Global Narrowband IoT Chipset Market Size By Deployment (Guard In-Band, Stand-Alone), By Device (Smart Streetlights, Smart Appliances, Wearable Devices), By Vertical (Agriculture, Automotive and Transportation, Energy and Utilities), By Geographic Scope And Forecast

Narrowband IoT Chipset Market Size and Forecast

Narrowband IoT Chipset Market size was valued at USD 150 Million in 2021 and is projected to reach USD 4822 Million by 2030, registering a CAGR of 56.3% from 2023 to 2030.

Widening applications of NB-IoT technology and increasing participation of industry players within the development of NB-IoT, growing adoption of IoT, and rise in use of connected devices are among the factors fueling the expansion of the Narrowband IoT Chipset Market. The Global Narrowband IoT Chipset Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Narrowband IoT Chipset Market Definition

NB-IoT chipsets are hardware components that are mandatory to enable an NB-IoT network as well as a Low-Power Wide-Area Network (LPWAN). The rising awareness about the benefits related to IoT, along with the increasing penetration of an equivalent, is propelling the demand for NB-IoT networks as well as NB-IoT chipsets worldwide, especially across emerging countries such as India, China, and Mexico.

The world Narrowband IoT Chipset Market is foretold to supply several advantages and birth impressive use cases that would account for the cellular IoT troubles. Vendors will be able to produce service-level agreements suitable for certain services such as those related to healthcare. Vodafone has stated that its upgrade costs might be kept low with the move to narrowband IoT. With the use of a licensed spectrum, narrowband IoT strongly competes with other low-power WAN (LPWAN) technologies like LoRa and Sigfox. Besides this, narrowband IoT is pampered with a wide base of established vendors as well as telecom operators.

Global Narrowband IoT Chipset Market Overview

The demand within the world Narrowband IoT Chipset Market is envisaged to testify a telling rate of growth on the rear of commanding network coverage and more number of connections provided with the narrowband IoT technology. The surge in the need for cellular IoT networks is anticipated to boost the bar of growth. On a world platform, the demand could gain strength as consumers become conscious of the lower component costs and improvised penetration coverage offered by the narrowband IoT technology.

The shortfall of standardization, high operational expenditure, fragmented nature of the market, and technological dependence on the application are the most factors prognosticated to place the brakes on the expansion of the narrowband IoT chipset industry. Nevertheless, vendors within the global Narrowband IoT Chipset Market can keep their heads up with the surge in Internet penetration and augment employment of the narrowband IoT technology.

Global Narrowband IoT Chipset Market Segmentation Analysis

The Global Narrowband IoT Chipset Market is segmented on the basis of Deployment, Device, Vertical, And Geography.

Narrowband IoT Chipset Market, By Deployment

• Guard In-Band
• Stand-Alone
• Guard Band

Based on Deployment, the market is bifurcated into Guard In-Band, Stand-Alone, and Guard Band. Guard band to hold the largest size of the Narrowband IoT Chipset Market based on deployment type. Various benefits of guard band over stand-alone and in-band deployment include the absence of frequency planning and the reuse of existing infrastructure including RF modules & antennae. Moreover, the need for no additional spectrum cost in guard band deployment is further complementing its growth.

Narrowband IoT Chipset Market, By Device

• Smart Streetlights
• Smart Appliances
• Wearable Devices
• Others

Based on Device, the market is bifurcated into Smart Streetlights, Smart Appliances, Wearable Devices, and Others. The market for wearable devices across healthcare, entertainment, sports, and fitness, as well as other applications, is driving the demand for low-power and highly secure cellular networks such as NB-IoT in wearable devices. The rising demand for personal care diagnostics and the growing aging population in developed countries such as Japan, the UK, Germany, and the US drive the demand for wearable devices. Moreover, the COVID-19 outbreak has boosted the demand for wearable devices that track information associated with health fitness, and site, and may be integrated with devices such as laptops and smartphones.

Narrowband IoT Chipset Market, By Vertical

• Agriculture
• Automotive and Transportation
• Energy and Utilities
• Healthcare
• Others

Based on Vertical, the market is bifurcated into Agriculture, Automotive and Transportation, Energy and Utilities, Healthcare, and Others. Energy and utilities hold the largest size of the Narrowband IoT Chipset Market. The implementation of NB-IoT technology is predicted to assist the energy sector to realize business objectives. In the coming years, the technology is often deployed for overall plant automation, process optimization, supply chain optimization, increased safety, and integrated business processes, while fulfilling corporate social responsibility. Currently, smart metering is the major application of NB-IoT technology in energy and utilities. However, the disruptions owing to the pandemic will end in a decline in annual smart meter shipments.

Narrowband IoT Chipset Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, the Global Narrowband IoT Chipset Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. APAC to account for a significant share followed by Europe in Narrowband IoT Chipset Market during the forecast period. The growing adoption of NB-IoT technology in multiple applications, such as smart meters, smart parking, smart streetlights, and healthcare, is that the key factor driving the expansion of the Narrowband IoT Chipset Market in APAC. China is currently dominating the market in APAC. Favorable government policies and a robust presence of NB-IoT chipsets, modules, and infrastructure providers in China are the prime factors fueling the expansion of the market in China. The main countries contributing to the European Narrowband IoT Chipset Market are Germany, Norway, and Spain.

Key Players

The “Global Narrowband Iot Chipset Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as U-Blox Holding AG, Qualcomm Incorporated, Ericsson, Vodafone Group PLC, Samsung Electronics, Huawei Technologies Co. Ltd., Intel Corporation, Mist base Communication System, Verizon Communications, Nokia Corporation, Sequans Communications S.A., Comp solid GmbH.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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