The global narrowband IoT (NB-IoT) chipset market is anticipated to surpass a valuation of USD 265 million, attaining an impressive CAGR of 60% during the forecast period (2017-2023), Market Research Future (MRFR) reveals in a detailed report.
The soaring demand for long-range connectivity, coupled with the rising prominence of the machine to machine communication is predicted to drive the Narrowband IoT Chipset Market across the globe. Chipset factors like flexibility, power efficiency, and wider deployment are further likely to fuel the market growth during the estimated period. Large coverage range of networks and the need for low power consumption are estimated to trigger the demand from the narrow IoT (NB-IoT) chipset market. The surging initiatives to develop smart cities are further, creating opportunities for the narrowband IoT chipset market.
On the contrary, the initial cost associated with the development of operating software is high, which will restrict the market growth during the assessment period.
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The key players profiled by Market Research Future (MRFR) that are operating in the global narrowband IoT (NB-IoT) chipset market are Intel Corporation (the U.S.), Huawei Technologies Co. Ltd., (China), Ericsson (Sweden), Nokia Corporation (Finland), Sierra Wireless (Canada), Deutsche Telekom AG (Germany), China United Network Communications Group Co., Ltd. (China), Quectel Wireless Solutions Co. Ltd. (China), Qualcomm Technologies Inc., (the U.S.), Vodafone Group plc (the U.K) and others. Other key innovators operating in the global narrowband IoT (NB-IoT) chipset market are u-blox (Switzerland), ZTE Corporation (China), SEQUANS Communications SA (France), Nordic Semiconductor (Norway), Emirates Telecommunication Group (UAE), China Telecommunications Corporation (China), Sigfox (France), STMicroelectronics (the U.S.), Gemalto (the Netherlands) and others.
Global Narrowband IoT (NB-IoT) Chipset Market: Segmental Analysis
The global narrow IoT (NB-IoT) chipset market has been segmented on the basis of device, component, deployment, and end-user.
- By component, the narrow IoT (NB-IoT) chipset market has been segmented into software, hardware, and services.
- By applications, the narrow IoT (NB-IoT) chipset market has been segmented into smart appliance, alarms & detector, wearable, tracker, smart meter, and others. Of these, the wearable segment is likely to gain prominence. The soaring market for wearable devices across entertainment, healthcare, sports and fitness, and others is creating demand for highly secure and low-power cellular networks.
- By deployment, the narrow IoT (NB-IoT) chipset market has been segmented into in-band, guard band, and standalone. Of these, guard band deployment is likely to acquire the major share as it offers several benefits such as reuse of antenna and RF modules of existing infrastructure, no additional spectrum cost, and no need for frequency planning.
- By end users, the market is classified into energy and utility, healthcare, retail, agriculture, transportation and logistics, and others. Of these, the energy and utility segment is predicted to gain prominence. This technology can be implemented for overall plant automation, supply chain optimization, process optimization, integrated business processes, and increased safety, thereby fulfilling corporate social responsibility.
Global Narrowband IoT (NB-IoT) Chipset Market: Regional Analysis
Geographically, the narrowband IoT (NB-IoT) chipset market spans across Europe, North America, Asia Pacific, and Rest of the World (RoW).
Considering the global scenario, North America is anticipated to acquire the major share in the global market, mainly due to the early adoption of narrowband IoT coupled with the existence of industry bigshots. The mounting demand for long-range connectivity is further contributing to the market growth in the region.
The Asia Pacific is estimated to showcase high growth rate during the assessment period due to the deployment of narrowband IoT technology with cloud computing. The soaring development of smart cities, especially in the developing economies like China, India, and China are highly influencing the growth of narrowband IoT chipsets in the region. In this region, China is predicted to lead the NB-IoT chipset market due to the presence of leading mobile operators like China Unicom and China Mobile.
Europe is considered to be one of the prime contributors in the narrowband IoT chipset market. The growth is credited to the existence of major platters, coupled with the implementation of new technology across industry verticals. The soaring government funding in the region is further influencing the market growth.
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