Narrowband Internet-of-Things (IoT) Chipset Market: Guardband Mode of Deployment to Witness Strong Demand
The TMR report explains that the global narrowband internet of things chipset market is expected to expand at a whopping CAGR of 37.9% CAGR within a forecast period from 2017 to 2025. The market is expected to reach US$793.7 mn by the end of 2025, after being calculated at US$45.0 mn in 2016.
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Asia Pacific led the global narrowband internet of things chipset market in 2016 in terms of promising growth opportunities, a factor primarily attributed to the growing chipset integration smart detectors, smart appliances, and smart meters. Nations such as China and Japan are also showing an increasing rate of adoption of IoT principles on an industrial front as well as in the residential sector. Asia Pacific is expected to continue leading the global narrowband internet of things chipset market over the report’s given forecast period. Of the key areas of applications in the market, trackers, smart appliances, and smart meters are currently key contributors of revenue on a global perspective.
NB-IoT Promises Significant Power Consumption Reduction
“Some of the key factors that are likely to hold a positive influence on demand for narrowband IoT chipset, especially in smart devices, is their ability to impart a significant reduction in the power consumption and simultaneously provide improved scalability in networks. NB-IoT chipsets also reduce the overall complexity of different network types and consequently help in reducing overall device costs by as much as 60%, in comparison to devices built on LTE category 4,” states a TMR analyst.
Other NB-IoT chipset features include deployment simplification, enhanced network topology, secured connectivity with strong authentication factors, and improved infiltration coverage concerned with existing wide area networks in indoor as well as outdoor settings. Each feature is adding a significant magnitude of appeal in favor of the market.
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Absence of Global Standards Still a Major Obstacle in Quality Management
Although NB-IoT chipsets have vast growth opportunities, challenges such as high operational expenditure and lack of standardization are expected to hamper the growth prospects of the global NB-IoT market to a certain extent. The lack of standardization of low power wide area network technology, especially, is expected to largely hinder the scope of growth opportunities for the telecommunications industry in the field of Internet of Things.
A number of IoT technologies are presently being used for smart device applications such as smart meters and point-of-sale machines. NB-IoT outdoes these technologies in terms of power consumption and network coverage while also being relatively very cheap. For instance, the cost of 2G modules lies anywhere between US$8 to US$13. Compared to this, the cost of NB-IoT modules, which is expected to be less than US$5, can lead to a significant reduction in the overall cost of operation of smart devices. This factor is expected to have a significant positive impact on the overall demand for NB-IoT chipsets in the next few years.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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