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Narrowband Internet Of Things (IoT) Chipset Market Revenue Growth On Track For A 24.7% CAGR Through 2030
The narrowband internet of things (iot) chipset market size has demonstrated substantial growth in recent years. This market is anticipated to expand from $11.3 billion in 2025 to $14.09 billion in 2026, registering a compound annual growth rate (CAGR) of 24.7%. The historical expansion of this market stems from factors such as early LTE network expansion, increasing smart meter deployments, the need for low power wide area networks, a reduction in IoT module costs, and the formalization of NB-IoT protocols.
The narrowband internet of things (iot) chipset market size is projected to experience rapid 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 expansion during the projection period stems from factors such as widespread IoT device adoption, investments in smart city infrastructure, the need for devices with extended battery life, increasing use of asset tracking solutions, and broadened cellular IoT coverage. Key developments expected during the forecast period encompass advancements in ultra-low power chipsets, enhanced connectivity for remote and subterranean locations, cost-efficient large-scale IoT implementations, the merging of chipsets with cellular modules, and improved battery longevity for devices transmitting data infrequently.
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Narrowband Internet Of Things (IoT) Chipset Market Growth Factors: What’s Supporting Expansion?
The future expansion of the narrowband internet of things (IoT) chipset market is anticipated to be driven by the rising uptake of internet of things (IoT) devices. These devices are defined as physical items equipped with sensors and software, which establish an internet connection to facilitate real-time tracking, automation, and decision-making informed by data. Their increasing prevalence stems from their capacity for real-time data gathering and analysis, empowering both businesses and individuals to arrive at quicker, more intelligent conclusions, thereby enhancing efficiency, productivity, and convenience. This expanding utilization of IoT devices is, in turn, stimulating the demand for NB-IoT chipsets, given their essential role in offering the low-power, wide-area connectivity vital for the effective and dependable functioning of numerous IoT applications. As an illustration, a 2024 report by Ericsson, a Swedish networking and telecommunications firm, projected nearly 4 billion cellular IoT connections by the close of 2024, marking an increase from 3.4 billion at the conclusion of 2023. Furthermore, Broadband IoT is forecasted to constitute over 60% of cellular IoT connections by the end of 2029, with 4G facilitating the bulk of these connections. Consequently, the increased integration of internet of things (IoT) devices is a key factor propelling the expansion of the narrowband internet of things (IoT) chipset market.
Narrowband Internet Of Things (IoT) Chipset Market Segment Performance And Emerging Opportunities
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
Narrowband Internet Of Things (IoT) Chipset Market Industry Trends: What’s Reshaping Demand?
Leading companies in the narrowband internet of things (IoT) chipset market are concentrating on advancements in chipset technology to enhance connectivity, efficiency, and the range of applications. Chipset technology refers to a collection of integrated circuits that manage data flow between a device’s peripherals, memory, and CPU, thereby facilitating effective performance and communication. For example, in April 2023, Renesas Electronics Corporation, a Japan-based company offering advanced semiconductor solutions, launched the RH1NS200, an NB-IoT (narrowband internet of things) modem chipset specifically designed for the Indian market. It is positioned as an ideal choice for the Indian smart metering market and functions smoothly on the networks of all the main telecom providers in the country. It provides extremely low power consumption, merely 1 uA in deep sleep mode, which significantly extends battery life. This launch aligns with Renesas’ strategy to expand its global footprint and support India’s digital transformation initiatives through advanced and reliable IoT technologies.
Narrowband Internet Of Things (IoT) Chipset Market Key Players: Which Companies Lead Industry Competition?
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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Narrowband Internet Of Things (IoT) Chipset Market Regional Analysis And Top Geography
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.