The global NB-IoT Devices Market size was USD 903 million in 2022, and it is projected to have a revenue compound annual growth rate (CAGR) of 40% during the forecast period. The market revenue growth for Nb-IoT chipsets is expected to increase significantly in the upcoming years. The technology behind Nb-IoT offers a Low-Power Wide-Area Network (LPWAN) for devices that require infrequent data transmissions, which is specifically designed for Internet of Things (IoT) applications. The revenue growth of the Narrowband-Internet of Things (Nb-IoT) chipset market is expected to be driven by rapid developments in industries such as smart cities, healthcare, and agriculture worldwide.

The major factors driving the market revenue growth are the increasing demand for low-cost and low-power IoT devices and the need for effective connection solutions. Furthermore, the market revenue growth is also expected to be driven by the increasing demand for wearable technology, asset tracking systems, and smart home gadgets in the coming years. The market revenue growth is also expected to be fueled by the rising investments in 5G technology, which incorporates NB-IoT technology. It is anticipated that the rollout of 5G networks will expand network coverage, lower latency, and provide faster data transfer rates, which are all critical for IoT applications.

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The increasing use of IoT devices and the presence of significant players in Asia Pacific are expected to drive the Narrowband-Internet of Things (Nb-IoT) chipset market over the forecast period. However, due to the increasing demand for IoT devices and growing investments in 5G technology, North America and Europe are also expected to witness substantial market revenue growth.

Driving factors of NB-IoT Devices Market:

  • Increasing demand for low-cost and low-power IoT devices.
  • Need for effective connection solutions.
  • Rising demand for wearable technology, asset tracking systems, and smart home gadgets.
  • Rapid developments in industries such as smart cities, healthcare, and agriculture across the globe.
  • Increasing investments in 5G technology, which incorporates NB-IoT technology.
  • Rollout of 5G networks is expected to increase network coverage, lower latency, and offer quicker data transfer rates, all of which are crucial for IoT applications.
  • The increasing use of IoT devices.
  • Presence of significant players in Asia Pacific.

Some of the notable innovations in the NB-IoT Devices Market:

  • Development of Nb-IoT modules with ultra-low power consumption and extended coverage range, enabling devices to transmit data over longer distances and operate on battery power for extended periods.
  • Use of artificial intelligence (AI) and machine learning (ML) to enhance the efficiency and accuracy of data transmitted by Nb-IoT devices, improving their overall performance.
  • Integration of advanced security features to prevent data breaches and ensure the protection of sensitive information transmitted by Nb-IoT devices.
  • Advancements in cloud computing technology and the deployment of cloud-based platforms for managing and analyzing data generated by Nb-IoT devices, providing more comprehensive insights and improving operational efficiency.
  • Collaborations between major technology companies and telecommunications providers to accelerate the adoption of Nb-IoT technology and improve the scalability of IoT applications.

Some of the major companies in the global Narrowband-Internet of Things (Nb-IoT) chipset market

Qualcomm, Intel, Ericsson, Huawei, STMicroelectronics, NXP Semiconductors, Sierra Wireless, Texas Instruments, Quectel Wireless Solutions, and Nordic Semi.

By Deployment Type Outlook

  • Cloud
  • On-Premise

By Business Outlook

  • Chipmakers
  • OEMs
  • Network Operators and Service Providers
  • Application Developers

By End-Use Industry Outlook

  • Automotive
  • Smart Cities
  • Healthcare
  • Retail and eCommerce
  • Industrial Manufacturing

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