Narrowband IoT (NB-IoT) Chipset - Global Market Outlook (2021-2028)

Narrowband IoT (NB-IoT) Chipset - Global Market Outlook (2021-2028)

According to Stratistics MRC, the Global Narrowband IoT (NB-IoT) Chipset Market is accounted for $645.64 million in 2021 and is expected to reach $6153.82 million by 2028 growing at a CAGR of 38.0% during the forecast period. Narrowband IoT (NB-IoT) chipset is a small electronic device embedded in objects, machines, and electronic devices. These chipsets are of high value, as they significantly improve user devices' power consumption, system capacity, and spectrum efficiency, especially in deep coverage.

Market Dynamics:

Driver:

Rising demand for wearable devices for health monitoring

The increasing penetration of internet services across the world has driven the demand for wearable devices, which in turn propelling the market growth. Companies are focusing on manufacturing wearable devices that are user-friendly. Various companies are developing narrowband-IoT (NB-IoT) chipset-based smart wearable devices for delivering value in the space of health management.

Restraint:

High competition from LPWA technologies

The demand for LPWA networking technologies is rising. From smart homes to high-end laboratories and industries, LPWA networks are deployed using low-cost and low-power smart wireless sensors and are providing new opportunities for the implementation of IoT in various applications. Thus, the LPWA technologies having similar capabilities as NB-IoT are restraining the growth of the NB-IoT chipset market.

Opportunity:

Increase in trend of smart cities

Smart cities are becoming a common phenomenon in various countries. Smart cities are pivotal to adding digital intelligence to existing urban systems and connected applications as they provide real-time, transparent information in the form of actionable insights to users. Government bodies of several countries are introducing and inaugurating smart cities to promote industrialization and urbanization. These cities are expected to have advanced technologies such as smart meters. Energy and resource, physical infrastructure, mobility and transport, and safety and security are the major functional areas of more than 1,000 smart city projects that are currently under progress across the world. These projects present prominent growth opportunities for the NB-IoT players.

Threat:

Limitation in low-speed data transmission applications

NB-IoT devices have low data transfer rates, which limit its cellular capabilities in various applications that required high-bandwidth. It is not suited to mobile devices, which use GSM, 3G, and LTE for voice, messaging, high-rate data transmission, and so on. However, emerging technologies such as LTE-M have higher data rates, and this allows them to offer the broadest range of cellular capabilities. This can limit the adoption of NB-IoT in applications such as health or fitness wearables and smart meters, which require higher data transfer rates.

The guard segment is expected to be the largest during the forecast period

The guard segment is estimated to have a lucrative growth as guard band frequencies mitigate the chance of frequency overlapping between Narrowband-IoT (NB-IoT) and LTE transmissions and provide better downlink throughput performance. Furthermore, the requirement of no additional spectrum cost in guard band deployment is further complementing its growth.

The energy and utilities segment is expected to have the highest CAGR during the forecast period

The energy and utilities segment is anticipated to witness the fastest CAGR growth during the forecast period as the implementation of NB-IoT technology is expected to help the energy sector to achieve business objectives. This technology can be deployed for overall plant automation, process optimization, supply chain optimization, increased safety, and integrated business processes, while fulfilling corporate social responsibility.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the rising adoption of NB-IoT technology in multiple applications, favorable government policies and a strong presence of NB-IoT chipsets, modules, and infrastructure providers in China.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period due to the developed IT infrastructure, growing adoption of NB-IoT technology and established LTE-M network and availability of dual-mode NB-IoT chipsets offering connectivity. In addition, increasing participation of key industry players to build dual-mode-only chipsets is likely to complement the growth of NB-IoT in North America.

Key players in the market

Some of the key players profiled in the Narrowband IoT (NB-IoT) Chipset Market include Vodafone Group PLC, u-blox, SIMCom, Sierra Wireless, Sequans Communications, Samsung, Qualcomm, Nordic Semiconductor, MediaTek, Huawei, Ericsson and Deutsche Telekom AG.

Key Developments:

In Feb 2020: Nordic Semiconductor announces its award-winning nRF9160 is the first cellular IoT module certified for both LTE-M and NB-IoT operation on Deutsche Telekom’s network, one of the largest in Europe.

In Dec 2018: Qualcomm introduced next-gen cellular chipset purpose-built for for Internet of Things (IoT) applications such as asset trackers, health monitors, security systems, smart city sensors and smart meters, as well as a range of wearable trackers.

Deployments Covered:
Guard
In-Band
Stand-Alone

Components Covered:
Hardware (Modules)
Services
Software

Devices Covered:
Trackers
Smart Streetlights
Smart Meters
Smart Appliances
Alarms and Detectors
Other Devices

Applications Covered:
Smart Cities
Smart Agriculture
Industrial Automation
Smart Buildings
Smart Retail
Vehicle Telematics
Smart Logistics
Personal Care

End Users Covered:
Transportation & Logistics
Safety and Security
Public Infrastructure
Manufacturing
Industrial Production
Healthcare
Environment
Energy and Utilities
Consumer Electronics
Automotive


Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances