Designed to make market research more actionable and strategically valuable, The Business Research Company’s 2026 market reports feature market attractiveness scoring, total addressable market sizing, company benchmarking matrices, interactive Excel dashboards, deeper supply chain intelligence, emerging startup tracking, and granular product-level insights.
What Is The Projected CAGR Of The Narrowband Internet Of Things (IoT) Chipset Market Through 2030?
The narrowband internet of things (iot) chipset market size has experienced significant expansion in recent years. It will grow from $11.3 billion in 2025 to $14.09 billion in 2026 at a compound annual growth rate (CAGR) of 24.7%. Historically, this expansion can be attributed to factors such as early LTE network expansion, rising smart meter deployments, the demand for low power wide area networks, declining IoT module costs, and the standardization of NB-IoT protocols.
The narrowband internet of things (IoT) chipset market is projected to experience substantial expansion in the coming years. This market is set to reach $34.13 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 24.7%. This anticipated rise during the forecast period is driven by factors such as the widespread increase in IoT devices, investments in smart city infrastructure, a growing need for devices with extended battery life, advancements in asset tracking solutions, and broader cellular IoT coverage. Key developments expected during this period include innovations in ultra-low power chipsets, enhanced connectivity for distant and subterranean locations, cost-effective deployments for large-scale IoT, the integration of chipsets with cellular modules, and improved battery life for devices requiring infrequent data transmissions.
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Narrowband Internet Of Things (IoT) Chipset Market Demand Analysis: The Driving Force Behind Expansion
The market for narrowband internet of things (IoT) chipsets is anticipated to expand moving forward, driven by the increasing integration of internet of things (IoT) devices. These devices are physical items equipped with sensors and software that link to the Internet, facilitating continuous monitoring, automation, and decision-making based on data. The rising use of internet of things (IoT) devices stems from their capacity for real-time data gathering and analysis, empowering businesses and individuals to make quicker, more informed choices, thereby enhancing efficiency, productivity, and convenience. This surge in IoT device usage fuels the demand for NB-IoT chipsets, which deliver the essential low-power, wide-area connectivity required for the effective and dependable functioning of numerous IoT applications. For example, a report from Ericsson, a Sweden-based networking and telecommunications firm, indicated that by the close of 2024, cellular IoT connections were projected to reach nearly 4 billion, an increase from 3.4 billion at the end of 2023. By the conclusion of 2029, Broadband IoT is forecasted to represent over 60% of cellular IoT connections, with most of these connections utilizing 4G. Consequently, the expanding deployment of internet of things (IoT) devices is propelling the growth of the narrowband internet of things (IoT) chipset market.
Breaking Down The Narrowband Internet Of Things (IoT) Chipset Market By Segment
The narrowband internet of things (iot) chipset market covered in this report is segmented –
1) By Component: Solution, Hardware
2) By Deployment: Guard-Band, In-Band, Standalone
3) By Application: Smart Meters, Asset Tracking, Healthcare Monitoring
4) By Vertical: Consumer Electronics, Agriculture, Building Automation, Automotive, Infrastructure, Healthcare, Safety And Security
Subsegments:
1) By Solution: Network Management, Device Management, Application Enablement
2) By Hardware: Modules, Sensors, Processors, Power Management Units
Top Trend Influencing The Narrowband Internet Of Things (IoT) Chipset Market Outlook
Leading companies within the narrowband internet of things (IoT) chipset market are concentrating on developing improvements in chipset technology to boost connectivity, optimize efficiency, and broaden the application spectrum. Chipset technology comprises integrated circuits that manage the flow of data among a device’s CPU, memory, and peripherals, thereby enabling efficient performance and communication. As an illustration, in April 2023, Renesas Electronics Corporation, a Japan-based provider of advanced semiconductor solutions, introduced the RH1NS200, an NB-IoT (narrowband internet of things) modem chipset specifically engineered for the Indian market. This chipset is positioned as a perfect solution for the Indian smart metering market and operates seamlessly across the networks of all major telecom operators in the country. Furthermore, it boasts exceptionally low power consumption, drawing only 1 uA in deep sleep mode, which substantially prolongs battery life. This introduction is consistent with Renesas’ strategic goal of expanding its global presence and contributing to India’s digital transformation efforts through dependable and advanced IoT technologies.
Narrowband Internet Of Things (IoT) Chipset Market Competitive Landscape And Major Players
Major companies operating in the narrowband internet of things (iot) chipset market are Samsung Electronics Co. Ltd., Verizon Communications Inc., Huawei Technologies Co. Ltd., Qualcomm Technologies Inc., Telefonaktiebolaget LM Ericsson, Nokia Corporation, MediaTek Inc., STMicroelectronics NV, Renesas Electronics Corporation, Sercomm Corporation, u-blox AG, Nordic Semiconductor ASA, Semtech Corporation, Telit Cinterion, Ceva INC., SIMCom Wireless Solutions Limited, Sony Semiconductor Israel Ltd., Skylo Technologies Inc., GCT Semiconductor Holding Inc., 1NCE Inc.
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Where Is The Narrowband Internet Of Things (IoT) Chipset Market Largest? Key Regional Insights
North America was the largest region in the narrowband internet of things (IoT) chipset market in 2025. The regions covered in the narrowband internet of things (iot) chipset market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.
