Dublin, Nov. 05, 2024 (GLOBE NEWSWIRE) — The “Narrowband IoT Chipset Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F” report has been added to ResearchAndMarkets.com’s offering.
The Global Narrowband IoT Chipset Market was valued at USD 1.95 Billion in 2023, and is expected to reach USD 21.27 Billion by 2029, rising at a CAGR of 48.70%
TThe Global Narrowband IoT (NB-IoT) Chipset Market is witnessing significant growth, driven by escalating demand for cost-effective, low-power, and wide-area connectivity solutions for the Internet of Things (IoT). NB-IoT technology provides standardized and efficient connectivity for a diverse range of IoT devices, including smart meters, wearables, and environmental sensors, prioritizing energy conservation and extensive network coverage.
As industries increasingly embrace IoT for monitoring, data collection, and automation purposes, the need for NB-IoT chipsets has surged. Moreover, its capability to accommodate large device volumes on a unified network, alongside robust security features, positions it favorably for businesses and governments aiming to optimize operational efficiency and data-driven decision-making through IoT integration. The Global NB-IoT Chipset Market is set for continuous expansion, with semiconductor industry leaders actively investing in research and development to enhance NB-IoT chipset capabilities and align with the evolving requirements of the IoT landscape.
Rapid Proliferation of Smart Cities and Infrastructure
The Global Narrowband IoT (NB-IoT) Chipset Market is witnessing a significant trend in the proliferation of smart cities and infrastructure projects. As urban populations continue to grow, cities around the world are embracing IoT technology to enhance the quality of life for residents. NB-IoT chipsets play a pivotal role in smart city deployments by enabling applications like smart lighting, waste management, parking, and environmental monitoring. The scalability, low power consumption, and long-range connectivity of NB-IoT make it an ideal choice for these urban innovations. This trend is driven by the need for efficient resource management, reduced energy consumption, and improved public services, making NB-IoT a key enabler of the smart city revolution.
IoT in Healthcare and Remote Monitoring
Another prominent market trend is the increasing adoption of NB-IoT chipsets in the healthcare sector and remote patient monitoring. With the aging global population and the growing burden on healthcare systems, IoT technology is being leveraged to provide remote monitoring and real-time healthcare data. NB-IoT’s low power consumption, extensive coverage, and reliable connectivity make it suitable for wearable medical devices, patient tracking, and telemedicine applications. This trend is expected to continue as healthcare providers seek to improve patient outcomes, reduce hospital readmissions, and optimize healthcare delivery through the seamless integration of IoT-enabled solutions.
Agriculture and Precision Farming
Agriculture is undergoing a digital transformation with the integration of IoT technology, and NB-IoT chipsets are at the forefront of this trend. Precision farming, crop monitoring, and livestock management benefit from the long-range coverage and low power consumption of NB-IoT devices. Farmers are using these solutions to increase crop yields, conserve resources, and reduce operational costs. The market trend of IoT adoption in agriculture is poised for growth as the agriculture industry seeks to address food security and sustainability challenges while embracing data-driven decision-making.
Asset Tracking and Logistics Optimization
In the logistics and supply chain industry, the use of NB-IoT chipsets for asset tracking and cargo monitoring is becoming increasingly prevalent. The ability to track the location, condition, and security of goods in real-time offers significant operational advantages, including improved inventory management, reduced theft, and optimized routes. The global trend towards e-commerce and the need for efficient shipping and delivery services further drive the demand for NB-IoT in logistics. As the world becomes more interconnected, logistics companies are under pressure to meet consumer expectations for speedy and reliable deliveries, making NB-IoT a key enabler of these capabilities.
Segmental Insights
Device Type Insights
The Smart Metering device type segment emerged as the dominant force in the Global Narrowband IoT (NB-IoT) Chipset Market, and it is anticipated to maintain its commanding position throughout the forecast period. Smart metering applications encompass the deployment of NB-IoT chipsets in utility sectors, including electricity, gas, and water. These deployments have gained significant momentum due to the need for efficient resource management, accurate billing, and the growing demand for sustainable and environmentally friendly solutions. One of the primary factors contributing to the dominance of smart metering in the NB-IoT Chipset Market is the global push for energy efficiency and sustainability.
Smart meters equipped with NB-IoT technology offer utilities the ability to remotely monitor and manage energy consumption, reducing the need for manual readings and ensuring more accurate billing. This not only enhances operational efficiency but also aligns with environmental conservation goals by encouraging consumers to be more mindful of their energy usage.
The extensive coverage and penetration capabilities of NB-IoT networks are particularly well-suited for smart metering applications, especially in urban areas and hard-to-reach locations. This makes NB-IoT the go-to choice for utilities seeking to implement large-scale, reliable, and cost-effective smart metering solutions. As governments worldwide continue to enforce stricter regulations and targets related to energy conservation and carbon reduction, the demand for smart metering solutions is expected to remain robust. The ongoing emphasis on sustainability and resource optimization, combined with the inherent advantages of NB-IoT technology, positions smart metering as the dominant and enduring segment within the Global NB-IoT Chipset Market for the foreseeable future.
Vertical Insights
The Manufacturing vertical segment emerged as the dominant force in the Global Narrowband IoT (NB-IoT) Chipset Market, and it is expected to maintain its dominance throughout the forecast period. The manufacturing sector has increasingly embraced NB-IoT technology to streamline operations, enhance efficiency, and enable smart manufacturing practices. The reliability, scalability, and low-power capabilities of NB-IoT chipsets have made them a compelling choice for industrial IoT applications within the manufacturing domain. These applications include asset tracking, predictive maintenance, remote monitoring, and quality control, all of which are critical for achieving operational excellence.
The implementation of NB-IoT in manufacturing not only reduces downtime and operational costs but also ensures a seamless and interconnected production environment. As the global manufacturing industry continues to digitize and modernize its processes, the demand for NB-IoT chipsets in this sector is set to grow, driving the segment’s dominance in the market. Manufacturers are expected to continue leveraging the potential of NB-IoT to optimize their operations and meet the demands of an increasingly competitive and data-driven market.
Regional Insights
The region that dominated the global Narrowband IoT (NB-IoT) Chipset market was Asia Pacific, and it is expected to maintain its dominance during the forecast period. Asia Pacific has emerged as a key market for NB-IoT Chipsets due to several factors that contribute to its dominance in the industry. One of the primary reasons for Asia Pacific’s dominance is the region’s large population and rapid urbanization, which has led to a significant increase in the adoption of IoT devices and applications. The demand for NB-IoT Chipsets is driven by the need for efficient and cost-effective connectivity solutions for a wide range of applications, including smart cities, industrial automation, agriculture, and healthcare.
Asia Pacific is home to several leading technology hubs and manufacturing facilities, making it a hub for IoT device production. The region has a strong ecosystem of semiconductor manufacturers, chipset vendors, and IoT solution providers, which contributes to the availability of a wide range of NB-IoT Chipsets and related technologies. Furthermore, governments in the Asia Pacific region have been actively promoting and investing in IoT infrastructure and initiatives.
Initiatives such as smart city projects, industrial automation programs, and agricultural modernization efforts have created a conducive environment for the adoption of NB-IoT Chipsets. Looking ahead, Asia Pacific is expected to maintain its dominance in the global NB-IoT Chipset market during the forecast period. The region’s favorable market conditions, supportive government policies, and strong manufacturing capabilities provide a solid foundation for continued growth and innovation in the NB-IoT Chipset market. However, it is important to note that other regions, such as North America and Europe, are also witnessing significant growth and may present strong competition in the future.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 181 |
| Forecast Period | 2023 – 2029 |
| Estimated Market Value (USD) in 2023 | $1.95 Billion |
| Forecasted Market Value (USD) by 2029 | $21.27 Billion |
| Compound Annual Growth Rate | 48.7% |
| Regions Covered | Global |
Report Scope:
Key Market Players
- Qualcomm Technologies, Inc.
- Huawei Technologies Co., Ltd.
- Nordic Semiconductor ASA
- Sierra Wireless, Inc.
- Sequans Communications S.A.
- u-blox AG
- Sony Semiconductor Israel Ltd.
- Telit Cinterion group
- Quectel Wireless Solutions Co., Ltd
- Samsung Electronics Co., Ltd.
Narrowband IoT Chipset Market, By Device Type:
- Tracker
- Smart Metering
- Wearable
Narrowband IoT Chipset Market, By Deployment:
- Stand Alone
- Guard Band
- In Band
Narrowband IoT Chipset Market, By Vertical:
- IT
- Manufacturing
- Agriculture
- Healthcare
- Automotive
- Transportation
Narrowband IoT Chipset Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Belgium
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Indonesia
- Vietnam
- South America
- Brazil
- Argentina
- Colombia
- Chile
- Peru
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
- Israel
For more information about this report visit https://www.researchandmarkets.com/r/7w8axw
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- Global Narrowband IoT Chipset Market
