Global Narrowband IoT (NB-IoT) Chipset Market: Synopsis
Market Research Future (MRFR) reports that the global narrowband IoT (NB-IoT) chipset market will generate close to USD 265 Mn by the year 2023. It is projected that the market will post a compound annual growth rate (CAGR) of 60% during 2017 to 2023. NB-IoT chipset has come into lime light on the back of being a low power technology.
NB-IoT chipsets are gaining a healthy momentum due to their compatibility with exiting LTE infrastructure. Moreover, NB-IoT chipset facilitates global roaming and economies of scale for businesses. NB-IoT is energy-efficient and can be deployed in various applications, which include facility management services, tracking of persons, smart meters, connected industrial appliances, fire alarm among others. Unlike LTE- M1, NB-IoT chipsets have lower bitrates with batter superior link budgets. These chipsets can easily be connected with sensors, which is extremely beneficial in terms of both costs and performance. On the flipside, the high initial cost of developing operating software remains a major constraint.
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Segmental Overview
The segmental analysis of the global Narrowband IoT Chipset Market Forecast has been conducted on the basis of component, end-user, deployment, application and region.
By component, the market has been segmented into software, hardware and services. The hardware segment covers two sub-segments, namely modules and others. The services segment covers two sub-segments managed service and professional services. By end-user, the market has been segmented into energy and utility, retail, healthcare, transportation and logistics, agriculture and others. By deployment, the market has been segmented into standalone, in-band and guard band. By application, the market has been segmented into tracker, smart meter, smart appliance, alarms & detector, wearable and others.
North America Largest Market for NB-IoT Chipset
On the basis of region, the global NB-IoT market has been segmented into Asia Pacific, Europe, North America, and rest of the world (RoW). In terms of revenue, the North America NB-IoT chipset market is expected to remain highly attractive during the forecast period. Countries such as the U.S. and Canada are early adopters of narrowband IoT which is viewed as a major drive of the market growth in the region. Rising demand for long-rang connectivity is also creating growth opportunities for NB-IoT chipset manufacturers present in the region.
Asia Pacific is also expected to present lucrative opportunities to market players in the forthcoming years. IoT boom and adopting of cloud computing is likely to have a positive impact on the APAC NB-IoT chipset market. Growing investment in smart cities in countries such as China, India, Taiwan among others is creating application opportunities for BN-IoT chipsets.
The market in Europe is also expected to witness an impressive growth during the forecast period. In terms of revenue, Europe makes a significant contribution to the global NB-IoT chipset market. Favorable policies and rapid deployment of new network technology in advanced countries in Europe provides an impetus to the market in the region.
Competitive Analysis
Huawei Technologies Co. Ltd., (China), Nokia Corporation (Finland), Sierra Wireless (Canada), China United Network Communications Group Co., Ltd. (China), Vodafone Group plc (U.K), Intel Corporation (U.S.), Qualcomm Technologies Inc., (U.S.), ZTE Corporation (China), Emirates Telecommunication Group (UAE), Nordic Semiconductor (Norway), STMicroelectronics (U.S.), Ericsson (Sweden), u-blox (Switzerland)¸ Gemalto (the Netherlands), Quectel Wireless Solutions Co. Ltd. (China), Sigfox (France), Deutsche Telekom AG (Germany), China Telecommunications Corporation (China), and SEQUANS Communications SA (France) are among the notable companies operating in the global narrowband IoT (NB-IoT) shipset market.
Industry Analysis
- TÜV SÜD, a technical service provide has recently introduced a new IoT cellular testing service. The service shall be integrated within an existing facility in the U.K., which is dedicated to NB-IoT test and certification service.
- S. based technology company Vidatronic Inc. launched a new set of integrated power management unit (PMU) IP cores. The product is optimized for narrowband Internet of Things (NB-IoT) applications.
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