Market Overview
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 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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Global Narrowband IoT (NB-IoT) Chipset Market: Segmental Analysis
The global narrowband IoT (NB-IoT) chipset market has been segmented on the basis of component, device, deployment, and end-user. Based on component, the global narrowband IoT (NB-IoT) chipset market has been segmented into hardware, software, and services. The hardware segment has been sub-segmented into modules and others. The services segment has been further sub-segmented into professional services and managed services. Based on applications, the global narrowband IoT (NB-IoT) chipset market has been segmented 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 segmented into guard band, in-band, and standalone. Based on end-users, the global narrowband IoT (NB-IoT) chipset market has been segmented into healthcare, energy and utility, agriculture, retail, transportation and logistics, and others.
Key Players:
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: Regional Analysis
Geographically, the global narrowband IoT chipset market has been segmented into four major regions such as Asia Pacific (APAC), North America, Europe, and the Middle East and Africa. The North America region commands the maximum share of the global narrowband IoT chipset market. The rapid adoption of technologically advanced solutions, increasing demand for automation of services in multiple industrial sectors and easy adoption of advanced technology are majorly propelling the growth of the global narrowband IoT chipset market in the North America region. Rapid conversion of metropolitans into smart cities in the emerging economies, increased penetration and adoption of advanced technology in the developing countries, rise in awareness of the advantages of automation and increased government funding for automation of vital services in various industrial sectors such as healthcare, retail, transportation and others are fueling the growth of the narrowband IoT chipset market in the Asia Pacific region. High demand for technologically advanced solutions, increased investments for extensive research and development, rise in number of players operating in the global market and rapid improvement in internet connectivity are majorly contributing to the growth of the narrowband IoT chipset market in the Europe region.
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Industry Updates
July 2019: OneCare, Inc. and Sequans Communications S.A. (SQNS) are partnering to introduce innovative health wearables by using Sequans’ Monarch LTE-M/NB-IoT chip platform. OneLife Carewatch, a revolutionary remote monitoring care platform, has been recently launched on a leading US mobile network. Both companies are developing additional wearable devices based on Sequans’ Monarch technology.
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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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