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).

Narrowband IoT (NB-IoT) technology is developed to create a wide range of new IoT devices and services. The Narrowband-IoT (NB-IoT) chipset market is growing rapidly because of various factors including low power consumption for devices, high system capacity, improved spectrum efficiency, lower component costs, and rise in the use of connected devices and adoption of wearable devices in health monitoring. It is more reliable, and secure than Wi-Fi and Bluetooth devices. Several network operators in Europe and Asia are supporting Narrowband-IoT (NB-IoT) chipset market. One of the goals of NB-IoT is to extend coverage beyond what existing cellular technologies provide. In order to achieve this, NB-IoT provides transmission repetitions and various bandwidth allocation configurations in uplink transmission.

Up to 50,000 devices can be connected effectively with NB-IoT, which also reduces power consumption and improves coverage to areas that are not currently covered by traditional cellular technologies. Also, NB-IoT provides 20+ dB interior coverage by reaching deep below and into enclosed places. All major mobile equipment, chipsets, and module manufacturers are represented by NB-IoT which can exist with 2G, 3G, and 4G mobile networks. The security and privacy aspects of mobile networks, such as support for user identity confidentiality, entity authentication, confidentiality, data integrity, and mobile equipment identification are also beneficial to it. For several usage cases, connected NB-IoT devices can have a battery life of more than ten years.

Around the world, 107 networks have been launched by 159 operators so far. According to the latest data, there are approximately 14.4 billion connected IoT devices. This figure is expected to grow by 25.44 billion total IoT devices by 2031.

US Narrowband IoT (NB-IoT) Chipset Market is poised to grow at a sustainable CAGR for the next forecast year.