Global Narrowband Internet Of Things (IoT) Chipset Market Size, Share, Statistics Analysis Report By Component (Solution, Service), By Deployment Mode (In-Band, Guard Band, Standalone), By Application (Smart Meter, Smart Parking, Alarm and Detector, Smart Lighting, Tracker, Wearable, Others), By Industry Vertical (Infrastructure, Agriculture, Automotive, Healthcare, Energy and Utilities, Manufacturing, Consumer Electronics, Others), Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2025-2034

Report Scope

The Global Narrowband Internet Of Things (IoT) Chipset Market is expected to be worth around USD 114.88 Billion by 2034, up from USD 1.2 Billion in 2024. It is expected to grow at a CAGR of 57.80% from 2025 to 2034.

In 2024, North America held a dominant market position, capturing over a 37.1% share and earning USD 0.44 Billion in revenue. Further, the United States dominates the market by USD 0.35 Billion, steadily holding a strong position with a CAGR of 55.2%.

​Narrowband Internet of Things (NB-IoT) chipsets are specialized hardware components that enable devices to connect to cellular networks using minimal power and bandwidth. This technology is particularly suited for applications requiring long battery life and extensive coverage, such as smart meters, wearable devices, and environmental sensors.

Several key factors are driving the demand for NB-IoT chipsets. The increasing adoption of IoT devices across industries such as manufacturing, healthcare, and agriculture has created a strong need for robust, energy-efficient connectivity solutions.

Additionally, NB-IoT technology is designed for low power consumption, extending the operational life of battery-powered devices, which is crucial for applications where frequent battery replacements are impractical. Furthermore, NB-IoT provides superior indoor and rural coverage compared to traditional cellular technologies, ensuring seamless connectivity in challenging environments.

Key Takeaways

• Market Growth: The NB-IoT chipset market is expected to grow from USD 1.2 billion in 2024 to USD 114.88 billion by 2034, reflecting a CAGR of 57.80%.
• Component Segment: The Solution segment dominates the market, accounting for 67.4% of the total share.
• Deployment Mode: In-Band deployment is the most widely used, capturing 57.6% of the market share.
• Key Application: Smart meters are the leading application, contributing 36.8% to the market demand.
• Industry Vertical: The automotive sector holds a significant market share, representing 30.1% of the industry adoption.
• Regional Insights: North America leads the global market, holding 37.1% of the share.
• US Region: The U.S. market alone is valued at USD 0.35 billion in 2024 and is projected to expand at a CAGR of 55.2%.

Analyst’s Review

The demand for NB-IoT chipsets is growing as more industries integrate IoT solutions into their operations. Smart metering solutions are among the largest adopters, as utility companies use NB-IoT to enhance energy management and reduce operational costs.

The logistics and supply chain sector is also increasingly using NB-IoT for real-time asset tracking, enabling businesses to improve efficiency and reduce losses. Additionally, the rising popularity of wearable technology is fueling demand for NB-IoT-enabled devices that provide continuous connectivity with minimal power consumption.

The market presents several lucrative opportunities as the global focus on smart city initiatives increases. Governments are investing heavily in smart urban solutions, deploying NB-IoT for applications such as smart parking, waste management, and environmental monitoring.

The agricultural sector is another key area of growth, where NB-IoT is used for precision farming, enabling real-time monitoring of soil conditions, livestock, and weather patterns. Moreover, the healthcare industry is leveraging NB-IoT for remote patient monitoring, ensuring better healthcare outcomes and reducing hospital congestion.

Technological advancements are further shaping the future of the NB-IoT chipset market. Integration with 5G networks is enhancing the speed and efficiency of data transmission, making NB-IoT more adaptable to advanced IoT applications.

Security features are also being improved, addressing concerns related to data integrity and privacy, which is crucial for sectors like finance and healthcare. Additionally, innovations in power management are making NB-IoT chipsets even more energy-efficient, extending device battery life and reducing maintenance costs.

Key Statistics

Unit Shipments

• In 2020, approximately 140 million units of NB-IoT chipsets were shipped globally.
• By 2025, unit shipments are projected to increase to 1,233 million units, growing at a CAGR of 54.5%.

IoT Device Connections

• The number of IoT devices worldwide is estimated to reach 41.6 billion by 2025, generating 79.4 zettabytes of data.

Battery Life

• NB-IoT chipsets support extended battery life of up to 10 years, making them ideal for low-power applications.

Energy Savings

• Smart building solutions based on NB-IoT technology could reduce global energy consumption by up to 10% by 2040.

Regional Analysis

United States Market Size

In North America, the United States dominates the market size by USD 0.35 billion, holding a strong position steadily with a CAGR of 55.2%. The country’s leadership in the NB-IoT chipset market is driven by increasing demand for low-power, wide-area connectivity solutions across various industries. As IoT adoption accelerates, businesses are leveraging NB-IoT technology to enhance operational efficiency and connectivity.

The solution segment leads the market with 67.4%, reflecting a strong preference for end-to-end IoT connectivity solutions. In-Band deployment remains the most widely used mode, accounting for 57.6% of the market, as enterprises seek efficient and scalable network integrations. The smart metering sector holds the highest application share at 36.8%, highlighting the growing reliance on IoT-driven energy management and automated utility monitoring.

The automotive industry is another key adopter, with 30.1% market penetration, fueled by the rising demand for connected vehicles and telematics solutions. Regionally, North America maintains its position as the market leader, with 37.1% of the global share, driven by strong investments in IoT infrastructure and rapid advancements in 5G technology. As the NB-IoT market expands, industries across the region continue to embrace these solutions, reinforcing their role in shaping the future of connected ecosystems.

North America Market Size

In 2024, North America held a dominant market position in the Narrowband Internet of Things (NB-IoT) chipset market, capturing more than a 37.1% share, equating to approximately USD 0.44 billion in revenue. This leadership is primarily attributed to the region’s robust technological infrastructure and the early adoption of IoT technologies.

The United States, in particular, has been at the forefront of implementing NB-IoT solutions across various sectors, including utilities, manufacturing, and healthcare. Government initiatives, such as the Smart America Challenge, have further accelerated the integration of IoT technologies, providing significant growth opportunities for the NB-IoT chipset market.

Additionally, the presence of major telecom providers with expertise in NB-IoT solutions, coupled with a high concentration of tech-savvy consumers, has fostered widespread adoption of new technologies across various sectors in North America.

In summary, North America’s dominance in the NB-IoT chipset market is a result of its advanced technological ecosystem, supportive government policies, and a culture of rapid technology adoption. These factors collectively position the region as a leader in the global NB-IoT landscape.

By Component

In 2024, the Solution segment held a dominant market position, capturing more than a 67.4% share in the Narrowband Internet of Things (NB-IoT) chipset market. This leadership is primarily driven by the increasing demand for integrated IoT solutions that offer seamless connectivity, optimized power consumption, and enhanced network efficiency. As industries across sectors such as utilities, automotive, and healthcare continue to embrace digital transformation, the preference for NB-IoT solutions has grown significantly.

The Solution segment includes hardware, software, and platform-based offerings that enable organizations to deploy NB-IoT networks with minimal complexity. Businesses and service providers prefer ready-to-use, cost-effective solutions over developing customized infrastructure from scratch. Moreover, advancements in 5G integration, AI-driven IoT platforms, and cloud-based NB-IoT connectivity have further fueled adoption.

Additionally, telecom operators and enterprises are increasingly investing in NB-IoT solutions to enhance real-time monitoring, asset tracking, and smart city applications. The rising implementation of smart meters, connected vehicles, and industrial automation continues to propel demand. With growing emphasis on large-scale IoT deployments, the Solution segment is expected to sustain its dominance in the NB-IoT chipset market, driving future innovations and widespread industry adoption.

By Deployment Mode

In 2024, the In-Band segment held a dominant market position, capturing more than a 57.6% share in the Narrowband Internet of Things (NB-IoT) chipset market. This segment’s leadership is primarily driven by its seamless integration with existing LTE networks, allowing telecom operators to deploy NB-IoT technology without requiring additional spectrum allocation. In-Band deployment enables efficient utilization of existing infrastructure, making it a cost-effective and scalable option for large-scale IoT applications.

The rising demand for smart city solutions, industrial automation, and connected devices has further fueled the adoption of In-Band deployment. It provides superior network reliability, ensuring uninterrupted connectivity for applications such as smart meters, asset tracking, and environmental monitoring. Additionally, major telecom providers prefer In-Band NB-IoT as it allows them to leverage their existing LTE spectrum while maintaining high data transmission efficiency.

Furthermore, as 5G networks continue to expand, In-Band NB-IoT is expected to gain even more traction due to its ability to coexist within the evolving network ecosystem. With its cost-effectiveness, scalability, and widespread network compatibility, the In-Band segment is poised to remain the preferred choice for telecom operators and businesses looking to implement NB-IoT solutions across various industries.

By Application

In 2024, the Smart Meter segment held a dominant market position, capturing more than a 36.8% share in the Narrowband Internet of Things (NB-IoT) chipset market. This segment’s leadership is primarily driven by the global push for smart energy management, automation, and real-time utility monitoring. Governments and utility companies worldwide are increasingly adopting NB-IoT-enabled smart meters to enhance operational efficiency, reduce energy losses, and enable accurate billing.

One of the key advantages of NB-IoT smart meters is their low power consumption and extended battery life, making them ideal for long-term deployment in residential, commercial, and industrial settings. Additionally, smart meters leverage NB-IoT technology to ensure seamless, long-range, and cost-effective connectivity, even in challenging environments such as underground or remote locations.

Rising initiatives toward smart grids and energy conservation have further accelerated the demand for NB-IoT smart meters, particularly in developed regions with strong investments in IoT infrastructure. As electricity, gas, and water providers move toward automated meter reading (AMR) and advanced metering infrastructure (AMI), the Smart Meter segment is expected to maintain its dominant position, driving further innovation and widespread adoption in the NB-IoT chipset market.

By Industry Vertical

In 2024, the Automotive segment held a dominant market position, capturing more than a 30.1% share in the Narrowband Internet of Things (NB-IoT) chipset market. This segment’s leadership is driven by the growing demand for connected vehicles, telematics, and advanced fleet management solutions. As the automotive industry moves towards smart mobility and autonomous driving, NB-IoT technology has become essential for enabling real-time vehicle monitoring, predictive maintenance, and enhanced safety features.

One of the key factors driving NB-IoT adoption in the automotive sector is its low power consumption and wide-area coverage, making it ideal for vehicle tracking, remote diagnostics, and emergency assistance services. Automakers and fleet operators are leveraging NB-IoT chipsets to ensure seamless, cost-effective connectivity, even in rural and underground locations where traditional networks struggle.

Additionally, government regulations on vehicle emissions, safety compliance, and smart transportation systems are accelerating the need for NB-IoT-powered solutions in the automotive industry. With the rise of electric vehicles (EVs) and shared mobility services, the demand for NB-IoT chipsets in automotive applications is expected to grow further. As vehicles become more connected, the Automotive segment will continue to dominate the NB-IoT chipset market, driving innovation and expansion in smart transportation.

Key Market Segments

By Component

• Solution
• Service

By Deployment mode

• In-Band
• Guard Band
• Standalone

By Application

• Smart Meter
• Smart Parking
• Alarm and Detector
• Smart Lighting
• Tracker
• Wearable
• Others

By Industry Vertical

• Infrastructure
• Agriculture
• Automotive
• Healthcare
• Energy and Utilities
• Manufacturing
• Consumer Electronics
• Others

Driving Factor

Increasing Adoption of IoT and Network-Enabled Devices

The rapid proliferation of the Internet of Things (IoT) and network-enabled devices is a primary driver for the Narrowband IoT (NB-IoT) chipset market. Industries such as agriculture, automotive, energy, healthcare, and manufacturing are increasingly integrating IoT solutions to enhance operational efficiency and enable real-time data analytics.

NB-IoT technology offers low power consumption, extended battery life, and improved coverage, making it ideal for connecting a vast array of devices in diverse environments. This widespread adoption of IoT applications is fueling the demand for NB-IoT chipsets, as they provide reliable and cost-effective connectivity solutions tailored to the needs of various sectors.

Restraining Factor

Incompatibility with High Data Speeds and Availability of Alternatives

Despite its advantages, NB-IoT faces challenges due to its incompatibility with high data speed requirements and the presence of alternative technologies. NB-IoT is less suitable for applications that demand very low network latency or high data throughput, limiting its use in scenarios requiring near-real-time data transmission. Additionally, alternative technologies such as LTE-M offer higher data rates and lower latency, making them more suitable for certain applications.

Growth Opportunity

Expansion in Smart City Initiatives

The global trend towards developing smart cities presents significant growth opportunities for the NB-IoT chipset market. Smart city projects aim to integrate advanced technologies to improve urban infrastructure, enhance public services, and optimize resource management.

NB-IoT technology is well-suited for applications such as smart metering, smart parking, environmental monitoring, and intelligent street lighting, all of which are integral components of smart cities. As governments and municipalities invest in smart city initiatives, the demand for NB-IoT chipsets is expected to rise, offering substantial growth prospects for industry stakeholders.

Challenging Factor

Regulatory and Standardization Issues

Navigating regulatory frameworks and achieving standardization pose challenges for the NB-IoT chipset market. Different countries have varying regulations concerning spectrum allocation, device certification, and network deployment, leading to complexities for manufacturers and service providers aiming for global reach.

Additionally, the lack of uniform standards can result in interoperability issues between devices and networks, hindering seamless integration and scalability. Addressing these regulatory and standardization challenges is crucial for the widespread adoption and success of NB-IoT technologies.

Growth Factors

Rising Adoption of IoT Devices

The rapid proliferation of Internet of Things (IoT) devices is a significant growth factor for the Narrowband IoT (NB-IoT) chipset market. Industries such as agriculture, automotive, energy, healthcare, and manufacturing are increasingly integrating IoT solutions to enhance operational efficiency and enable real-time data analytics.

NB-IoT technology offers low power consumption, extended battery life, and improved coverage, making it ideal for connecting a vast array of devices in diverse environments. This widespread adoption of IoT applications is fueling the demand for NB-IoT chipsets, as they provide reliable and cost-effective connectivity solutions tailored to the needs of various sectors.

Emerging Trends

Integration of NB-IoT in Smart City Projects

The integration of NB-IoT technology into smart city initiatives is an emerging trend driving market growth. Municipalities worldwide are deploying NB-IoT-enabled solutions for applications such as smart metering, smart parking, environmental monitoring, and intelligent street lighting.

These implementations aim to enhance urban living by improving resource management, reducing operational costs, and providing citizens with better services. For instance, the global smart city market is projected to reach nearly $1 trillion by 2028, indicating a substantial opportunity for NB-IoT applications.

Business Benefits

Enhanced Operational Efficiency and Cost Savings

Implementing NB-IoT technology offers businesses numerous benefits, including enhanced operational efficiency and significant cost savings. By enabling real-time monitoring and control of assets, NB-IoT facilitates predictive maintenance, reduces downtime, and optimizes resource utilization.

For example, in the agriculture sector, NB-IoT sensors can monitor soil moisture levels, leading to optimized irrigation practices and water conservation. Similarly, in logistics, NB-IoT-enabled trackers provide real-time location data, improving supply chain visibility and reducing losses.

These advantages translate into tangible financial benefits, making NB-IoT an attractive investment for businesses aiming to streamline operations and enhance profitability.

Key Regions and Countries

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Key Player Analysis

In July 2022, MediaTek Inc. entered into a strategic partnership with Intel Foundry Services (IFS) to manufacture chips using Intel’s advanced process technologies. This collaboration aims to enhance MediaTek’s supply chain resilience by diversifying its manufacturing partners, leveraging Intel’s capacity in the United States and Europe. MediaTek plans to utilize Intel’s process technologies to produce multiple chips for smart edge devices, reflecting its commitment to innovation and adaptability in a dynamic market.

Intel Corporation has been exploring various strategic options to strengthen its position in the semiconductor industry. Recent reports indicate that companies like Broadcom and TSMC have considered acquiring parts of Intel’s business. Broadcom has informally discussed bidding for Intel’s chip design unit, while TSMC has explored the possibility of acquiring some or all of Intel’s chip manufacturing facilities. These developments highlight Intel’s pivotal role in the industry and the interest it generates among leading technology firms. ​

AT&T Inc. has been actively involved in the advancement of next-generation connectivity technologies. The company is among the key players in the emerging 6G market, focusing on research and development to pioneer new communication standards. AT&T’s commitment to innovation is evident through its strategic partnerships and investments aimed at shaping the future of telecommunications. ​

Top Key Players in the Market

• MediaTek Inc.
• Intel Corporation
• AT&T Inc.
• Telefonaktiebolaget LM Ericsson
• Qualcomm Technologies, Inc.
• Verizon Communications Inc.
• Nokia Corporation
• Huawei Technologies Co., Ltd.
• Orange S.A.
• Vodafone Group plc
• Others

Recent Developments

• In 2024, Cavli Wireless introduced the CQS315 LTE Cat 4 Smart Module, enhancing its NB-IoT chipset offerings and strengthening its position in the IoT connectivity market.
• In 2024, Eagle Electronics, an Ohio-based startup, secured $14 million in funding to establish domestic manufacturing of cellular modules, aiming to reduce reliance on overseas suppliers and bolster the U.S. NB-IoT chipset industry.

Report Scope