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NB-IoT Chipset Market Worth $3.06 billion by 2027 -Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®
According to a new market research report titled, "NB-IoT Chipset Market By Deployment (In-Band, Guard Band, Standalone), By Vertical (Agriculture, Logistics & Transportation, Healthcare, Smart Building), By Application (Smart Agriculture, Personal Care, Smart Building), And Geography - Global Forecast to 2027", the NB-IoT chipsets market is expected to grow at a CAGR of 30.8% from 2020 to 2027 to reach $3.06 billion by 2027 from $466.9 million in 2020.The growing demand for wearable devices for health monitoring, rapid adoption of IoT and connected devices, and increasing machine-to-machine communication are some of the major factors driving the NB-IoT chipsets market. However, the existence of other LPWA technologies, such as LoRa and Sigfox, with a better bidirectional link and asset tracking capability and vulnerability to cybersecurity threats are obstructing the growth of the market to some extent.
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Impact of COVID 19 on NB-IoT Chipset Market :
The effect of COVID-19 has had a wide-scale impact on the common man's daily life and has also affected businesses ranging from small to large scale. Although COVID-19 has reduced NB-IoT adoption speed globally, it has had a negligible impact on NB-IoT since it is an emerging technology, and only a few industries utilize NB-IoT-enabled network services.
Moreover, COVID-19 has led various industries to shift their operations completely to remote servers, which has boosted the demand for data usage, propelling the growth of NB-IoT during the COVID-19 pandemic. For instance, the logistics industry has been severely affected due to decreased demand for transportation, along with high inventories and high demand for warehousing. However, this situation has given rise to a new requirement of visibility and traceability from end-to-end across the supply chain. NB-IoT can be effectively utilized for providing companies with line-of-sight to assets in transit, the ability to monitor cold chain conditions, and track utilization across the entire ecosystem. This is expected to expand the demand for NB-IoT chipsets during the forecast period.
Based on deployment, the in-band segment is expected to command the largest share of the overall NB-IoT Chipset market in 2020. The simple and cost-effectiveness of the in-band mode of deployment, reuse of existing LTE base station hardware, and wide adoption by leading MNOs, such as Vodafone, Deutsche Telekom, and Telecom Italia Mobile are some of the key factors attributed to the large share of this segment. However, the guard band deployment segment is projected to grow at the highest CAGR during the forecast period. The high growth of this segment is mainly because guard band frequencies mitigate the chance of frequency overlapping between NB-IoT and LTE transmissions and provide better downlink throughput performance.
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Based on vertical, in 2020, the agriculture vertical is projected to account for the largest share of the overall NB-IoT chipsets market. The large share of this segment is mainly because the NB-IoT connections can help farmers, land managers, and environmental agencies to track and monitor livestock and wild animals, monitor soil conditions, temperature and humidity, and determining the requirement of fertilizers and pest control treatment, and activate irrigation system on the requirement. However, during the forecast period, the healthcare vertical is projected to grow with the fastest CAGR. The high growth in this segment is majorly attributed to the benefits of NB-IoT application in healthcare, such as monitoring vital health parameters, wellness monitoring, and sending alerts about patients' condition to doctors and caregivers in case of any emergency.
Based on application, the smart agriculture segment is poised to command the largest share of the overall NB-IoT Chipset market in 2020. However, the personal care segment is projected to grow at the highest CAGR during the forecast period. The factors attributed to the growth of this segment are the rising proliferation of wearables and fitness bands for developing personalized products and services for each user.
This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S. and Canada), Europe (Germany, U.K., France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and RoLATAM), and the Middle East & Africa. In 2020, Asia-Pacific region is projected to command the largest share of the global NB-IoT chipsets market, followed by Europe and North America. The large share of the Asia-Pacific region is majorly attributed to the high volume of NB-IoT chipset shipments from China, higher adoption & proliferation of technology, and increasing efforts by players such as SoftBank of Japan, Reliance Jio, Vodafone, and Bharti Airtel of India to roll out NB-IoT deployment.
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The key players operating in the global NB-IoT chipsets market are Qualcomm Inc. (U.S.), MediaTek Inc. (Taiwan), Intel Corporation (U.S.), Samsung Electronics Co. Ltd. (South Korea), ZTE Corporation (China), Huawei Technologies Co. Ltd. (China), Nordic Semiconductor (Norway), U-Blox Holding AG (Switzerland), Sequans communications (France), GCT Semiconductor (U.S.), Altair Semiconductor (Israel), Sierra Wireless (Canada), Xiamen Cheerzing IoT Technology CO. Ltd. (China), and Simcom Wireless Solution Co. Ltd. (China) among others.
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