Narrowband IoT chipset market is estimated to reach USD 265 million at CAGR of 60% through the forecast period 2017-2023.
Globally, the size of Narrowband IoT chipset market is estimated to reach USD 265 million at a CAGR of 60% by 2020-2027 driven by the use of IoT devices is increasing the utilization of Narrowband IoT chipsets.
Narrowband IoT Chipset is a small device that is embedded with electronic objects. Machines and electronics devices require this chipset for many reasons. There are plenty of benefits of this small electronic device. Through the chipset, any electronic object will have high capacity and low power consumption. The efficiency of the devices increases through the use of an IoT chipset. The Narrowband chipset is similar to GSM and GPRS. However, the narrowband IoT chipset is gaining more momentum than its competitors.
Many prefer this chipset due to its widespread benefits and features. The cost is affordable for many end-users. This primary chipset can exceptionally help in the development of top technologies. The support for the narrowband IoT chipset market is massive among end-users. Especially, the telecommunications market has immense demand for the IoT chipset. The major application of NB-IoT is to increase efficiency and performance of any technology. Due to these factors, the Global Narrowband IOT Chipset Market will reach a tremendous rate in the forecast period. The production and innovation in the chipset market will be extraordinary in the upcoming years.
The global industries are affected by the outbreak of the covid 19 virus. There are supply chain disruptions and various challenges in this pandemic. The production and manufacturing activities are slowing down. The narrowband IoT chipset market is slowing down its operations. The supply of hardware is lesser in many regions. It is affecting the growth pace of the IoT chipset market. Smart cities are the major ongoing projects of the IoT industry.
However, with the lockdowns and restrictions, these projects are at a halt. These factors are declining the demand for the Narrowband IoT chipset market. The smart meter installations are lesser due to the fear of virus spread. Also, the IoT based operations are facing difficulties in this period. It is affecting the growth of the narrowband IoT chipset market. However, all these market issues are expected to be temporary. In the upcoming year, the demand and operations of the market are expected to become normal.
The growing adoption rate of IoT devices is a crucial driver of the narrowband IoT chipset market. The connected devices are becoming prevalent in M2M connections. Especially, the industrial sector is adopting more IoT devices for efficiency and productivity. Electronics, healthcare and retail are some of the sectors that use connected devices. More use of IoT devices is increasing the utilization of Narrowband IoT chipsets. Some of the benefits of connected devices are better connectivity, low power consumption, and a smarter world. These entire factors incline the end-users to use IoT device.
It ultimately brings a positive impact on the narrowband IoT chipset market. Also, the machine to machine communications are gaining more traction. IoT makes the machine to machine communication possible. It lessens human intervention and establishes smooth communication. All these factors make IoT devices the advanced technologies available today. These benefits of connected devices create more demand for the narrowband IoT chipset market. The constant surge in the rise and use of IoT devices is raising the IoT chipset demand. Also, as per Narrowband IoT Chipset Market Forecast adoption rate is tremendous in 2027.
The emergence of smart cities and projects will create impressive growth opportunities for the narrowband IoT chipset market. Smart cities can add automation and digital intelligence to the urban system. With smart cities and IoT, real-time information is transparent. Smart cities can uplift the standard of living in many countries. Efficiency, security and better living are possible with these projects. The narrowband IoT chipset will be utilized in IoT devices of smart projects. The growth of smart cities will create massive growth opportunities for the Narrowband IOT Chipset Market.
The chipset will add more benefits to the IoT projects. The prominent constructors and end-users will have more awareness about IoT chipsets. Also, it will increase the adoption rate of the narrowband IoT chipset market in the forecast period. Also, the revenue rates of the narrowband IoT chipset market will be remarkable. The production by the key players of the market will increase to meet the future demand for chipsets.
Severe competition is a restraining factor in the narrowband IoT chipset market. The number of connected devices is rapidly growing. Due to this, the alternatives for the IoT chipsets are massive. Today, smart homes to smart industries use IoT. To meet this demand from various end-users new key players emerge. However, low cost is the major strategy of the competitors.
The low-cost alternatives affect the demand for narrowband IoT chipsets. In the upcoming years, the competition will be much more intense. It can affect the growth and demand of the narrowband IoT chipset market. The alternative IoT chipset technology can limit the performance of Narrowband chipsets.
The narrowband IoT chipsets have plenty of high-end features. However, when it comes to data transmissions the speed of these chipsets is slow. Due to low cellular capabilities, various operations of these devices are affected. Voice communication and video surveillance are affected due to low-speed data transmission. New technologies such as LTE have higher data capabilities. It makes the narrowband IoT chipsets less efficient in some areas.
Especially, smart meters are a crucial connected device that requires high-speed data transmissions. It limits the use of narrowband IoT chipsets in health and fitness wearable devices. These factors are significant challenges in the narrowband IoT chipset market that can hinder the market expansion rate. Further, the low data capabilities can lessen the growth opportunities available for the market.
The Narrowband IoT Chipset Market Trends are continuously surging in the forecast period. The growth trend of this market is remarkable. The factors responsible for high demand are increasing in the adoption of IoT devices and the need for M2M communication. There are factors such as competition and features that limit the market growth.
However, the emergence of smart cities provides plenty of growth prospects for the narrowband IoT chipset market. The wearable devices segment of the market will witness maximum growth. Also, the energy and utilities vertical have a high requirement of IoT chipset. These growth factors will contribute to the exceptional revenue rate of the narrowband IoT chipset market.
Asia pacific NB-IoT market will grow at an exponential pace in the forecast period. It is a region with highest Narrowband IOT Chipset Market Share. The chipsets are utilized for multiple applications in this region. Smart parking, smart city, smart meter, healthcare and smart streetlight are technologies that drive demand. China is a powerful contributor in the Asia Pacific region.
The market scenario is favourable for growth and high expansion of the narrowband IoT chipset market. Also, the presence of chipset vendors leads to more innovation in Asia pacific. Further, the governmental policies are advantageous for the growth of the NB-IoT market. The government in Asia pacific region encourages the adoption of narrowband IoT chipsets.
The competition in the narrowband IoT chipset market is severe. Also, in the upcoming years, the entry 0f new nb-IoT chipset manufacturers will be high. More number of connected devices will lead to new developments in the market. The key players of the market are focusing on innovation and production variation. Also, partnerships, acquisitions and expansion will take place in the competitive landscape.
The narrowband IoT chipset market has key regional players. Asia Pacific, Europe and North America are regional players in the market. Asia pacific region will keep on growing with a high demand rate.
The expansion and adoption of this technology are higher. Smart cities will lead to exceptional growth opportunities in the Asia Pacific region. North America is best largest region with high IoT adoption. Most of the devices available in this region are IoT based. It is a region with a faster adoption rate of the technology. Further, Europe will have moderate demand for IoT chipsets with a high expansion rate.
The key players of the narrowband IoT chipset market
|Market Size||USD 265 Million (2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, By Application, By Deployment|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Intel Corporation (U.S.), Huawei Technologies Co. Ltd., (China), Ericsson (Sweden), Nokia Corporation (Finland), Quectel Wireless Solutions Co. Ltd. (China), Sierra Wireless (Canada), Deutsche Telekom AG (Germany), China United Network Communications Group Co., Ltd. (China), Qualcomm Technologies Inc., (U.S.), Vodafone Group plc (U.K)|
|Key Market Opportunities||
|Key Market Drivers||The increasing demand for long-range connectivity and growing prominence of the machine to machine communication are driving NB-IoT chipset market.|
By component, the narrowband IoT chipset market has been segmented into services, software and hardware.
The NB-IoT chipset market is expected to earn revenue worth USD 265 Mn by 2027.
North America is supposed to drive growth of the global narrowband IoT chipset market due to early adoption of the technology.
The market is assessed to register 60% CAGR over the review period.
The narrowband IoT chipset market, by application, has been segmented into Alarms & Detector, Tracker, Wearable, Smart Appliance, and others.