Narrowband IoT (NB-IoT) Chipset Market Size, Share, Growth Analysis, By Deployment Type (Stand-Alone, Guard Band), By Device (Smart Parking, Smart Meters), By Vertical, By Region - Industry Forecast 2025-2032

Global Narrowband IoT (NB-IoT) Chipset Market size was valued at USD 2.1 billion in 2023 and is poised to grow from USD 2.94 billion in 2024 to USD 42.83 billion by 2032, growing at a CAGR of 39.8% during the forecast period (2025-2032).

The Narrowband IoT (NB-IoT) chipset market is experiencing rapid growth, driven by advantages such as low power consumption, enhanced system capacity, and increased spectrum efficiency. This technology supports a vast array of IoT devices, particularly in health monitoring and connected wearables, while offering greater reliability and security compared to traditional Wi-Fi and Bluetooth systems. With the potential to connect up to 50,000 devices, NB-IoT extends coverage to areas underserved by existing cellular technologies, boasting over 20 dB interior coverage. The technology benefits from strong backing by European and Asian network operators and is compatible with 2G, 3G, and 4G networks. Currently, 107 networks have been launched globally, with projections indicating a rise to 25.44 billion connected IoT devices by 2031.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Narrowband Iot (Nb-Iot) Chipset market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Narrowband Iot (NB-IoT) Chipset Market Segmental Analysis

Global Narrowband IoT (NB-IoT) Chipset Market is segmented by Deployment Type, Device, By Vertical and region. Based on Deployment Type, the market is segmented into Stand-Alone, Guard Band and In-Band. Based on Device, the market is segmented into Smart Parking, Smart Meters, Trackers, Alarms and Detectors, Smart Streetlights, Smart Appliances, Wearable Devices and Other Devices. Based on By Vertical, the market is segmented into Agriculture, Automotive and Transportation, Energy and Utilities, Healthcare, Manufacturing, Safety and Security, Infrastructure, Building Automation and Consumer Electronics. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Narrowband Iot (NB-IoT) Chipset Market

The Global Narrowband IoT (NB-IoT) Chipset market is significantly driven by the increasing adoption of Internet of Things (IoT) and connected devices, which prioritize enhanced battery life. Battery longevity has emerged as a crucial factor in the development of modern IoT devices. As smartphone technology has advanced dramatically over the past few years, manufacturers are actively working to improve battery performance. This progression in technology, combined with the rising prevalence of machine-to-machine communications, has fueled the expansion of the connected device market, particularly within industries such as healthcare, consumer electronics, and retail, thereby boosting the NB-IoT chipset market.

Restraints in the Global Narrowband Iot (NB-IoT) Chipset Market

The global Narrowband IoT (NB-IoT) chipset market faces several restraints, primarily due to the availability of alternative technologies and its limitations in handling high-speed data requirements. Compared to LTE-M, NB-IoT struggles to meet the demands of applications that require low network latency. LTE-M is generally more suitable for near-real-time data scenarios, while NB-IoT is primarily designed for fixed or mobile data transfer, making it less capable of supporting applications needing rapid responsiveness. Additionally, NB-IoT's inability to switch seamlessly between cells further limits its effectiveness, particularly in an evolving landscape influenced by the transition to 5G technology.

Market Trends of the Global Narrowband Iot (NB-IoT) Chipset Market

The Global Narrowband IoT (NB-IoT) Chipset market is experiencing significant growth, propelled by advancements in artificial intelligence (AI), machine learning (ML), and big data analytics. These technologies facilitate the gleaning of actionable insights from the vast volumes of data generated by NB-IoT networks, enhancing operational efficiency and enabling smarter decision-making. As the demand for connected devices surges across various sectors, including smart cities, agriculture, and industrial automation, the integration of AI and ML within NB-IoT applications is becoming crucial. This trend is expected to drive innovation, foster new business models, and accelerate adoption rates, solidifying NB-IoT's role in the future of IoT connectivity.