Narrowband Iot Nb Iot Chipset Market

Narrowband IoT (NB-IoT) Chipset Market Forecasts to 2028 – Global Analysis By Deployment (Guard, In-Band, Stand-Alone), Component (Hardware (Modules), Services, Software), Device, Application, End User and By Geography

4.8 (36 reviews)
Published: April 2022 ID: SMRC20540
4.8 (36 reviews)
Published: April 2022 ID: SMRC20540

This report covers the impact of COVID-19 on this global market

According to Stratistics MRC, the Global Narrowband IoT (NB-IoT) Chipset Market is accounted for $645.64 million in 2021 and is expected to reach $6153.82 million by 2028 growing at a CAGR of 38.0% during the forecast period. Narrowband IoT (NB-IoT) chipset is a small electronic device embedded in objects, machines, and electronic devices.  These chipsets are of high value, as they significantly improve user devices' power consumption, system capacity, and spectrum efficiency, especially in deep coverage.

Market Dynamics:


Rising demand for wearable devices for health monitoring

The increasing penetration of internet services across the world has driven the demand for wearable devices, which in turn propelling the market growth. Companies are focusing on manufacturing wearable devices that are user-friendly. Various companies are developing narrowband-IoT (NB-IoT) chipset-based smart wearable devices for delivering value in the space of health management.


High competition from LPWA technologies

The demand for LPWA networking technologies is rising. From smart homes to high-end laboratories and industries, LPWA networks are deployed using low-cost and low-power smart wireless sensors and are providing new opportunities for the implementation of IoT in various applications. Thus, the LPWA technologies having similar capabilities as NB-IoT are restraining the growth of the NB-IoT chipset market.


Increase in trend of smart cities

Smart cities are becoming a common phenomenon in various countries. Smart cities are pivotal to adding digital intelligence to existing urban systems and connected applications as they provide real-time, transparent information in the form of actionable insights to users.  Government bodies of several countries are introducing and inaugurating smart cities to promote industrialization and urbanization. These cities are expected to have advanced technologies such as smart meters. Energy and resource, physical infrastructure, mobility and transport, and safety and security are the major functional areas of more than 1,000 smart city projects that are currently under progress across the world. These projects present prominent growth opportunities for the NB-IoT players.


Limitation in low-speed data transmission applications

NB-IoT devices have low data transfer rates, which limit its cellular capabilities in various applications that required high-bandwidth. It is not suited to mobile devices, which use GSM, 3G, and LTE for voice, messaging, high-rate data transmission, and so on. However, emerging technologies such as LTE-M have higher data rates, and this allows them to offer the broadest range of cellular capabilities. This can limit the adoption of NB-IoT in applications such as health or fitness wearables and smart meters, which require higher data transfer rates. 

The guard segment is expected to be the largest during the forecast period

The guard segment is estimated to have a lucrative growth as guard band frequencies mitigate the chance of frequency overlapping between Narrowband-IoT (NB-IoT) and LTE transmissions and provide better downlink throughput performance. Furthermore, the requirement of no additional spectrum cost in guard band deployment is further complementing its growth.

The energy and utilities segment is expected to have the highest CAGR during the forecast period

The energy and utilities segment is anticipated to witness the fastest CAGR growth during the forecast period as the implementation of NB-IoT technology is expected to help the energy sector to achieve business objectives. This technology can be deployed for overall plant automation, process optimization, supply chain optimization, increased safety, and integrated business processes, while fulfilling corporate social responsibility.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the rising adoption of NB-IoT technology in multiple applications, favorable government policies and a strong presence of NB-IoT chipsets, modules, and infrastructure providers in China.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period due to the developed IT infrastructure, growing adoption of NB-IoT technology and established LTE-M network and availability of dual-mode NB-IoT chipsets offering connectivity. In addition, increasing participation of key industry players to build dual-mode-only chipsets is likely to complement the growth of NB-IoT in North America.

Key players in the market

Some of the key players profiled in the Narrowband IoT (NB-IoT) Chipset Market include Vodafone Group PLC, u-blox, SIMCom, Sierra Wireless, Sequans Communications, Samsung, Qualcomm, Nordic Semiconductor, MediaTek, Huawei, Ericsson and Deutsche Telekom AG.  

Report Coverage


Published Year:


Estimated Market Size in 2020:

USD 645.64 million

Estimated Period:


Compound Annual Growth Rate (CAGR)  from 2020 to 2028:


Predicted 2028 Value:

USD 6153.82 million

Forecast Years:


Tables, Graphs & Figures


Chapters Covered:

Deployment, Component, Device, Application, End User,  and Region

Core Drivers and Opportunities:

  • Rise in the use of connected devices
  • Increasing demand for wearable devices
  • Growing adoption of IoT

Restraining Factors & Market Threats:

  • Privacy and security concerns
  • Stiff competition from other LPWA technologies

Key Developments:

In Feb 2020: Nordic Semiconductor announces its award-winning nRF9160 is the first cellular IoT module certified for both LTE-M and NB-IoT operation on Deutsche Telekom’s network, one of the largest in Europe.

In Dec 2018: Qualcomm introduced next-gen cellular chipset purpose-built for for Internet of Things (IoT) applications such as asset trackers, health monitors, security systems, smart city sensors and smart meters, as well as a range of wearable trackers.
Deployments Covered:
• Guard
• In-Band
• Stand-Alone
Components Covered:
• Hardware (Modules)
• Services
• Software
Devices Covered:
• Trackers      
• Smart Streetlights    
• Smart Meters 
• Smart Appliances       
• Alarms and Detectors      
• Other Devices      
Applications Covered:
• Smart Cities
• Smart Agriculture
• Industrial Automation      
• Smart Buildings 
• Smart Retail      
• Vehicle Telematics
• Smart Logistics
• Personal Care
End Users Covered:
• Transportation & Logistics      
• Safety and Security      
• Public Infrastructure  
• Manufacturing      
• Industrial Production
• Healthcare      
• Environment      
• Energy and Utilities    
• Consumer Electronics 
• Automotive       

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Key Questions Answered In The Report

The Global Narrowband IoT (NB-IoT) Chipset Market is majorly driven by the growing adoption of IoT, increasing demand for wearable devices, and rise in the use of connected devices.

The healthcare segment is growing at a highest CAGR owing to the benefits of Narrowband-IoT application in healthcare, such as monitoring vital health parameters, wellness monitoring, and sending alerts about patients' conditions to doctors.

Asia Pacific dominated with a significant market share due to the technological advancements, favorable government policies, and digitization in countries.

North America region is growing at a highest CAGR owing to the due to the established LTE-M network and availability of dual-mode NB-IoT chipsets offering connectivity.

Key players in Narrowband IoT (NB-IoT) Chipset Market include Vodafone Group PLC, u-blox, SIMCom, Sierra Wireless, Sequans Communications, Samsung, Qualcomm, Nordic Semiconductor, MediaTek, Huawei, Ericsson and Deutsche Telekom AG.

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