA) connectivity in various IoT devices.
Currently, NB-IoT chipsets constitute around 17.1% of the broader IoT chipset market, utilizing narrowband radio frequency technology to facilitate data transmission across long distances. This technology enables devices to connect to cellular networks and the internet, driving market growth as the demand for connected devices and smart city initiatives rises globally.
Key Market Drivers
The proliferation of connected devices, alongside the global shift toward smart city infrastructure, is a major driver of the NB-IoT chipset market. As more devices integrate into cellular networks, the need for efficient LPWA solutions like NB-IoT chipsets continues to increase.
The decreasing cost of NB-IoT chipsets is expanding their accessibility across various IoT applications, especially in key markets such as the United States, which held a 25.1% market share in 2023.
Business Opportunities
India's rapidly urbanizing environment and numerous smart city projects present significant opportunities for NB-IoT chipset manufacturers. With improved network coverage, the market in India is expected to grow at a CAGR of 25.2% during the forecast period.
Germany's strong demand for energy-efficient IoT devices supports the widespread adoption of NB-IoT chipset technology. The country's well-established IoT market creates a conducive environment for deploying NB-IoT solutions.
Challenges Impacting Market Growth
Category-wise Insights
Smart meters account for 36.7% of the NB-IoT chipset market due to their extensive use in utility management and energy monitoring.
The agricultural sector is emerging as a major user of NB-IoT technology, utilizing it for efficient and cost-effective monitoring of crops and livestock in remote locations.
Regional Market Insights
In 2023, North America held 30.4% of the global NB-IoT chipset market, driven by smart city initiatives and a mature IoT ecosystem.
The region accounted for 28.2% of the market share in 2023, supported by growing investments in smart infrastructure and energy-saving technologies.
Rapid urbanization and network expansion in countries like India are set to boost the market's growth in the Asia-Pacific region.
Competitive Landscape
The NB-IoT chipset market is characterized by intense competition, with key players focusing on continuous innovation to address diverse IoT applications. The competitive dynamics in this market are shaped by strategic collaborations, product launches, and technological advancements.
Market Segmentation