Narrowband IoT (NB-IoT) Chipset Market By Product Type (Single-Mode, Dual-Mode); By Application (Smart Meters, Asset Tracking, Smart Agriculture, Healthcare Monitoring); By End-User (Telecommunications Service Providers, OEMs, Smart Cities, Healthcare Providers); By Geography, Segment Revenue Estimation, Forecast, 2024–2030.

Introduction And Strategic Context

The Global Narrowband IoT (NB-IoT) Chipset Market is poised for substantial growth over the next decade. Valued at USD 3.4 billion in 2024, this market is expected to expand at a robust CAGR of 22.5% , reaching USD 12.7 billion by 2030, confirms Strategic Market Research.

 

Narrowband IoT (NB-IoT) is a cellular-based technology that facilitates the connection of low-power devices in remote locations with limited bandwidth requirements. It has been widely adopted for applications such as smart meters, asset tracking, healthcare monitoring, and environmental sensors. The unique advantage of NB-IoT lies in its ability to deliver extensive coverage, low latency, and high energy efficiency, making it ideal for large-scale IoT deployments. As a key enabler of the broader IoT ecosystem, NB-IoT is driving digital transformation in several sectors by offering cost-effective, scalable, and secure connectivity solutions.

 

Several macro forces are driving the market forward. On the technology front, the increasing adoption of 5G networks is enhancing the capabilities of NB-IoT, enabling faster, more reliable connections. Meanwhile, the regulatory landscape continues to evolve, with governments across the globe promoting smart cities, industrial automation, and digital infrastructure projects that rely heavily on IoT technologies. Additionally, there is growing awareness regarding sustainability, pushing industries to explore NB-IoT as a tool for monitoring and reducing energy consumption, emissions, and waste.

 

Key stakeholders in this market include:

• Chipset manufacturers such as Qualcomm , Huawei , and MediaTek , who are developing more efficient and robust solutions.

• Telecommunication providers like Verizon , Vodafone , and China Mobile , who are crucial for the deployment and integration of NB-IoT technology.

• End-users in industries such as agriculture, healthcare, automotive, and utilities that leverage NB-IoT for better operational efficiency.

• Government bodies and regulatory authorities , who are crucial in setting the standards and policies that drive the adoption of IoT technologies globally.

With IoT solutions becoming ubiquitous, NB-IoT chipsets are expected to play a pivotal role in enabling a connected future, making this market a crucial segment of the broader IoT industry.

 

Market Segmentation And Forecast Scope

The Narrowband IoT (NB-IoT) Chipset Market can be segmented into several key dimensions, each of which is pivotal to understanding the drivers and challenges of this rapidly evolving industry. Below is a breakdown based on product type, application, end-user, and region.

By Product Type

• Single-Mode Chipsets are designed specifically for NB-IoT connectivity and are expected to hold a significant market share. Their lower cost and power efficiency make them ideal for applications such as smart metering and environmental sensors.

• Dual-Mode Chipsets offer the flexibility of supporting both NB-IoT and LTE-M (Long Term Evolution for Machines). These chipsets are growing in popularity as they cater to a wider range of applications, especially in smart cities and industrial IoT environments.

In 2024, the single-mode chipset segment is expected to contribute around 58% of the overall market revenue, owing to its widespread adoption in cost-sensitive applications.

 

By Application

• Smart Meters : The largest application area for NB-IoT chipsets, driven by the need for cost-effective, low-power, and reliable connectivity for smart water, gas, and electricity meters.

• Asset Tracking : NB-IoT’s low power consumption and wide coverage make it ideal for real-time asset tracking in logistics, agriculture, and supply chain management.

• Smart Agriculture : The demand for precision farming solutions is pushing the adoption of NB-IoT in agriculture. Sensors powered by NB-IoT are used for monitoring soil conditions, water levels, and crop health.

• Healthcare Monitoring : NB-IoT is playing an increasing role in remote patient monitoring, allowing medical devices to send health data with low energy requirements, especially in rural or underserved regions.

Smart meters remain the dominant application, expected to represent 35% of the market share in 2024.

 

By End-User

• Telecommunications Service Providers : Telecom companies are the backbone of NB-IoT deployments, providing the network infrastructure necessary for seamless connectivity.

• Original Equipment Manufacturers (OEMs) : OEMs are crucial in the design and production of NB-IoT-enabled devices, ranging from smart meters to connected vehicles.

• End-User Industries (Automotive, Healthcare, Energy, etc.) : Industries such as automotive (for vehicle tracking), energy (for grid management), and healthcare (for patient health monitoring) are rapidly adopting NB-IoT for a variety of use cases.

Telecommunications service providers are expected to lead the market, accounting for 40% of the revenue in 2024.

 

By Region

• North America : North America remains a dominant region for NB-IoT chipset adoption, driven by the region's advanced infrastructure and significant investment in smart city projects. The U.S. and Canada are key players in deploying NB-IoT for smart meters, asset tracking, and healthcare.

• Europe : Europe follows closely, with several countries pushing forward with smart city and environmental monitoring initiatives. The regulatory environment in Europe also favors the expansion of NB-IoT applications.

• Asia Pacific :The Asia Pacific region is expected to experience the fastest growth due to increasing investment in 5G infrastructure and the rapid adoption of IoT across China and India. These countries are heavily investing in NB-IoT for applications such as agriculture, utilities, and smart city development.

• Rest of the World (LAMEA) :Latin America, the Middle East, and Africa (LAMEA) represent emerging markets for NB-IoT. While still in the early stages of adoption, these regions are expected to show promising growth, especially in smart metering and asset tracking applications.

Asia Pacific is expected to witness the fastest growth, with a CAGR of 24% during the forecast period from 2024 to 2030.

 

Market Trends And Innovation Landscape

The Narrowband IoT (NB-IoT) Chipset Market is currently undergoing a transformation, driven by several key trends and innovations that are reshaping the landscape. As demand for IoT connectivity increases across a variety of industries, NB-IoT chipsets are evolving to meet the growing need for higher efficiency, wider coverage, and better integration with emerging technologies.

1. Advancements in NB-IoT Chipset Technologies

• The most notable trend in the NB-IoT chipset market is the continuous improvement in chipset design. Manufacturers are focusing on enhancing energy efficiency, reducing size, and increasing the speed of data transmission. This is particularly important for applications like smart metering and asset tracking, where low power consumption and long battery life are essential.

• The integration of 5G technologies with NB-IoT is one of the most significant innovations. 5G is expected to provide lower latency and higher throughput for NB-IoT deployments, which will enable more data-intensive applications such as smart transportation and autonomous vehicles.

 

2. Dual-Mode Chipsets: Bridging the Gap

• Dual-mode chipsets , which support both NB-IoT and LTE-M (Long-Term Evolution for Machines) , are gaining momentum. These chipsets offer a dual advantage by allowing for seamless connectivity across different IoT technologies, improving network flexibility for operators. Dual-mode chipsets are expected to be especially beneficial in regions where both NB-IoT and LTE-M networks are in use, offering businesses the flexibility to switch between technologies as needed.

• The shift towards dual-mode chipsets is particularly significant for industries with complex connectivity requirements, such as smart cities, where devices need to be able to communicate across multiple platforms.

 

3. Integration with Edge Computing and Artificial Intelligence

• Edge computing is revolutionizing how IoT devices process and transmit data. By processing data closer to the source (i.e., at the ""edge""), NB-IoT devices can operate faster, reducing the amount of data that needs to be transmitted back to central servers. This trend is critical for real-time applications such as predictive maintenance in industrial IoT and smart agriculture monitoring, where instant decision-making can improve efficiency and reduce costs.

• Artificial Intelligence (AI) is also beginning to play a role in optimizing NB-IoT connectivity. AI algorithms can analyze data generated by IoT devices, allowing for predictive analytics and smarter automation. In healthcare, for example, AI-driven NB-IoT solutions can enable remote patient monitoring systems that adapt in real-time based on patient data.

 

4. Government Regulations and Industry Standards

• Government bodies worldwide are increasingly introducing regulations to facilitate the growth of IoT. Standards such as Narrowband IoT 3GPP (Third Generation Partnership Project) have helped accelerate the adoption of NB-IoT. In regions like Europe and North America, where IoT regulations are stringent, NB-IoT chipsets are seen as a reliable solution for smart city deployments and utility management due to their secure, low-power, and wide-area coverage.

• Additionally, industry standards around interoperability and cybersecurity are pushing NB-IoT technology to integrate with other IoT solutions, ensuring that devices remain secure while enabling cross-platform communication.

 

5. Sustainability and Green IoT

• As global sustainability goals take center stage, green IoT solutions are gaining traction. NB-IoT’s inherent low energy consumption makes it a suitable candidate for green technologies . By enabling smarter energy management, waste reduction, and environmental monitoring, NB-IoT is being positioned as an enabler of more sustainable practices. For instance, the use of NB-IoT in smart grids helps optimize energy usage, reducing overall consumption.

• The growing emphasis on environmental impact is pushing NB-IoT solutions to be even more power-efficient, with manufacturers working on innovations like ultra-low-power chipsets and energy harvesting technologies.

 

6. Strategic Partnerships and Collaborations

• Companies are increasingly forming strategic partnerships to expand the reach and capabilities of NB-IoT technology. Telecom providers are collaborating with NB-IoT chipset manufacturers to ensure better integration of network infrastructure with IoT devices. For example, Qualcomm and Huawei are working on improving chipset performance to support the growing demand for smart city solutions.

• Additionally, partnerships between government entities and private sector players are accelerating the rollout of NB-IoT networks in urban environments. These collaborations aim to integrate NB-IoT in everything from traffic management systems to waste collection, helping cities become more connected and efficient.

 

Competitive Intelligence And Benchmarking

The Narrowband IoT (NB-IoT) Chipset Market is highly competitive, with a few dominant players shaping its landscape. These companies are constantly innovating and adapting to meet the growing demand for efficient, low-power, and scalable IoT connectivity solutions. Below are key players and their strategies, offering insight into how they’re positioning themselves for future growth.

1. Qualcomm Technologies

• Strategy: Qualcomm is one of the leaders in the NB-IoT chipset market, offering a comprehensive range of solutions tailored to various IoT applications. Its strategy focuses on driving adoption through technological innovation and partnerships with telecom operators. Qualcomm is particularly strong in the 5G space, where it is integrating NB-IoT with next-generation wireless networks for enhanced performance and connectivity.

• Global Reach: Qualcomm’s solutions are available globally, with a strong presence in North America, Europe, and Asia-Pacific.

• Product Differentiation: Qualcomm’s key differentiator is its ability to provide highly integrated chipset solutions that support both NB-IoT and LTE-M , giving telecom operators and device manufacturers the flexibility to deploy a range of IoT applications.

 

2. Huawei Technologies

• Strategy: Huawei is a key player in the global NB-IoT ecosystem, offering chipsets as part of its broader IoT and 5G solutions. Huawei is heavily invested in smart city and industrial IoT applications, positioning itself as a leader in providing end-to-end IoT solutions.

• Global Reach: Huawei maintains a significant presence across Asia-Pacific, Europe, and emerging markets in Latin America and Africa.

• Product Differentiation: Huawei stands out by providing a comprehensive IoT platform that integrates NB-IoT chipsets with its telecom infrastructure solutions. This end-to-end approach allows for seamless deployment of smart city technologies and industrial automation.

 

3. MediaTek

• Strategy: MediaTek focuses on developing affordable NB-IoT chipsets, making it a key player in the price-sensitive markets such as smart metering and asset tracking . The company’s strategy centers around creating low-cost, high-efficiency solutions that meet the connectivity needs of emerging economies.

• Global Reach: MediaTek has a strong presence in Asia, particularly in China and India, where it serves a growing demand for IoT solutions.

• Product Differentiation: MediaTek is known for offering cost-effective, power-efficient chipsets, which is especially beneficial for applications in regions with limited budgets for IoT infrastructure.

 

4. NXP Semiconductors

• Strategy: NXP’s strategy is centered around the automotive and smart city sectors, offering NB-IoT chipsets that support both low power consumption and high scalability for large-scale IoT deployments. NXP also focuses on security features , providing highly secure chipsets for critical infrastructure applications.

• Global Reach: NXP operates globally, with strong market penetration in North America and Europe, and a growing presence in the Asia-Pacific region.

• Product Differentiation: NXP differentiates itself through its security-first approach and its focus on integrating NB-IoT with automotive applications, positioning itself as a key player in the automotive IoT market.

 

5. Ericsson

• Strategy: Ericsson leverages its telecom infrastructure expertise to offer NB-IoT chipsets as part of its broader 5G solutions . The company’s focus is on providing scalable, high-performance connectivity solutions for smart cities , utilities , and industrial automation .

• Global Reach: Ericsson has a significant global footprint, particularly in Europe and North America, where telecom operators are rapidly adopting 5G and NB-IoT for advanced IoT applications.

• Product Differentiation: Ericsson’s unique value proposition is its integration of NB-IoT chipsets with 5G networks , which is poised to drive future IoT applications in urban management, transportation, and healthcare.

 

6. Semtech Corporation

• Strategy: Semtech focuses on low-power chipsets for IoT applications, providing solutions that support long-range connectivity over NB-IoT networks. The company is focusing heavily on environmental monitoring and agriculture sectors, offering specialized chipsets for these applications.

• Global Reach: Semtech has a solid presence in North America, Europe, and Asia, with increasing interest in environmental and agricultural markets .

• Product Differentiation: Semtech is distinct in offering low-power, long-range NB-IoT chipsets, ideal for outdoor and remote deployments such as agriculture and wildlife monitoring .

 

Competitive Dynamics:

The NB-IoT chipset market is not crowded with dozens of players but is dominated by a few heavyweights. While Qualcomm , Huawei , and MediaTek lead the charge in terms of market share, NXP Semiconductors , Ericsson , and Semtech offer specialized solutions that cater to specific verticals. As the market matures, companies are increasingly investing in dual-mode chipsets (supporting both NB-IoT and LTE-M ) and 5G integration to remain competitive.

The primary differentiators in this market are chipset efficiency , energy consumption , cost-effectiveness , and the ability to integrate with broader IoT ecosystems . Companies that can leverage these factors to address the needs of telecom operators, device manufacturers, and end-users will emerge as market leaders.

 

Regional Landscape And Adoption Outlook

The Narrowband IoT (NB-IoT) Chipset Market is experiencing varied growth across regions, driven by differences in infrastructure development, IoT adoption rates, and regulatory support. The outlook for NB-IoT chipset adoption is robust in regions with advanced telecom infrastructure, as well as in emerging markets where digital transformation is accelerating. Below is a breakdown of adoption trends by key regions.

North America

• Adoption Trends: North America is a major market for NB-IoT chipsets, driven by significant investments in smart city and smart metering projects. The U.S. is particularly active in deploying IoT solutions for urban management, energy conservation, and healthcare. 5G rollout in the region is expected to accelerate NB-IoT adoption, providing enhanced connectivity and enabling more complex applications such as smart homes and automated vehicles .

• Regulatory Support: Governments in North America are heavily investing in digital infrastructure to support IoT, with federal and state-level initiatives promoting smart cities, agriculture, and energy efficiency. Regulatory frameworks around connectivity are favorable , with clear guidelines for NB-IoT deployments.

• Growth Drivers: Increasing demand for smart meters and automated solutions in urban infrastructure , alongside the anticipated 5G integration, will continue to drive adoption. North America is expected to maintain a strong market share for NB-IoT, representing nearly 30% of the global market in 2024.

 

Europe

• Adoption Trends: Europe follows closely behind North America in terms of NB-IoT adoption, with countries like Germany , France , and the United Kingdom at the forefront. Smart city initiatives , environmental monitoring , and energy management are key drivers. The European Union’s Green Deal and energy efficiency regulations are pushing the adoption of sustainable IoT solutions, with NB-IoT emerging as a preferred technology for low-power, large-scale applications.

• Regulatory Support: The European market benefits from strong regulatory backing, particularly in environmental and sustainability sectors. The European Commission has set ambitious goals for smart cities and green technologies, providing a favorable environment for NB-IoT’s growth.

• Growth Drivers: The push for sustainability and energy-efficient solutions in sectors like energy management , transportation , and public utilities is expected to keep NB-IoT adoption strong in Europe. By 2024, Europe is projected to represent 25% of the global market .

 

Asia Pacific

• Adoption Trends: The Asia Pacific (APAC) region is experiencing the fastest growth in the NB-IoT chipset market. Countries like China and India are significantly expanding their digital infrastructure, focusing on smart cities , agriculture , and logistics . APAC is poised to become a hotspot for NB-IoT technology, as governments and telecom operators increasingly recognize the value of low-cost, wide-area connectivity solutions for their IoT initiatives.

• Regulatory Support: In countries like China and India , governments are implementing policies that encourage the development of smart cities and IoT connectivity . China's National IoT Plan and India's Digital India program are driving large-scale deployments of NB-IoT.

• Growth Drivers: With large urban populations , increasing telecom investments , and a strong focus on smart agriculture and supply chain management , APAC will see a CAGR of 24% through 2030, with China and India leading the charge. In 2024, the region is expected to account for 30% of the global NB-IoT chipset market.

 

Latin America, Middle East, and Africa (LAMEA)

• Adoption Trends: LAMEA represents an emerging market for NB-IoT chipsets. In Latin America , countries such as Brazil and Argentina are beginning to explore IoT solutions for smart metering , agriculture , and urban management . Meanwhile, the Middle East is witnessing a growing interest in smart city initiatives , driven by countries like the UAE and Saudi Arabia , which have ambitious plans for urban modernization.

• Regulatory Support: While LAMEA lacks the regulatory cohesion of North America or Europe, governments in the Middle East and parts of Latin America are beginning to adopt policies that encourage IoT infrastructure development, albeit with a focus on smart city and energy management solutions.

• Growth Drivers: The demand for smart agriculture solutions, environmental monitoring , and energy management in urban areas will drive the adoption of NB-IoT technology. However, adoption rates are expected to remain slower compared to other regions due to challenges such as infrastructure costs and technological expertise .

• Growth Outlook: LAMEA is expected to represent a smaller portion of the market, with adoption rising gradually due to ongoing urbanization and the need for better connectivity solutions.

 

Regional Summary:

• North America and Europe will continue to lead the NB-IoT chipset market , contributing to over 55% of the global market by 2024, driven by strong regulatory frameworks and widespread smart city adoption.

• Asia Pacific will experience the fastest growth due to the expansion of digital infrastructure and IoT use cases in China and India , projected to account for 30% of global market share by 2024.

• LAMEA remains an emerging market, with significant growth expected but at a slower pace due to infrastructure challenges and regulatory maturity.

The demand for NB-IoT chipsets will be tightly coupled with the expansion of smart infrastructure and digital transformation initiatives, especially in urban management , energy management , and sustainability-driven applications .

 

End-User Dynamics And Use Case

The adoption of Narrowband IoT (NB-IoT) chipsets varies significantly across different industries and end-users, each of which leverages NB-IoT for unique applications. The versatility of NB-IoT, particularly in low-power, wide-area connectivity, makes it ideal for a broad range of use cases, from smart meters to healthcare monitoring .

1. Telecommunications Service Providers

• Adoption: Telecom operators are central to the deployment of NB-IoT networks, serving as the backbone for connectivity in IoT ecosystems. Telecom companies are adopting NB-IoT chipsets to enable massive IoT deployments with low-cost, energy-efficient, and scalable connectivity. They are particularly focused on offering smart city solutions, as well as industrial IoT services .

• Use Case: A major telecom provider in Europe is deploying NB-IoT in smart meters to streamline water and electricity management in urban areas. This deployment aims to optimize energy consumption by providing real-time data to utilities, allowing them to adjust service delivery based on actual usage patterns.

 

2. Original Equipment Manufacturers (OEMs)

• Adoption: OEMs design and manufacture devices that integrate NB-IoT chipsets, enabling seamless connectivity for a variety of applications such as asset tracking , healthcare , and smart agriculture . These manufacturers are investing heavily in NB-IoT-enabled products to meet the growing demand for low-power, wide-area connectivity solutions.

• Use Case: An OEM in China has developed a connected agriculture system that leverages NB-IoT sensors to monitor soil moisture, weather conditions, and crop health. The system provides real-time insights to farmers, helping them make data-driven decisions to improve yield and reduce water usage.

 

3. Smart Cities and Municipalities

• Adoption: Municipalities are increasingly adopting NB-IoT solutions to enhance urban management, including smart lighting , waste management , and traffic monitoring . NB-IoT's ability to connect thousands of sensors over long distances with low power requirements makes it a perfect solution for these large-scale, city-wide applications.

• Use Case: A smart city initiative in Dubai uses NB-IoT-enabled sensors for waste management . The sensors placed in garbage bins send real-time data about waste levels to municipal authorities, who can then optimize collection schedules. This reduces operational costs and improves the efficiency of city services.

 

4. Healthcare and Medical Devices

• Adoption: In the healthcare sector, NB-IoT is being used to enable remote patient monitoring, telemedicine, and medical equipment management. Healthcare providers are adopting NB-IoT to connect medical devices that require low power consumption , such as wearable health monitors and implantable devices .

• Use Case: A tertiary hospital in South Korea has implemented an NB-IoT-based remote patient monitoring system for elderly patients. The system allows doctors to monitor heart rate, blood pressure, and other vital signs in real-time, significantly improving patient care while reducing hospital visits. This use case has helped improve patient outcomes by providing early alerts for potential health issues.

 

5. Industrial IoT ( IIoT )

• Adoption: Industrial sectors such as manufacturing , logistics , and energy management are adopting NB-IoT for a variety of operational uses, including predictive maintenance , fleet management , and asset tracking . The ability of NB-IoT to handle long-range communication while maintaining low power consumption makes it ideal for monitoring industrial assets and systems in remote locations.

• Use Case: A manufacturing facility in Germany is using NB-IoT-based sensors to monitor the condition of machinery in real-time. The sensors send data on temperature, vibration, and wear to a centralized monitoring system, allowing the facility to perform predictive maintenance and reduce downtime.

 

6. Agriculture and Environmental Monitoring

• Adoption: Agriculture and environmental sectors are increasingly turning to NB-IoT for monitoring crops, soil health, and environmental factors such as air quality and water pollution . NB-IoT's low energy consumption is especially beneficial in agriculture, where devices are often placed in remote areas without easy access to power.

• Use Case: An Indian agricultural startup is utilizing NB-IoT-based sensors to monitor soil moisture levels in real-time. This helps farmers optimize irrigation schedules, reducing water waste and improving crop productivity. The system also provides weather forecasts and soil health data, offering farmers a comprehensive tool for better crop management.

 

7. Retail and Logistics

• Adoption: NB-IoT is being increasingly adopted in the retail and logistics industries for asset tracking , inventory management , and supply chain optimization . The ability to track goods and equipment across long distances using minimal power has made NB-IoT an essential tool in modern supply chain management.

• Use Case: A global logistics company uses NB-IoT-enabled tags to track the location and condition of goods in transit. The tags report in real-time on variables such as temperature and humidity, ensuring that sensitive products such as pharmaceuticals are transported under optimal conditions.

 

Key Takeaways:

• NB-IoT chipsets are driving significant transformation across various industries, from smart cities to healthcare and agriculture .

• Healthcare providers are particularly focused on improving patient outcomes through remote monitoring systems powered by NB-IoT, with the technology helping in delivering personalized care and reducing hospital visits.

• Manufacturing and logistics industries are using NB-IoT for predictive maintenance and real-time asset tracking , improving operational efficiency and reducing costs.

• The flexibility and low-power characteristics of NB-IoT are key reasons for its rapid adoption across sectors with large-scale deployments.

NB-IoT's diverse use cases across critical sectors demonstrate its potential to drive sustainability , efficiency , and innovation in an increasingly connected world.

 

Recent Developments + Opportunities & Restraints

Recent Developments (Last 2 Years)

The Narrowband IoT (NB-IoT) Chipset Market has seen significant developments in recent years, driven by technological advancements, strategic partnerships, and the increasing demand for IoT solutions across industries. Here are some notable events:

• 5G Integration with NB-IoT:
  In 2024, Qualcomm and Huawei announced a joint initiative to integrate NB-IoT with 5G technology, focusing on improving connectivity speeds and reducing latency for industrial IoT applications. This integration promises to enable faster data transmission and support for more complex, real-time applications in smart cities and autonomous vehicles.

• Launch of Ultra-Low-Power NB-IoT Chipsets:
  MediaTek unveiled a new range of ultra-low-power NB-IoT chipsets in 2023, designed to extend the battery life of connected devices by up to 10 years . This development is especially important for applications in smart agriculture , remote sensing , and smart meters , where long-lasting, reliable connections are crucial.

• Strategic Partnership for Smart City Solutions:
  In 2023, Ericsson partnered with Vodafone to deliver NB-IoT-based smart city solutions across European cities. This collaboration focuses on smart lighting , waste management , and traffic monitoring , showcasing the significant role of NB-IoT in urban sustainability initiatives.

• Regulatory Support for IoT Adoption in Emerging Markets:
  In 2024, India’s Ministry of Electronics and Information Technology ( MeitY ) announced a national initiative to promote smart agriculture using NB-IoT technology. This includes providing subsidies for IoT devices in rural areas, facilitating a large-scale rollout of NB-IoT solutions for precision farming and water management.

 

Opportunities

• Emerging Markets in Asia-Pacific:
  The Asia-Pacific (APAC) region is expected to experience the highest growth in the NB-IoT chipset market. Countries like China , India , and Vietnam are investing heavily in smart city initiatives and industrial automation , which will drive the demand for NB-IoT. The expansion of 5G networks across APAC also offers a unique opportunity to further enhance the capabilities of NB-IoT.
  Asia-Pacific is projected to experience a CAGR of 24%, representing a huge opportunity for chipset manufacturers to capture market share, especially in remote monitoring and sustainable agriculture solutions.

• Smart City Initiatives:
  Governments worldwide are pushing for smarter urban infrastructure, with a focus on smart metering , waste management , and energy efficiency . NB-IoT, due to its low power consumption and wide area coverage , is a perfect fit for these applications. This trend is particularly prevalent in regions such as Europe , North America , and the Middle East , where smart city developments are underway.
  Smart city projects offer long-term opportunities for NB-IoT chipsets in applications such as smart grids , environmental monitoring , and urban mobility .

• Healthcare and Remote Patient Monitoring:
  The demand for remote patient monitoring systems is increasing, especially in the wake of the COVID-19 pandemic. NB-IoT is an ideal solution for connecting medical devices in remote locations with healthcare providers. The integration of IoT with telemedicine and home healthcare is expected to grow rapidly, with NB-IoT chipsets enabling real-time data transfer and low-power consumption.
  The healthcare industry presents a significant growth opportunity, with increasing adoption of wearables and connected medical devices for monitoring vital signs and chronic conditions.

• Environmental Sustainability Initiatives:
  With increasing awareness of environmental issues, NB-IoT technology offers a green solution for monitoring air quality , water usage , and carbon emissions . Governments and industries are turning to NB-IoT for environmental monitoring solutions, where it can enable real-time reporting and data analysis in a low-power, scalable manner.
  As sustainability becomes a critical focus across industries, NB-IoT technology will be pivotal in meeting global environmental goals, especially in agriculture and energy management sectors.

 

Restraints

• High Initial Investment Costs:
  While NB-IoT offers significant long-term benefits, the initial deployment costs for IoT infrastructure and NB-IoT chipsets can be a barrier to entry, especially in emerging markets. This can be a challenge for small businesses and government entities in developing countries that have budget constraints.
  To overcome this, companies need to focus on providing affordable solutions and working closely with local governments and private sector players to lower the financial barriers.

• Network Coverage Limitations in Rural Areas:
  Despite the wide coverage of NB-IoT , network availability is still limited in some rural and remote areas, particularly in emerging economies. The lack of infrastructure and telecom coverage in these areas could hinder the widespread adoption of NB-IoT, especially for applications like smart agriculture and remote healthcare monitoring .
  Telecom companies and governments will need to address coverage issues through infrastructure investments and partnerships, particularly in rural areas where IoT solutions can have the most impact.

• Security Concerns with IoT Devices:
  As the number of connected devices increases, security risks associated with NB-IoT devices become more prominent. The need for secure communication channels and robust data protection mechanisms is critical. Any security breaches could undermine trust in the technology, limiting its adoption.
  Chipset manufacturers need to invest in cybersecurity features and encryption technologies to mitigate potential threats and ensure safe deployment across sensitive applications like healthcare and public utilities.

 

7.1. Report Coverage Table

Report Attribute	Details
Forecast Period	2024 – 2030
Market Size Value in 2024	USD 3.4 Billion
Revenue Forecast in 2030	USD 12.7 Billion
Overall Growth Rate	CAGR of 22.5% (2024 – 2030)
Base Year for Estimation	2024
Historical Data	2019 – 2023
Unit	USD Million, CAGR (2024 – 2030)
Segmentation	By Product Type, By Application, By End-User, By Region
By Product Type	Single-Mode NB-IoT Chipsets, Dual-Mode NB-IoT Chipsets
By Application	Smart Meters, Asset Tracking, Smart Agriculture, Healthcare Monitoring
By End-User	Telecom Providers, OEMs, End-Use Industries
By Region	North America, Europe, Asia-Pacific, LAMEA
Country Scope	U.S., Canada, Germany, U.K., China, India, Japan, UAE, Brazil
Market Drivers	- Rising smart city investments globally - Demand for low-power, wide-area IoT networks - Integration of 5G with NB-IoT
Customization Option	Available upon request