Narrowband IoT Chipset Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Device Type (Tracker, Smart Metering, Wearable), By Deployment (Stand Alone, Guard Band, In Band), By Vertical (IT, Manufacturing, Agriculture, Healthcare, Automotive, Transportation), By Region & Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 3.04 Billion
CAGR (2026-2031)	35.17%
Fastest Growing Segment	Manufacturing
Largest Market	Asia Pacific
Market Size (2031)	USD 18.54 Billion

Market Overview

The Global Narrowband IoT Chipset Market will grow from USD 3.04 Billion in 2025 to USD 18.54 Billion by 2031 at a 35.17% CAGR. The Global Narrowband IoT Chipset Market consists of specialized semiconductor solutions enabling cellular communication for devices with low data requirements and extended operational lifespans. The market is primarily driven by the demand for exceptional energy efficiency which allows devices to function for over a decade on a single battery and the need for deep signal penetration in challenging environments like underground basements. These functional drivers are fundamental to the adoption of smart metering and industrial asset tracking and remain distinct from temporary consumer technology trends.

One significant challenge that could impede market expansion is the intense competition from alternative wireless technologies that operate on unlicensed spectrums and offer lower upfront deployment costs. According to the Global mobile Suppliers Association, in 2024, 176 operators were actively investing in Narrowband IoT technology with 132 having commercially launched networks. This data highlights the robust infrastructure development committed to the ecosystem while acknowledging the competitive landscape the technology must navigate to achieve ubiquitous adoption.

Key Market Drivers

The widespread implementation of smart utility metering systems acts as a primary catalyst for chipset adoption, as utility providers prioritize cellular solutions that ensure reliable data transmission from deep underground or enclosed locations. This application demands the specific low-power and high-penetration capabilities of Narrowband IoT to monitor water and gas consumption over lifespans exceeding ten years, effectively replacing manual reading infrastructure. Validating this trend, according to Smart Water Magazine, March 2024, in the 'Vodafone wins 10-year smart meter deal with Aqualia' article, Vodafone Spain secured a contract to supply more than 1 million NB-IoT smart water meters to digitize the water cycle management for Aqualia. Such large-scale deployments underscore the technology's critical role in modernizing utility grids and driving sustained volume for semiconductor manufacturers.

Integration with 5G and Massive Machine-Type Communications standards is reshaping the market by extending connectivity to non-terrestrial networks (NTN), thereby supporting remote assets previously beyond the reach of cellular towers. This evolution allows chipsets to switch seamlessly between terrestrial and satellite networks, a capability essential for logistics and agriculture in isolated regions. Demonstrating this demand, according to Sateliot, August 2024, in the 'Sateliot launches 4 new 5G NB-IoT satellites' press release, the satellite operator has already contracted to connect more than 8 million devices via its new 5G NB-IoT constellation. The maturity of the supporting hardware ecosystem further facilitates this expansion; according to the Global mobile Suppliers Association, in 2024, the number of devices supporting 3GPP IoT standards reached 982, ensuring a diverse range of hardware options for these advanced implementations.

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Key Market Challenges

The expansion of the Global Narrowband IoT Chipset Market is substantially restricted by intense competition from alternative wireless technologies operating on unlicensed spectrums. Unlike Narrowband IoT, which relies on licensed cellular bands and incurs recurring subscription fees from network operators, rival technologies allow businesses to deploy private networks with significantly lower upfront and operational costs. This economic advantage makes non-cellular options highly attractive for large-scale implementations in cost-sensitive sectors such as agriculture and logistics, effectively limiting the addressable market for Narrowband IoT chipsets.

This competitive landscape hampers growth by allowing these alternative ecosystems to entrench themselves in key industrial verticals before cellular solutions can gain a foothold. The magnitude of this challenge is evident in the widespread deployment of non-cellular devices which directly reduces the demand for cellular-based silicon. According to the LoRa Alliance, in 2024, more than 350 million LoRaWAN end nodes were deployed globally. This significant volume of connections operating outside the cellular framework demonstrates that unlicensed technologies have already captured a vast share of the low-power wide-area network sector, forcing Narrowband IoT vendors to compete against a mature and cost-effective incumbent.

Key Market Trends

Proliferation of Dual-Mode LTE-M and NB-IoT SoCs is unifying the cellular IoT landscape by addressing the fragmentation between regional network standards. Device manufacturers are increasingly adopting multi-mode silicon to create single global stock-keeping units (SKUs) capable of operating on both European NB-IoT and North American LTE-M infrastructures. This consolidation eliminates the need for region-specific hardware variants, significantly streamlining supply chain logistics and ensuring interoperability for assets moving across borders. According to the Global Certification Forum, February 2025, in the 'Device Technology Trends Report 2025', more than 88% of certified devices incorporated multiple radio technologies in 2024, highlighting the industry-wide standardization on versatile connectivity solutions that ensure seamless cross-border operation.

Transition to Integrated SIM (iSIM) Architecture is fundamentally altering chipset design by embedding subscriber identity modules directly into the system-on-chip (SoC). This evolution removes the need for physical SIM cards or soldered eSIMs, freeing up valuable board space for compact sensors and reducing the overall Bill of Materials (BOM) for cost-sensitive trackers. The shift also enhances power profiles by eliminating the dedicated power rails required for external SIM components. According to Kigen, January 2025, in the 'Nordic Semiconductor and Kigen Accelerate Massive IoT at CES 2025' press release, the new nRF9151 System-in-Package achieves a 20 percent smaller design and 45 percent lower peak power usage compared to previous generations, a reduction largely facilitated by the integration of advanced iSIM capabilities.

Segmental Insights

Recent market analysis identifies Manufacturing as the fastest-growing segment in the Global Narrowband IoT Chipset Market. This rapid expansion is primarily driven by the widespread adoption of Industry 4.0, which necessitates reliable connectivity for massive machine-type communications across complex industrial facilities. NB-IoT chipsets are essential in this context, offering the deep indoor penetration and low power consumption required to connect sensors located in shielded or hard-to-reach areas. By enabling critical applications such as predictive maintenance and real-time asset tracking, this technology allows manufacturers to optimize production workflows and significantly reduce operational downtime.

Regional Insights

Asia Pacific commands the global Narrowband IoT chipset market due to rapid urbanization and substantial government investments in smart infrastructure. The region benefits significantly from strategic initiatives in China, where the Ministry of Industry and Information Technology actively promotes the deployment of cellular internet of things technologies. This regulatory support accelerates the adoption of connected devices in sectors like utility metering and logistics. Furthermore, the aggressive expansion of network coverage by major local telecommunication providers creates a supportive ecosystem, ensuring the region remains the primary driver of global demand for these components.

Recent Developments

• In November 2025, STMicroelectronics expanded its presence in the Global Narrowband IoT Chipset Market by launching two new variants of its industrial-grade ST87M01 NB-IoT module series. The new modules were designed to address specific challenges in massive IoT deployments, such as reliable asset localization in difficult radio frequency environments. One variant focused on optimized cellular data connectivity for static applications, while the other integrated hybrid positioning capabilities, combining GNSS and Wi-Fi scanning to ensure continuous tracking indoors and in urban canyons. This product launch aimed to enhance the versatility and reliability of connected industrial assets across global supply chains.
• In February 2025, Nordic Semiconductor collaborated with satellite connectivity provider Myriota to deliver a 5G-compliant non-terrestrial network solution for the Internet of Things. The partnership leveraged Nordic’s nRF9151 NB-IoT System-in-Package, which was utilized to connect directly to satellites without the need for traditional ground-based infrastructure. This breakthrough enabled the deployment of secure, low-power sensor devices in remote areas at a massive scale. The solution supported direct-to-satellite communication, significantly expanding the potential coverage area for NB-IoT applications in logistics and environmental monitoring, allowing for years of battery life in isolated locations.
• In October 2024, Qualcomm Technologies, Inc. completed the acquisition of the 4G IoT technology assets from Sequans Communications S.A. in an all-cash transaction valued at $200 million. This strategic consolidation in the Global Narrowband IoT Chipset Market allowed the company to incorporate the Monarch family of NB-IoT and LTE-M technologies into its extensive portfolio of low-power solutions. The deal strengthened the company's offering for industrial IoT applications by securing mature, reliable connectivity technologies while allowing the seller to retain rights to use the technology via a perpetual license and focus on its future 5G roadmap.
• In January 2024, MediaTek achieved a significant milestone in the Global Narrowband IoT Chipset Market by having its MT6825 chipset officially certified for use on Skylo's non-terrestrial network. This development marked the first time an NTN-enabled chipset received such certification, facilitating seamless satellite connectivity for IoT devices. The certification confirmed that the chipset met stringent standards for performance and reliability, enabling manufacturers to integrate satellite-based NB-IoT capabilities into devices for remote asset tracking, maritime, and agricultural applications. This breakthrough allowed for ubiquitous global connectivity, addressing coverage gaps where traditional terrestrial cellular networks were unavailable.

Key Market Players

• Huawei Technologies Co., Ltd.
• Qualcomm Incorporated
• Intel Corporation
• Nordic Semiconductor ASA
• Samsung Electronics Co., Ltd.
• MediaTek Inc.
• u-blox Holding AG
• Sequans Communications S.A.
• Sierra Wireless, Inc.
• Sanechips Technology Co., Ltd.

By Device Type	By Deployment	By Vertical	By Region
Tracker Smart Metering Wearable	Stand Alone Guard Band In Band	IT Manufacturing Agriculture Healthcare Automotive Transportation	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Narrowband IoT Chipset Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Narrowband IoT Chipset Market, By Device Type:

• Tracker
• Smart Metering
• Wearable

• Narrowband IoT Chipset Market, By Deployment:

• Stand Alone
• Guard Band
• In Band

• Narrowband IoT Chipset Market, By Vertical:

• IT
• Manufacturing
• Agriculture
• Healthcare
• Automotive
• Transportation

• Narrowband IoT Chipset Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE