Major Factors Driving the Growth of Narrowband IoT (NB-IoT) Chipset Market
Narrowband IoT (NB-IoT) Chipset Market by Device (Smart Meters, Smart Parking, Smart Street lighting)
USA, 24 May 2019 -- Narrowband IoT (NB-IoT) Chipset Market by Device (Smart Meters, Smart Parking, Smart Street lighting), Deployment Type (Guard, In-Band, Stand-Alone), Vertical (Energy & Utilities, Infrastructure, Building Automation), and Region - Global Forecast to 2024
The Internet of Things (IoT) enables devices to connect to the Internet and produce real-time data as in the case of connected cars and smart homes. Existing technologies in the low-power wide area (LPWA) market are fragmented and non-standardized; moreover, they lack reliability and security, and demand high operational cost. Narrowband IoT (NB-IoT) technology is expected to overcome these short comings as it is highly reliable, consumes less power, and functions with a lower operational cost. The NB-IoT chipset market is estimated to grow from USD 272 million by 2019 to USD 2,002 million by 2024 at a CAGR of 49.1%. Growing adoption of IoT and rise in use of connected devices, and increasing demand for low-power, low-cost, and long-range connectivity technologies are among the major factors driving the growth of this market. The increase in participation of industry players in the development of NB-IoT, widening applications of NB-IoT, and significant of adoption of NB-IoT, especially in China, are the major macro drivers for the growth of the Narrowband IoT (NB-IoT) Chipset Market.
The NB-IoT chipset market is competitive owing to the presence of a significant number of global market companies as well as domestic Chinese vendors. Also, the widening applications of NB-IoT along with the commercialization of new NB-IoT chipsets and related products are fueling its market growth. For instance, in December 2018, Qualcomm Technologies (US) announced its next-generation modems, named Qualcomm 9205 LTE modem, which are purpose-built for IoT applications such as asset trackers, health monitors, security systems, smart city sensors, and smart meters, as well as for a range of wearable trackers. The new modem brings together global multimode LTE category M1 (eMTC) and NB-IoT with 2G/E-GPRS connectivity, application processing, geolocation, hardware-based security, support for cloud services, and accompanying developer tools.
The NB-IoT chipset market for stand-alone deployment is expected to grow at the highest CAGR from 2019 to 2024 in the deployment-type segment. With the growth in the number of NB-IoT-connected devices, the standalone deployment technique, utilizing new bandwidth, is likely to be used; this is likely to be the key factor accelerating the growth of the market for stand-alone deployment. The market for stand-alone deployment is expected to be commercialized in 2019. In terms of device segment, the NB-IoT chipset market for wearable devices is expected to grow at the highest CAGR during the forecast period. The growing market for wearable devices across healthcare, entertainment, sports and fitness, and various other applications is driving the demand for low-power and highly secure cellular networks in wearable devices.
Among the major verticals, the healthcare sector is likely to witness the highest growth in the overall market during the forecast period. The deployment of NB-IoT technology in wearables and health monitoring devices is expected to fuel the growth of the market for this vertical. North America is projected to witness the highest growth among the major regions for the NB-IoT chipset market in the coming years. The established LTE-M network and availability of dual-mode NB-IoT chipsets that offer CAT-M1 and CAT-NB1/NB2 connectivity are expected to complement the growth of this market. Verizon (US), T-Mobile (US), AT&T (US), and Bell Canada (Canada) are expected to be the key service providers of NB-IoT services in the region.
The adoption of NB-IoT technology in emerging smart cities and smart building market can be foreseen as huge growth opportunities for the market player. For instance, in February 2019, UAE-based telco du, from Emirates Integrated Telecommunications Company, along with Nokia (Finland), Affirmed Networks (US), and MediaTek, announced the launch of next-generation NB-IoT network based on the latest 3GPP Release 14 standard in the UAE. The NB-IoT will leverage the purpose-built IoT platform built by du to enable devices to deliver smart city applications ranging from smart metering, smart parking, trackers, smart health, industrial, and agriculture use cases.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Hello journalist, welcome to Scoopasia--a powerful online resource for media information in Asia. Scoopasia has press releases and media events for every beat and industry. All content on Scoopasia is 100% FREE. You don't even need to login!
Scoop Line (Instant Information Request) The easiest way to ask questions and request information from the PR community.
Advanced Search Drill down, dig deep, for media information the way you want it.