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What is the projected market size of the narrowband internet of things (iot) chipset industry, and what is its expected CAGR?
The narrowband internet of things (IoT) chipset market size has grown exponentially in recent years. It will grow from $9.14 billion in 2024 to $11.49 billion in 2025 at a compound annual growth rate (CAGR) of 25.7%. The growth in the historic period can be attributed to growing demand for low-power wide-area networks, rising adoption of smart meters, increasing investment in smart cities, need for cost-effective internet of things (IoT) connectivity, and rising adoption of internet of things (IoT) devices.
The narrowband internet of things (IoT) chipset market size is expected to see exponential growth in the next few years. It will grow to $28.47 billion in 2029 at a compound annual growth rate (CAGR) of 25.5%. The growth in the forecast period can be attributed to the expansion of industrial automation, increasing smart agriculture initiatives, rising focus on healthcare internet of things (IoT) solutions, government support for smart infrastructure, and growth in asset tracking applications. Major trends in the forecast period include integration with 5G networks, development of energy-efficient chipsets, emergence of private NB-IoT networks, advancements in chipset technology, and evolution of multimode internet of things (IoT) modules.
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What external factors are influencing the narrowband internet of things (iot) chipset market’s growth momentum?
The increasing adoption of internet of things (IoT) devices is expected to propel the growth of the narrowband internet of things (IoT) chipset market going forward. IoT devices are physical objects with sensors and software that connect to the Internet, enabling real-time monitoring, automation, and data-driven decisions. The adoption of internet of things (IoT) devices is rising as they enable real-time data collection and analysis, allowing businesses and individuals to make faster, smarter decisions that improve efficiency, productivity, and convenience. The growing use of IoT devices is driving demand for NB-IoT chipsets, as they provide the low-power, wide-area connectivity needed for efficient and reliable operation of many IoT applications. For instance, in 2024, according to a report published by Ericsson, a Sweden-based networking and telecommunications company, there were expected to be close to 4 billion cellular IoT connections by the end of 2024, up from 3.4 billion at the end of 2023. Broadband IoT is expected to account for over 60% of cellular IoT connections by the end of 2029, with 4G connecting the majority of these connections. Therefore, the growing adoption of internet of things (IoT) devices is driving the expansion of the narrowband internet of things (IoT) chipset market.
What are the major market segments driving the growth of the narrowband internet of things (iot) chipset industry?
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
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Which sustainability trends are emerging in the narrowband internet of things (iot) chipset market?
Major companies operating in the narrowband internet of things (IoT) chipset market are focusing on advancements in chipset technology to enhance connectivity, efficiency, and application range. Chipset technology is a collection of integrated circuits that control data flow between a device’s peripherals, memory, and CPU, facilitating effective performance and communication. For instance, in April 2023, Renesas Electronics Corporation, a Japan-based company that offers advanced semiconductor solutions, launched the RH1NS200, an NB-IoT (narrowband internet of things) modem chipset designed especially for the Indian market. It is positioned as an ideal option for the Indian smart metering market and runs smoothly on the networks of all the main telecom providers in the country. It offers extremely low power consumption of only 1 uA in deep sleep mode, significantly extending 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.
Who are the key market players contributing to the growth of the narrowband internet of things (iot) chipset industry?
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.
Which regions are leading the growth of the narrowband internet of things (iot) chipset market globally?
North America was the largest region in the narrowband internet of things (IoT) chipset market in 2024. The regions covered in the narrowband internet of things (IoT) chipset market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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• Benchmark and plan partnerships using competitive landscape insights.
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