Global Narrowband IoT (NB-IoT) Chipset Market

Narrowband IoT (NB-IoT) Chipset Market Size, Share, Growth Analysis, By End Use(agriculture, automotive & transportation, energy & utilities, healthcare), By component(hardware and software), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45N2016 | Region: Global | Published Date: February, 2024
Pages: 242 |Tables: 63 |Figures: 78

Narrowband IoT (NB-IoT) Chipset Market Insights

Narrowband IoT (NB-IoT) Chipset Market size was valued at USD 425 million in 2019 and is poised to grow from USD 646.23 million in 2023 to USD 22105.6 million by 2031, growing at a CAGR of 52.1% in the forecast period (2024-2031).

Narrowband IoT (NB-IoT) technology is developed to create a wide range of new IoT devices and services. The Narrowband-IoT (NB-IoT) chipset market is growing rapidly because of various factors including low power consumption for devices, high system capacity, improved spectrum efficiency, lower component costs, and rise in the use of connected devices and adoption of wearable devices in health monitoring. It is more reliable, and secure than Wi-Fi and Bluetooth devices. Several network operators in Europe and Asia are supporting Narrowband-IoT (NB-IoT) chipset market. One of the goals of NB-IoT is to extend coverage beyond what existing cellular technologies provide. In order to achieve this, NB-IoT provides transmission repetitions and various bandwidth allocation configurations in uplink transmission.

Up to 50,000 devices can be connected effectively with NB-IoT, which also reduces power consumption and improves coverage to areas that are not currently covered by traditional cellular technologies. Also, NB-IoT provides 20+ dB interior coverage by reaching deep below and into enclosed places. All major mobile equipment, chipsets, and module manufacturers are represented by NB-IoT which can exist with 2G, 3G, and 4G mobile networks. The security and privacy aspects of mobile networks, such as support for user identity confidentiality, entity authentication, confidentiality, data integrity, and mobile equipment identification are also beneficial to it. For several usage cases, connected NB-IoT devices can have a battery life of more than ten years.

Around the world, 107 networks have been launched by 159 operators so far. According to the latest data, there are approximately 14.4 billion connected IoT devices. This figure is expected to grow by 25.44 billion total IoT devices by 2031.

US Narrowband IoT (NB-IoT) Chipset Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 425 million

Largest Segment

hardware 

Fastest Growth

hardware 

Growth Rate

52.1% CAGR

Global Narrowband IoT (NB-IoT) Chipset Market ($ Mn)
Country Share for Asia Pacific Region (%)

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Narrowband IoT (NB-IoT) Chipset Market Segmental Analysis

The Narrowband-IoT (NB-IoT) chipset market is segmented based on component, end use, and region. Based on End-use, the market is segmented into agriculture, automotive & transportation, energy & utilities, healthcare, and others. Based on components the narrowband-IoT (NB-IoT) chipset market is segmented into hardware and software. Based on the region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle & East America.

Narrowband IoT (NB-IoT) Chipset Market Analysis by End Use

Based on End Use the Narrowband-IoT (NB-IoT) Chipset market is segmented into Agriculture, Automotive & Transportation, Energy & Utilities, Healthcare, and others. In 2021, Infrastructure has generated the fastest revenue because of modules used in smart building infrastructure. Narrowband-IoT (NB-IoT) is widely used in monitoring environments, disaster management, and in Agriculture. The consumer electronics segment is expected to grow fastest because its modules like wearable devices such as Bluetooth electronic gadgets, smartphones, etc. are used worldwide. Energy and Utilities are holding the largest market size of the NB-IoT chipset market.

Narrowband IoT (NB-IoT) Chipset Market Analysis by Component

Based on components the narrowband-IoT (NB-IoT) chipset market is segmented into hardware and software. The hardware is subdivided into processor, memory, and power management units. Hardware reduces costs by automating routine tasks such as record keeping, automating, system activation, security, action specifications, communication, and detection of support-specific goals and actions. It improves customer service and supplier relationships. It develops more effective communication with the customers, so the demand for hardware is increasing. The hardware segment dominated the market in the way of revenue generation in 2022.

Narrowband IoT chipset-integrated software is becoming more sophisticated, which allows the incorporation of a large number of advanced technologies in individual software. Therefore, the growth of the market is stimulated.

Global Narrowband IoT (NB-IoT) Chipset Market By Type, 2019 (%)

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Narrowband IoT (NB-IoT) Chipset Market Regional Insights

Asia Pacific (APAC) is dominating the global Narrowband-IoT (NB-IoT) chipset market. The Narrowband-IoT (NB-IoT) chipset market is growing rapidly because of its multiple applications such as smart meters, smart street lights, smart parking, etc. China is dominating the Asia Pacific market due to favorable government policies in China, the availability of NB-IoT Chipset to a greater extent, and a huge number of infrastructure providers in China.

The volume of Narrowband-IoT (NB-IoT) chipset shipments from China is increasing due to the high adoption and proliferation of technology. Players such as Japan's Softbank, Reliance Jio, Bharti-Airtel, and Vodafone have stepped up efforts to deploy Narrowband-IoT. The Asia Pacific dominated the global Narrowband IoT (NB-IoT) Chipset Market in 2021, thus the market value will reach $2.9 billion by 2028. 

In 2021, the NB-IoT chipset market in North America generated the highest revenue. This is because of different network service providers. They are specialized in testing and commercial deployment of solutions for industrial and commercial applications. Important reasons for the revenue growth of the market in North America are high disposable income, continuous acceptance of advanced and innovative technologies, corporate, and industrial applications.

Global CNarrowband IoT (NB-IoT) Chipset Market By Region, 2024-2031
  • Largest
  • Fastest

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Narrowband IoT (NB-IoT) Chipset Market Dynamics

Narrowband IoT (NB-IoT) Chipset Market Drivers

Increasing Adoption of IoT and Connected Devices

  • The growing number of connected devices and IoT are being adopted along with better battery life. Battery life is an important consideration in the world of IoT devices and other connected devices today. Because modern smartphones are so different from models from just a few years ago, smartphone manufacturers are constantly attempting to improve their device’s battery life. Every year, technologies evolve and become more advanced and sophisticated. As machine-to-machine communications become more common, the market for connected devices is expanding, particularly in the industrial sector. Furthermore, market trends such as IoT have enabled connectivity in virtually every industry, including healthcare, consumer electronics, and retail.

Lower Initial and Maintenance Costs

  • Lower initial and maintenance costs as well as increasing reliability there. A business is basically a living entity trying to survive in the market where cost is a critical factor in the growth and revenue of any business. NB-IoT and similar technologies use a simple waveform that consumes less power. But it's not just about saving energy. Making NB-IoT chips will become more affordable as NB-IoT becomes more popular.

Narrowband IoT (NB-IoT) Chipset Market Restraints

Availability of alternatives on the market as well as incompatibility with high data speed

  • The availability of alternatives on the market as well as incompatibility with high data speed is there. In comparison to LTE-M, NB-IoT is less suitable for situations requiring extremely low network latency. LTE-M will be less common in situations requiring near-real-time data, where LTE-M is a better fit. Both NB-IoT and LTE-M play a role in enabling use cases that require speed and are frequently critical during the 5G transition. Not everything is dependent on the communication standard chosen. NB IoT was developed as a pure data transfer method for fixed or mobile devices. It cannot switch between cells seamlessly and cannot serve applications that require low latency.

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Narrowband IoT (NB-IoT) Chipset Market Competitive Landscape

The market for Narrowband-IoT (NB-IoT) chipsets is highly competitive. The global narrowband IoT chipset market competitive landscape is divided by many companies that operate at the global and regional levels. The market participants are launching products, collaboration, expansion, and product development. Thingstream is the internet of things communications-as-a-service provider. With this acquisition, the company aimed to expand its services portfolio via a comprehensive IoT connectivity solution with the ability to boost the penetration of u-blox into a new dimension of the services business of Thingstream in order to offer a secure, reliable, and smart solution to integrate sensor data into its cloud enterprise.

Narrowband IoT (NB-IoT) Chipset Market Top Company Profiles

Narrowband IoT (NB-IoT) Chipset Market Recent Developments

  • In February 2022, Nordic partnered with Acklio, an IoT software company. This collaboration aimed to port and demonstrate Static Context Header Compression on its nRF9160 Low Power System-in-Package, which also includes an integrated LTE-M/NB-IoT modem and GNSS.
  • In April 2022, Samsung announced a collaboration with ABB, a global technology company. Through the joint development of a cloud-to-cloud integration, this collaboration aimed to expand the integration of Samsung SmartThings within residential and commercial buildings.
  • In June 2022, Nordic and Huawei, a major international supplier of ICT infrastructure and smart products, signed a contract. The agreement aimed to provide Nordic and its customers with a FRAND royalty-bearing component-level license of Huawei's LPWA (low power wide area) cellular IoT standard essential patents. This agreement would also allow Nordic to provide its cellular IoT customers with comprehensive legal protection.

Narrowband IoT (NB-IoT) Chipset Key Market Trends

  • The key industry trends driving the market growth are advancements in artificial intelligence (AI), machine learning (ML), and big data analytics, which will allow an analysis of vast volumes of data collected from narrowband-IoT networks.
  • Estimates for key market categories in the Global Narrowband IoT (NB-IoT) Chipset Market provide a deep overview of the market. In the market framework, extensive market research is conducted by using key product positioning and monitoring top competitors. The study also includes a comprehensive global narrowband IoT (NB-IoT) Chipset Market opportunity analysis for each country.
  • Artificial intelligence increases operational efficiency. Over the past ten years, the business world has rapidly adopted IoT devices.  Businesses have been built using IoT devices and their data capabilities, in a new era of business and consumer technology. Advancements in artificial intelligence and machine learning will boost IoT devices in the market. Consumers, businesses, economies, and industries that adopt and invest in AIoT can gain competitive advantages. 

Narrowband IoT (NB-IoT) Chipset Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by robust Secondary Desk research.

According to our global narrowband IoT chipset market analysis, in today’s world narrowband IoT technology is widely used to connect various IoT devices up to 50,000, and due to its appreciable features like low power consumption, high system capacity, and lower component cost this technology is under demand. A total of 107 networks have been launched to date, at present approximately 14.4 billion connected IoT devices are there which may increase to 25.44 billion by 2028. The APAC (Asia pacific) region is dominating the global narrowband IoT chipset market, as it efficiently utilizes this technology due to advanced practices like smart meters, streetlights, parking, etc. It is expected that the market value of the APAC region will reach USD 2.9 billion by 2028. The factors which positively affect the market includes, increasing adoption of IoT devices and low initial and maintenance cost, but there are some factors like the availability of alternative devices in the market and the incompatibility with high-speed data which negatively affect the market.

On 28th September 2022, Sateliot, a satellite telecom operator, announced its collaboration with Amazon Web Services (AWS) to provide direct 5G satellite-based NB-IoT connectivity. It was delivered by a low-earth orbiting satellite and is expected to be commercially available in the second half of 2023. In April 2022, Samsung announced a collaboration with ABB, a global technology company. This collaboration aimed to expand the integration of Samsung SmartThings within residential and commercial buildings. IoT-driven devices and technologies will have more opportunities in the upcoming years. Low latency and hyper-connectivity are essential for a successful IoT application, 5G will prove useful. Increased flexibility, mobility, dependability, and security will be possible with 5G. Increased network agility, integrated artificial intelligence (AI), and the ability to install, automate, coordinate, and protect a wide range of applications at hyper scale will accelerate the growth of the industrial internet.

Report Metric Details
Market size value in 2019 USD 425 million
Market size value in 2031 USD 22105.6 million
Growth Rate 52.1%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Million
Segments covered
  • End Use
    • agriculture, automotive & transportation, energy & utilities, healthcare, and others
  • component
    • hardware and software
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered

Narrowband IoT (NB-IoT) Chipset Market Recent Developments

  • In February 2022, Nordic partnered with Acklio, an IoT software company. This collaboration aimed to port and demonstrate Static Context Header Compression on its nRF9160 Low Power System-in-Package, which also includes an integrated LTE-M/NB-IoT modem and GNSS.
  • In April 2022, Samsung announced a collaboration with ABB, a global technology company. Through the joint development of a cloud-to-cloud integration, this collaboration aimed to expand the integration of Samsung SmartThings within residential and commercial buildings.
  • In June 2022, Nordic and Huawei, a major international supplier of ICT infrastructure and smart products, signed a contract. The agreement aimed to provide Nordic and its customers with a FRAND royalty-bearing component-level license of Huawei's LPWA (low power wide area) cellular IoT standard essential patents. This agreement would also allow Nordic to provide its cellular IoT customers with comprehensive legal protection.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Narrowband IoT (NB-IoT) Chipset Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Narrowband IoT (NB-IoT) Chipset Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Narrowband IoT (NB-IoT) Chipset Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Narrowband IoT (NB-IoT) Chipset Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Narrowband IoT (NB-IoT) Chipset Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Narrowband IoT (NB-IoT) Chipset Market size was valued at USD 425 million in 2019 and is poised to grow from USD 646.23 million in 2023 to USD 22105.6 million by 2031, growing at a CAGR of 52.1% in the forecast period (2024-2031).

The market for Narrowband-IoT (NB-IoT) chipsets is highly competitive. The global narrowband IoT chipset market competitive landscape is divided by many companies that operate at the global and regional levels. The market participants are launching products, collaboration, expansion, and product development. Thingstream is the internet of things communications-as-a-service provider. With this acquisition, the company aimed to expand its services portfolio via a comprehensive IoT connectivity solution with the ability to boost the penetration of u-blox into a new dimension of the services business of Thingstream in order to offer a secure, reliable, and smart solution to integrate sensor data into its cloud enterprise. 'Qualcomm', 'Huawei', 'Ericsson', 'Intel', 'Samsung Electronics', 'Nokia', 'MediaTek', 'ZTE', 'Sierra Wireless', 'U-Blox', 'Sequans Communications', 'Altair Semiconductor', 'Quectel Wireless Solutions', 'Telit Communications', 'Nordic Semiconductor', 'Commsolid GmbH', 'Amarisoft', 'Riot Micro', 'SIMCom Wireless Solutions', 'Neoway Technology Co., Ltd.', 'In February 2022, Nordic partnered with Acklio, an IoT software company. This collaboration aimed to port and demonstrate Static Context Header Compression on its nRF9160 Low Power System-in-Package, which also includes an integrated LTE-M/NB-IoT modem and GNSS.', 'In April 2022, Samsung announced a collaboration with ABB, a global technology company. Through the joint development of a cloud-to-cloud integration, this collaboration aimed to expand the integration of Samsung SmartThings within residential and commercial buildings.', 'In June 2022, Nordic and Huawei, a major international supplier of ICT infrastructure and smart products, signed a contract. The agreement aimed to provide Nordic and its customers with a FRAND royalty-bearing component-level license of Huawei's LPWA (low power wide area) cellular IoT standard essential patents. This agreement would also allow Nordic to provide its cellular IoT customers with comprehensive legal protection.'

The growing number of connected devices and IoT are being adopted along with better battery life. Battery life is an important consideration in the world of IoT devices and other connected devices today. Because modern smartphones are so different from models from just a few years ago, smartphone manufacturers are constantly attempting to improve their device’s battery life. Every year, technologies evolve and become more advanced and sophisticated. As machine-to-machine communications become more common, the market for connected devices is expanding, particularly in the industrial sector. Furthermore, market trends such as IoT have enabled connectivity in virtually every industry, including healthcare, consumer electronics, and retail.

The key industry trends driving the market growth are advancements in artificial intelligence (AI), machine learning (ML), and big data analytics, which will allow an analysis of vast volumes of data collected from narrowband-IoT networks.

Asia Pacific (APAC) is dominating the global Narrowband-IoT (NB-IoT) chipset market. The Narrowband-IoT (NB-IoT) chipset market is growing rapidly because of its multiple applications such as smart meters, smart street lights, smart parking, etc. China is dominating the Asia Pacific market due to favorable government policies in China, the availability of NB-IoT Chipset to a greater extent, and a huge number of infrastructure providers in China.

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