Narrowband IoT (NB-IoT) Chipset Market Size, Share, Growth Analysis, By End Use(agriculture, automotive & transportation, energy & utilities, healthcare), By component(hardware and software), By Region - Industry Forecast 2024-2031

Narrowband IoT (NB-IoT) Chipset Market size was valued at USD 425 million in 2019 and is poised to grow from USD 646.23 million in 2023 to USD 22105.6 million by 2031, growing at a CAGR of 52.1% in the forecast period (2024-2031).

The market for Narrowband-IoT (NB-IoT) chipsets is highly competitive. The global narrowband IoT chipset market competitive landscape is divided by many companies that operate at the global and regional levels. The market participants are launching products, collaboration, expansion, and product development. Thingstream is the internet of things communications-as-a-service provider. With this acquisition, the company aimed to expand its services portfolio via a comprehensive IoT connectivity solution with the ability to boost the penetration of u-blox into a new dimension of the services business of Thingstream in order to offer a secure, reliable, and smart solution to integrate sensor data into its cloud enterprise. 'Qualcomm', 'Huawei', 'Ericsson', 'Intel', 'Samsung Electronics', 'Nokia', 'MediaTek', 'ZTE', 'Sierra Wireless', 'U-Blox', 'Sequans Communications', 'Altair Semiconductor', 'Quectel Wireless Solutions', 'Telit Communications', 'Nordic Semiconductor', 'Commsolid GmbH', 'Amarisoft', 'Riot Micro', 'SIMCom Wireless Solutions', 'Neoway Technology Co., Ltd.', 'In February 2022, Nordic partnered with Acklio, an IoT software company. This collaboration aimed to port and demonstrate Static Context Header Compression on its nRF9160 Low Power System-in-Package, which also includes an integrated LTE-M/NB-IoT modem and GNSS.', 'In April 2022, Samsung announced a collaboration with ABB, a global technology company. Through the joint development of a cloud-to-cloud integration, this collaboration aimed to expand the integration of Samsung SmartThings within residential and commercial buildings.', 'In June 2022, Nordic and Huawei, a major international supplier of ICT infrastructure and smart products, signed a contract. The agreement aimed to provide Nordic and its customers with a FRAND royalty-bearing component-level license of Huawei's LPWA (low power wide area) cellular IoT standard essential patents. This agreement would also allow Nordic to provide its cellular IoT customers with comprehensive legal protection.'

The growing number of connected devices and IoT are being adopted along with better battery life. Battery life is an important consideration in the world of IoT devices and other connected devices today. Because modern smartphones are so different from models from just a few years ago, smartphone manufacturers are constantly attempting to improve their device’s battery life. Every year, technologies evolve and become more advanced and sophisticated. As machine-to-machine communications become more common, the market for connected devices is expanding, particularly in the industrial sector. Furthermore, market trends such as IoT have enabled connectivity in virtually every industry, including healthcare, consumer electronics, and retail.

The key industry trends driving the market growth are advancements in artificial intelligence (AI), machine learning (ML), and big data analytics, which will allow an analysis of vast volumes of data collected from narrowband-IoT networks.

Asia Pacific (APAC) is dominating the global Narrowband-IoT (NB-IoT) chipset market. The Narrowband-IoT (NB-IoT) chipset market is growing rapidly because of its multiple applications such as smart meters, smart street lights, smart parking, etc. China is dominating the Asia Pacific market due to favorable government policies in China, the availability of NB-IoT Chipset to a greater extent, and a huge number of infrastructure providers in China.