According to the report, the global narrowband IoT chipset market was USD 182 million in 2018 and is expected to reach approximately USD 2,992 million by 2025, growing at a CAGR of slightly above 49.2% between 2019 and 2025.
New York, NY, Aug. 30, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Narrowband IoT Chipset Market By Component (Hardware, Software, and Services), By Deployment (Guard, Stand-Alone, and In-Band), By Application (Trackers, Alarms and Detectors, Smart Street Lighting, Wearable Devices, Smart Meters, Smart Appliances, Smart Parking, and Others), and By Vertical (Consumer Electronics, Energy & Utilities, Building Automation, Healthcare, Infrastructure, Agriculture, Automotive & Transportation, and Safety & Security): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global narrowband IoT chipset market was USD 182 million in 2018 and is expected to reach approximately USD 2,992 million by 2025, growing at a CAGR of slightly above 49.2% between 2019 and 2025.
An LPWAN technology that does not work in a licensed Long Term Evolution (LTE) construct is known as Narrowband IoT (NB IoT) technology or LTE-M2. On a resource block, a separate resource block is allocated for NB-IoT operations.
Browse through 71 Tables & 40 Figures spread over 215 Pages and in-depth TOC on “Global Narrowband IoT Chipset Market: By Component Type, Size, Share, Industry Trends, Analysis and Forecast, 2018–2025”.
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The worldwide emerging demand for low-powered, low-ranged, and inexpensive technology is primarily driving the narrowband IoT chipset market. Developing power-efficient IoT devices is among the most critical tasks and NB IoT chipsets are highly preferred in such cases. NB IoT devices save power when they are not in operation mode, as they mainly draw energy while the modem is running. As NB-IoT chipsets are developed based on simple configurations, they are comparatively inexpensive and are given utmost priority while deployment. This is another main factor fuelling the narrowband IoT chipset market. However, the intense competition faced by the leading market players from various other low-power wide-area networks (LP WAN) may hinder the narrowband IoT chipset market growth.
The narrowband IoT chipset market is fragmented on the basis of component, deployment, application, and vertical. By component, the market is classified into services, hardware, and software. The increasing number of applications of NB-IoT chipset worldwide is driving the services segment. The hardware segment is estimated to account for a substantial market share in the future. The deployment segment includes guard, stand-alone, and in-band. The guard band segment accounts for a significant market share globally, due to its numerous advantages over in-band and standalone, such as it reutilizes already existing RF module frequency without any additional setup.
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By application, the narrowband IoT chipset market includes alarms and detectors, smart parking, trackers, wearable devices, smart street lighting, smart appliances, smart meters, and others. Smart meters account for a significant market share globally, owing to the increasing adoption rate of electricity, gas, and water meters. The vertical segment of the market includes consumer electronics, automotive and transportation, building automation, healthcare, infrastructure, energy and utilities, agriculture, and safety and security.
The North American narrowband IoT chipset market is anticipated to witness remarkable growth over the forecast timeframe, owing to the growing adoption of narrowband IoT chipsets and rising demand for upgrading the existing IT infrastructure across the region. Furthermore, the presence of developed economies of the U.S. and Canada that can easily support the technology is another impactful driving factor for this regional market. The U.S. is projected to dominate this region’s market, due to its well established LTE-M network technologies and huge demand for dual-mode narrowband IoT chipsets. In 2018, North America LTE adoption rate exceeded 76%.
Browse the full “Narrowband IoT Chipset Market By Component (Hardware, Software, and Services), By Deployment (Guard, Stand-Alone, and In-Band), By Application (Trackers, Alarms and Detectors, Smart Street Lighting, Wearable Devices, Smart Meters, Smart Appliances, Smart Parking, and Others), and By Vertical (Consumer Electronics, Energy & Utilities, Building Automation, Healthcare, Infrastructure, Agriculture, Automotive & Transportation, and Safety & Security): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/narrowband-iot-chipset-market
The Asia Pacific narrowband IoT chipset market held a predominant share globally in 2018, due to the rising adoption and penetration of advanced technologies. Narrowband IoT technology holds significant importance in numerous applications, such as smart parking, smart streetlights, smart meters, and numerous medical applications. In the Asia Pacific, China witnessed the highest demand for narrowband IoT chipsets and dominated the regional market for narrowband IoT chipset due to the presence of NB-IoT chipset and technology providers.
The rising number of NB-IoT chipset-relevant business activities, such as investments, regional expansion, collaborations, partnerships, product launch, and mergers and acquisitions is driving the narrowband IoT chipset market in the European region. Norway, Spain, and Germany are some prominent countries contributing majorly to the European narrowband IoT chipset market. Vodafone declared to double the total number of European cell sites in respective 5th-generation narrowband IoT network. At the beginning of 2019, Nordic Semiconductor, headquartered in Norway, introduced Low-power SiP with an integrated LTE-M/NB-IoT modem and GPS.
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In Latin America, the narrowband IoT chipset market is mainly driven by the rising number of narrowband IoT chipset applications in smart city projects. The smart home market of Brazil is estimated to reach around USD 734 million by the end of 2019.
Some prominent players of narrowband IoT chipset market are Qualcomm, Samsung, Sequans Communications, Altair Semiconductor, Nordic Semiconductor, Sercomm, u-blox, Cheerzing, ZTE, RDA, MediaTek, Riot Micro, Huawei, and CommSolid.
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This report segments the global narrowband IoT chipset market into:
Narrowband IoT Chipset Market: Component Analysis
Narrowband IoT Chipset Market: Deployment Analysis
Narrowband IoT Chipset Market: Application Analysis
- Alarms and Detectors
- Smart Street Lighting
- Wearable Devices
- Smart Meters
- Smart Appliances
- Smart Parking
Narrowband IoT Chipset Market: Vertical Analysis
- Consumer Electronics
- Energy and Utilities
- Building Automation
- Automotive and Transportation
- Safety and Security
Narrowband IoT Chipset Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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