According to Market Research Future (MRFR), the global narrowband IoT (NB-IoT) chipset market is expected to reach USD 265 million with a CAGR of 60% from 2017 to 2023 (forecast period). The study offers a thorough and accurate analysis of the impact of the COVID-19 pandemic on the global narrowband IoT (NB-IoT) chipset market.
Narrowband Internet of Things (NB-IoT) is a wireless technology that allows multiple devices to connect across cellular telecommunication bands. Due to this low-power technology, it is primarily deployed in devices operating at low data rates. The main advantages of narrowband IoT chipsets can be deployed as a simple addition of new software to the existing LTE infrastructure, leading to rapid growth, global roaming, economies of scale, and many others.
NB-IoT chipsets consume less power and are deployed in a range of applications such as smart meters, facility management services, fire alarms, tracking of persons, connected industrial appliances, and many more. Compared to LTE-M1, NB-IoT chipsets have lower bitrates and better link budgets. NB-IoT chipsets can connect the sensors directly to the base station, which improves flexibility while lowering costs.
Market Dynamics
The growing demand for long-range connectivity and the increasing prominence of machine-to-machine communication drive the NB-IoT chipset market. The market is driven by chipset factors such as power efficiency, flexibility, and extensive deployment. However, increased initial costs for the development of operating software impede the growth of the market.
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Market Segmentation
The global Narrowband IOT Chipset Market has been segmented into components, applications, deployment, and end-user.
On the basis of component, the global narrowband IoT (NB-IoT) chipset market has been further classified into hardware, software, and services. The hardware segment comprises modules and others. The services segment has been further classified into professional services and managed services.
On the basis of applications, the global narrowband IoT (NB-IoT) chipset market has been classified into alarms & detector, a smart appliance, tracker, wearable, smart meter, and many others.
Based on deployment, the global narrowband IoT (NB-IoT) chipset market has been classified into guard band, in-band, and standalone.
On the basis of end-users, the global narrowband IoT (NB-IoT) chipset market has been classified into healthcare, energy and utility, agriculture, retail, transportation and logistics, and others.
Regional Analysis
The global narrowband IoT (NB-IoT) chipset market is analyzed for North America, Europe, Asia Pacific, and the rest of the world.
North America is predicted to retain a large market share during the forecast period. The early adoption of narrowband IoT in the region, together with the presence of major players, is driving the market in the region. The growing demand for long-range connectivity is accelerating market growth. The Asia Pacific is expected to have a high growth rate during the projected period. The integration of narrowband IoT technology with cloud computing is boosting the market in the region. The increase in the development of smart cities in developing countries such as India, China, and Taiwan are encouraging the growth of narrowband IoT chipsets. Europe is one of the main contributors to the narrowband IoT chipset market. The existence of key players and the deployment of new technology across major industry verticals are propelling the development of the market in this region. In addition, increasing government funding is boosting the market growth.
Key Players
Some of the industry giants in the narrowband IoT (NB-IoT) chipset market are Intel Corporation (U.S.), Huawei Technologies Co. Ltd., (China), Ericsson (Sweden), Nokia Corporation (Finland), Quectel Wireless Solutions Co. Ltd. (China), Sierra Wireless (Canada), Deutsche Telekom AG (Germany), China United Network Communications Group Co., Ltd. (China), Qualcomm Technologies Inc., (U.S.), Vodafone Group plc (U.K) and others.
Some of the significant innovators are u-blox (Switzerland), ZTE Corporation (China), SEQUANS Communications SA (France), Emirates Telecommunication Group (UAE), China Telecommunications Corporation (China), Nordic Semiconductor (Norway), Sigfox (France), STMicroelectronics (U.S.), Gemalto (the Netherlands) and many others.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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