The market for Narrow Band IoT chipset 2020 is all set to achieve a valuation of USD 265 million by 2023, confirms Market Research Future (MRFR). MRFR also reveals in its new report that the market holds the potential to advance at a tremendous rate of 60% from 2017 to 2023, which is the review period.
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Top Drivers and Primary Deterrents
The nb-iot chipset market is presumed to offer impressive benefits and also birth remarkable use cases that solves all types of cellular IoT issues. With narrowband IoT chipset companies are expected to develop service-level agreements that are ideal for healthcare related services and various other industries. Recently, Vodafone reported that it has been able to keep its upgradation costs low owing to the deployment of narrowband IoT. Armed with a licensed spectrum, nb-IoT chipset is able to give strong competition to several low-power WAN technologies like Sigfox and LoRa.
The narrowband IoT chipset industry is packed with a huge number of well-known players as well as operators, who are constantly working on technological innovations that can help them gain a higher position across the globe. The market is also envisaged to pack a punch with the expanding network coverage and the rising connections facilitated by the narrowband IoT technology.
The increasing requirement for cellular IoT networks also adds to the market strength. Internationally, the demand for narrowband IoT chipset could increase a great deal with more and more consumers becoming informed about the affordable component costs coupled with the better coverage provided by the technology. the renowned players in the narrowband IoT chipset industry can benefit from the rising use of the internet and the increasing deployment of the narrowband IoT technology.
Narrowband IOT Chipset industry can be considered for component, application, deployment and end-user.
The key components described in the report include software, services as well as hardware. Hardware types are modules, among others and the types of services are managed services along with professional services.
With regard to the primary applications, the segments outlined are a smart appliance, smart meter, alarms & detector, wearable, tracker, and others. The burgeoning market for wearables across entertainment, sports and fitness, healthcare, and more has pushed the demand for secure and low-power cellular networks like NB-IoT chipsets.
The main segments, depending on deployment, are in-band, standalone and guard band.
Top end-users in the narrowband IoT chipset market are transportation and logistics, energy and utility, healthcare, retail, agriculture, and others. NB-IoT technology’s implementation in the energy and utility sector has multiplied substantially, mostly for the purpose of achieving the business objectives. It is projected that the technology’s applications can increase in process optimization, plant automation, increased safety, integrated business processes and supply chain optimization.
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The regional examination of the narrowband IoT chipset market evaluates the current trends and growth prospects in Europe, North America, Asia Pacific or APAC and the rest of the world or RoW.
North America is contemplated to acquire most of the share in the global market, with the increasing efforts given by the government in the development of smart cities. Colossal investments are being made for this purpose, which can ensure more success for the regional market in the following years. The heavy market growth is also the result of the existence of motely communication networks that boost expansive Internet penetration in the region.
The market growth in APAC is largely dependent on factors like the continuous developments in the IoT technology, backed by the surge in government grants as well as the surge in Internet application. India, Japan, South Korea, and China are presumed to take the lead in the regional market between 2017 and 2023.
Europe ranks among the top contenders in the global market for narrowband IoT chipset, given the dense concentration of renowned companies along with the high deployment rate of the latest technologies across several industry verticals. The increasing government spending in the field of narrowband IoT chipset can also result in a positive outlook for the regional market.
Leading contenders in the narrowband IoT chipset industry are Intel Corporation (U.S.), Ericsson (Sweden), Qualcomm Technologies Inc. (U.S.), Nokia Corporation (Finland), Huawei Technologies Co. Ltd., (China), China United Network Communications Group Co., Ltd. (China), Vodafone Group plc (U.K), Quectel Wireless Solutions Co. Ltd. (China), Sierra Wireless (Canada), Deutsche Telekom AG (Germany), and more.
The renowned innovators listed in the report are STMicroelectronics (U.S.), SEQUANS Communications SA (France), Emirates Telecommunication Group (UAE), ZTE Corporation (China), Nordic Semiconductor (Norway), Sigfox (France), u-blox (Switzerland), China Telecommunications Corporation (China), Gemalto (the Netherlands), to name a few.
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