Narrowband Internet of Things (IoT) Chipset Market Report 2026

The narrowband internet of things (iot) chipset market size has grown exponentially in recent years. It will grow from $11.3 billion in 2025 to $14.09 billion in 2026 at a compound annual growth rate (CAGR) of 24.7%. The growth in the historic period can be attributed to early LTE network expansion, rising smart meter deployments, demand for low power wide area networks, declining IoT module costs, standardization of NB-IoT protocols.

The narrowband internet of things (iot) chipset market size is expected to see exponential growth in the next few years. It will grow to $34.13 billion in 2030 at a compound annual growth rate (CAGR) of 24.7%. The growth in the forecast period can be attributed to massive IoT device proliferation, smart city infrastructure investments, demand for long-life battery devices, growth in asset tracking solutions, expansion of cellular IoT coverage. Major trends in the forecast period include ultra-low power chipset innovation, extended coverage for remote and underground connectivity, cost-optimized mass IoT deployments, chipset integration with cellular modules, long battery life optimization for infrequent data transmission.

The growing adoption of Internet of Things (IoT) devices is expected to accelerate the growth of the narrowband Internet of Things (NB-IoT) chipset market in the coming years. IoT devices are physical objects equipped with sensors and software that connect to the Internet, enabling real-time monitoring, automation, and data-driven decision-making. As the adoption of IoT devices increases, they facilitate real-time data collection and analysis, enabling businesses and individuals to make faster, smarter decisions that enhance efficiency, productivity, and convenience. This rising use of IoT devices is driving the demand for NB-IoT chipsets, which provide the low-power, wide-area connectivity essential for the effective and reliable operation of numerous IoT applications. For example, in 2024, a report by Ericsson, a Sweden-based telecommunications company, projected nearly 4 billion cellular IoT connections by the end of 2024, up from 3.4 billion in 2023. Broadband IoT is expected to make up over 60% of cellular IoT connections by 2029, with 4G handling the majority of these connections. Consequently, the increasing adoption of IoT devices is fueling the growth of the NB-IoT chipset market.

Leading companies in the narrowband Internet of Things (NB-IoT) chipset market are focusing on advancements in chipset technology to improve connectivity, efficiency, and the range of applications. Chipset technology consists of integrated circuits that manage the flow of data between a device's peripherals, memory, and CPU, enabling efficient performance and communication. For example, in April 2023, Renesas Electronics Corporation, a Japan-based provider of advanced semiconductor solutions, launched the RH1NS200, an NB-IoT modem chipset specifically designed for the Indian market. This chipset is tailored for the Indian smart metering sector and is compatible with networks from all major telecom providers in the country. It features extremely low power consumption of just 1 µA in deep sleep mode, greatly extending battery life. This launch aligns with Renesas' strategy to expand its global presence and support India’s digital transformation initiatives through cutting-edge and reliable IoT technologies.

In August 2024, Qualcomm Technologies Inc., a U.S.-based wireless technology company, acquired Sequans Communications for $0.2 million. This acquisition is aimed at enhancing Qualcomm's low-power connectivity portfolio and solidifying its leadership in industrial and embedded IoT solutions. Sequans Communications is a France-based manufacturer of narrowband internet of things (NB-IoT) chipsets.

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.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs have influenced the NB-IoT chipset market by increasing the cost of imported semiconductors, fabrication equipment, and electronic components, impacting overall manufacturing economics. These effects are most visible in hardware and module segments and across regions such as Asia-Pacific and Europe, where large-scale IoT manufacturing and deployment occur. Higher costs have slowed price-sensitive deployments in smart metering and agriculture applications. However, tariffs have also encouraged localization of chipset production and supply chain diversification, supporting regional manufacturing resilience and long-term cost optimization.

The narrowband internet of thing (IoT) chipset market research report is one of a series of new reports that provides narrowband internet of thing (IoT) chipset market statistics, including the narrowband internet of thing (IoT) chipset industry's global market size, regional shares, competitors with a narrowband internet of thing (IoT) chipset market share, detailed narrowband internet of thing (IoT) chipset market segments, market trends and opportunities, and any further data you may need to thrive in the narrowband internet of thing (IoT) chipset industry. This narrowband internet of thing (IoT) chipset market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Narrowband internet of things (NB-IoT) chipsets are specialized hardware components designed to enable Internet of Things (IoT) devices to connect to cellular networks with low power consumption and broad coverage. They are optimized for applications that require infrequent communication, long battery life, and reliable connectivity in challenging environments, such as underground or remote locations. This technology helps drive the growth of IoT by providing a cost-effective, energy-efficient solution for connecting a large number of devices.

The key components of an NB-IoT chipset include the solution and hardware. The solution encompasses the software and service packages that manage and optimize NB-IoT network operations. These solutions are deployed through guard-band, in-band, and standalone models. NB-IoT chipsets are utilized in a wide range of applications, including smart meters, asset tracking, and healthcare monitoring, and are adopted across various sectors such as consumer electronics, agriculture, building automation, automotive, infrastructure, healthcare, and safety and security.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. The countries covered in the narrowband internet of things (iot) chipset market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The narrowband internet of things (NB-IoT) chipset market consists of sales of modules, integrated circuits, and system-on-chip (SoCs). Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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