Narrowband IoT NB-IoT Chipset Market Outlook 2025–2031

The global Narrowband IoT NB-IoT Chipset Market size is estimated at US$ 1,420 million in 2025 and is projected to reach US$ 3,960 million by 2031, growing at a CAGR of 18.7% during 2025–2031.
Accelerating deployment of low-power wide-area networks (LPWAN), smart city initiatives, and massive IoT connections is rapidly expanding global demand for NB-IoT chipsets.

Over the last five years, the market has shown consistent expansion, rising from approximately US$ 720 million in 2020 to nearly US$ 1,310 million in 2024, validating the strong long-term growth trajectory and widespread industry adoption.

Market Overview & Historical Performance

Narrowband IoT (NB-IoT) is a 3GPP-standardized LPWAN technology designed to support low-cost, low-power, and wide-area IoT applications. NB-IoT chipsets enable devices to operate for up to 10 years on a single battery while offering deep indoor penetration and reliable connectivity.

Between 2020 and 2024, the market expanded at a historical CAGR of around 16.1%, driven by early smart meter rollouts, utility digitization programs, and telecom operator investments in LTE-based IoT networks.

Key Market Statistics

• Market Size 2024: US$ 1,310 Million
• Market Size 2025: US$ 1,420 Million
• Forecast 2031: US$ 3,960 Million
• CAGR (2025–2031): 18.7%
• Largest Application Segment: Smart Metering (~38% share in 2024)
• Fastest-Growing Region: Asia-Pacific

Key Market Drivers

1. Expansion of Smart Cities & Infrastructure

Governments worldwide are investing heavily in smart city ecosystems. NB-IoT chipsets are widely deployed in smart street lighting, parking management, waste monitoring, and environmental sensors due to their low power consumption and wide coverage.

2. Growth in Smart Metering Programs

Utilities are rapidly adopting NB-IoT-enabled electricity, gas, and water meters to improve billing accuracy and reduce operational costs. China alone has deployed over 1 billion NB-IoT connections as part of nationwide utility digitization initiatives.

3. Telecom Operator Support

Major telecom operators have integrated NB-IoT into existing LTE networks, reducing infrastructure costs and accelerating chipset demand. This ecosystem readiness significantly lowers entry barriers for device manufacturers.

4. Long Battery Life & Low Device Cost

NB-IoT chipsets are optimized for ultra-low power consumption, making them ideal for battery-powered IoT devices deployed in remote or hard-to-access locations.

Market Restraints & Challenges

• Limited data throughput compared to LTE-M and 5G
• Fragmented regional spectrum allocation
• Competition from alternative LPWAN technologies such as LoRaWAN
• Integration complexity in legacy industrial systems

Despite these challenges, NB-IoT remains highly competitive for massive IoT deployments requiring low data rates and long device lifecycles.

Segment Analysis

1. By Product / Technology Type

Standalone NB-IoT Chipsets (Market Share ~62% in 2025)

• Estimated Market Size 2025: US$ 880 million
Standalone chipsets dominate due to flexibility and lower total system costs. These solutions are widely used by OEMs manufacturing meters, trackers, and sensors.

Integrated NB-IoT SoCs (CAGR ~20.4%)

• Integrated solutions combine NB-IoT connectivity with MCU and security modules.
• Growing demand from compact IoT devices and wearables supports rapid adoption.

2. By Application / End-User

Smart Metering (Largest Segment – ~38%)

NB-IoT chipsets are heavily used in electricity, gas, and water meters due to their reliability and long operational life. Utilities in China, India, and Europe are leading adopters.

Smart Cities (CAGR ~21.6%)

Applications include street lighting, traffic management, smart parking, and waste monitoring systems.

Industrial IoT (IIoT)

Factories deploy NB-IoT sensors for equipment monitoring, predictive maintenance, and asset tracking in low-bandwidth environments.

Healthcare & Wearables

NB-IoT chipsets support remote patient monitoring devices, emergency alert systems, and medical sensors requiring continuous connectivity.

Logistics & Asset Tracking

NB-IoT-enabled trackers are increasingly used for container monitoring, cold chain logistics, and fleet management.

3. By Region / Geography

Asia-Pacific (Largest Market – ~45% Share)

• 2025 Market Size: US$ 640 million
• Forecast CAGR: ~20.1%
China leads global NB-IoT chipset adoption, followed by South Korea, Japan, and India. Government-backed IoT initiatives and telecom expansion fuel rapid growth.

Europe (Market Share ~27%)

• Strong adoption in smart utilities and industrial automation
• Countries such as Germany, the UK, France, and Italy are key contributors

North America (Market Share ~20%)

• Growing deployment in smart infrastructure and healthcare IoT
• Increasing adoption alongside LTE-M and private IoT networks

Middle East & Africa

• Emerging growth driven by smart city projects in UAE and Saudi Arabia

Latin America

• Gradual adoption in smart utilities and agriculture monitoring

Emerging Trends Shaping the NB-IoT Chipset Market

• Integration of NB-IoT with 5G core networks
• Development of ultra-low-cost chipsets below US$ 2 per unit
• Enhanced security features for critical infrastructure
• Rising adoption of multi-mode NB-IoT + LTE-M chipsets
• Increasing use of NB-IoT in agriculture and environmental monitoring

Investment Opportunities

• Semiconductor manufacturing focused on low-power IoT chipsets
• Smart utility infrastructure projects
• NB-IoT-enabled device OEMs and module vendors
• Telecom-led IoT platforms and managed connectivity services
• Emerging markets with large-scale smart city deployments

Investors targeting scalable IoT ecosystems are expected to find long-term value in NB-IoT chipset development and deployment.

Key Companies

• Qualcomm
• MediaTek
• Huawei HiSilicon
• Nordic Semiconductor
• Samsung Electronics
• Sequans Communications
• u-blox
• Unisoc
• Quectel
• SIMCom Wireless

Future Outlook

The Narrowband IoT NB-IoT Chipset Market is positioned for sustained high growth through 2031 as governments, utilities, and enterprises continue deploying massive IoT networks. While competition from other LPWAN technologies exists, NB-IoT’s standardization, scalability, and energy efficiency ensure long-term relevance.

Conclusion

The Narrowband IoT NB-IoT Chipset Market plays a pivotal role in enabling cost-effective, large-scale IoT connectivity worldwide. With rising investments in smart cities, utilities, and industrial automation, the market offers strong opportunities for chipset manufacturers, telecom operators, and solution providers seeking long-term growth.

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