Narrowband Internet-of-Things (IoT) Chipset Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2945
Narrowband IoT Chipset Market size is mainly driven by the increasing implementation of IoT technologies in various network-enabled devices. The growing adoption of IoT-enabled wearables in several regions, such as the U.S., is contributing significantly toward the growth of the narrowband IoT chipset market. Narrowband IoT is a globally accepted standard for Low Power Wide Area (LPWA) technologies. Effective connectivity among devices and reliable, and secure management of two?way data are the factors propelling the growing implementation of this standard for interconnected devices. Easy deployment in the existing cellular network architecture, lower-component cost, network security & reliability, low power consumption, and long range in buildings & underground are the factors augmenting the demand for the narrowband IoT chipset market.
The NB-IoT standard is implemented in several intelligent systems such as in smart parking, smart meters, and power grids for LPWA technologies. These chips provide various benefits in supporting the dual mode operations required in implementing several major applications and device manufacturing processes. Low-cost connectivity and low-power consumption in the smart and connected devices benefit users by extended battery life and larger memory storage capacity. NB-IoT connectivity will further benefit the agricultural sector by assisting farmers in monitoring parameters such as temperature and humidity of soil.
The implementation of this technology in the construction of smart airports is propelling the narrowband IoT chipset market growth. For instance, Huawei, Q-Loud, and Telefonica have launched smart meters based on the narrowband IoT technology for the Munich airport. The technology is used to efficiently convert analog systems into digital software solutions. These systems include specialized cameras that record and convert meter readings through narrowband technology, driving the narrowband IoT chipset market growth.
The narrowband IoT chipset market is hindered by the privacy and security issues occurring in the devices that incorporate them. Data transmission performed through these devices face privacy challenges owing to the loss of personal and essential data of users, resulting in data breaches and cyber concerns. Another challenge restraining the narrowband IoT chipset market is the slow data transmission speed provided by the chips. Devices perform a steady transfer of data and information due to the massive data amounts, resulting in the low performance of the connected devices. The issue can be overcome by developing efficient chipsets capable of managing and transferring large data amounts with high speed.
The narrowband IoT chipset market is gaining traction due to its implementation in cloud computing technologies such as guard band, standalone, and in-band operations of the IoT-based devices. The technology provides low-battery usage, reduced device complexity, and increased coverage than the conventional technologies. Another trend propelling the narrowband IoT chipset market is the growth of smart cities owing to the benefits such as higher range and improved battery performance. These chips are used in developing mobile networks across smart cities, providing better and high-speed connectivity. Smart cities gain the benefit of cost efficiency by incorporating LTE into street lighting, environmental conditions, and parking spaces.
Smart meters that incorporate this technology is expected to grow rapidly over the forecast timeframe contributing significantly in the growth of the narrowband IoT chipset market. The growth is attributed to advantages such as better coverage, flexible transmission rates, and extended battery life. These technologies are mostly used in electric metering based on cloud computing. The smart smoke detector has witnessed high demand opportunities in the narrowband IoT chipset market owing to the low cost and easy maintenance features of these devices. The implementation of these chips in detectors provides simpler installation, quick calibration, interoperability, and enhanced security provisions.
The healthcare segment is expected to witness major growth opportunities in the narrowband IoT chipset market. The demand is attributed to its usage in the healthcare monitoring and managing systems providing low-range communication and long battery life. Varied requirements of the healthcare segment gain efficient solutions from these technologies due to the deployment of a few resources at low costs. The smart agriculture segment is predicted to gain large revenue shares in the narrowband IoT chipset market during the forecast years. The agricultural applications use this technology in pilot testing across various locations. For instance, in 2017, Stavanger undertook the largest pilot test by tracking about 1,000 sheep at various locations in the region.
The U.S. holds the largest share in the narrowband IoT chipset market in the recent years owing to the presence of major players operating in the industry. Increasing research & development activities are taking place in the country for developing efficient devices, products, and solutions based on the narrowband IoT technology. Asia Pacific is expected to witness high growth opportunities in the narrowband IoT chipset market due to the increasing investments in smart city and infrastructure development projects. Japan and China are heavily investing and adopting these technologies owing to the growth of IoT device manufacturing companies.
The players operating in the narrowband IoT chipset market are Vodafone Group PLC, Verizon Communications, Huawei Technologies Co., Ltd., Qualcomm, Inc., Ericsson, Intel Corporation, Nokia Corporation, Samsung Electronics, STMicroelectronics, China Telecommunication Corporation, and Deutsche Telecom AG. Companies focus on implementing strategic alliances, acquisitions, and collaborations to strengthen the product and solution portfolio. The top players develop technically-advanced products and software to sustain the high narrowband IoT chipset market competition. For instance, in June 2018, Ericsson announced its collaboration with MediaTek for expanding the NB-IoT chipset market. The expansion allows both companies to work on the test and functionality of the NB-IoT chipsets.
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