Narrowband IoT Chipset Market 2025 - Healthcare Segment to Witnessing Phenomenal Growth
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.
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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 industry 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 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 industry 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 industry 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.
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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 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.
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