Narrowband IoT Chipset Market To Surpass Valuation Of US$ 2.2 Bn By 2031

Transparency Market Research delivers key insights on the global narrowband Internet-of-Things (IoT) chipset market. In terms of revenue, the global narrowband Internet-of-Things (IoT) chipset market is estimated to expand at a CAGR of 9.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global narrowband internet-of-things (IoT) chipset drive market.

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The global narrowband Internet-of-Things (IoT) chipset market is broadly affected by several factors, such as digitization; 5G implementation; government initiatives, such as smart cities; and increasing applications in consumer electronics, smart monitoring, utilities, wearables, and industrial solutions.

NB-IoT, which is being designed exclusively for the purpose of IoT communication, does have a dominant technological performance and service capabilities over existing M2M technologies. The requirement of NB-IoT in 200 kHz frequency makes it easier to fully utilize the operators' scattered spectrum.

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Narrowband IoT (NB-IoT) is the newest Long Term Evolution (LTE) specification ratified by the third-generation partner project as one of the LPWA solutions to achieve the objectives of super coverage, low power, low cost, and massive connection. Various LPWA technologies, such as LoRa and SigFox, exist in the market, offering a proficient solution to users. However, a new cellular-based licensed technology, narrowband IoT (NB-IoT), is introduced by 3GPP in Rel-13 in order to abstain the need of new infrastructure (like base station) that is required for proprietary technologies.

According to data from the GSMA, the world is expected to record 3.2 billion cellular IoT connections in 2024. NB- IoT chipsets would help users in a new era for a wide range of IoT applications around the globe, especially those requiring connectivity deep within buildings combined with low power use, such as battery-powered IoT devices that need to operate for long years or longer in the field. The expansion of low-power wide-area networks around the world is opening the door to massive IoT use cases and applications that were not possible or practical before.

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Smart city trial programs are becoming ubiquitous globally, and the connectivity infrastructure is aligning with low power wide area (LPWA) technologies to enable applications, including smart buildings, smart street lighting, and smart metering. A major challenge for smart city application is to deploy a radio-access network that can lower battery, cover a wide area, efficiently power low-cost devices, and match different spectrum allocations of operators. These applications include smart metering, properties monitoring, agriculture, and fleet and logistics management. Thus, an increase in smart devices usually work with small amounts of data and are commonly located in challenging places for signals reach is driving the narrowband Internet-of-Things (IoT) chipset market at a significant pace.

In terms of region, the global narrowband Internet-of-Things (IoT) chipset market has been segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa. Asia Pacific accounted for a major share of the global narrowband Internet-of-Things (IoT) chipset market. Asia Pacific is estimated to account for a major share of the market, in terms of revenue, during the forecast period, owing to huge consumer base and ongoing government initiatives for smart applications and digitization of economies.

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The rise in development of new narrow band technologies is a key driver of the global narrowband Internet-of-Things (IoT) chipset market.

Key players operating in the global narrowband Internet-of-Things (IoT) chipset market are Huawei Technologies, u-blox Holding AG, Nordic Semiconductor, Samsung, MediaTek, Sercomm, Sequans Communications, Qualcomm, Inc., Verizon Communications, Inc., Altair Semiconductor, Vodafone Group Plc , Intel Corporation, and Ericsson.

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