Technology

Augmenting Awareness Related To Internet Of Things Stimulating The Global Narrowband IoT Chipset Market

Global Narrowband IoT Chipset Market expected to reach approximately USD 2,992 million by 2025, growing at a CAGR of slightly above 49.2% between 2019 and 2025

The narrowband IoT (Internet of Things) chipsets are hardware parts that are required for enabling a narrowband IoT network and an LPWAN (Low-Power Wide-Area Network). The surging awareness regarding the advantages linked with IoT, with the augmenting penetration of the same, has impelled the need for narrowband IoT networks and chipsets globally, particularly in emerging countries like China, India, and Mexico. As narrowband IoT is a key section of cellular IoT and it allows an IoT machine-to-machine setting even without the Internet, it is likely to witness a high growth rate. Due to the same, proposals have also been commenced by the administrations of different countries in partnership with telecom service suppliers like Vodafone. This has impelled the demand for hardware components like narrowband IoT chipsets and modules.

The increasing use of LTE across the globe—due to its ability to incorporate easily with the in-band deployment model—is likely to be among the aspects spurring the market. However, owing to the easy incorporation of LTE-M with LTE (in comparison to the incorporation of narrowband IoT with LTE), a high preference for the same has been registered in some of the nations, mainly in the U.S., in the cellular IoT market. The augmenting demand for trackers is stimulating the implementation of narrowband IoT chipsets. The narrowband IoT chipset market is boosted owing to the surged demand for chipsets for manufacturing smart meters, smart appliances, alarms & detectors, trackers, wearable devices, and others.

This segment is likely to exhibit a noteworthy market share owing to the early implementation of narrowband IoT chipsets in the energy section, and the high demand & growth rate linked with the segment in the narrowband IoT chipsets market. Nevertheless, the trackers segment of the narrowband IoT chipsets market is projected to witness the highest growth rate in the future owing to the higher demand for machine-to-machine connections and investments done by the administration to commence smart city projects in developing and developed countries.

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The global narrowband IoT chipset market is also driven by the energy and infrastructure & building automation sectors that is contributing to the growth. The narrowband IoT chipset are used in various segments such as automation & transportation, agriculture, healthcare, energy, retail, manufacturing, infrastructure & building automation, safety & security, and others. The introduction of technology and the rising penetration of smart devices—for smart homes and smart cities—have stimulated the demand among end users. As the implementation of narrowband IoT chipsets allows a connected devices machine-to-machine setting, the infrastructure & building automation section will witness high growth in terms of revenue in the global narrowband IoT chipset market.

The global market is boosted by key trends, product development, mergers & acquisitions, and collaborations. On a similar note, in February 2019, Nordic Semiconductor’s released nRF9160 SiP (System-in-Package) LTE-M/NB-IoT CIoT (cellular IoT) module. This module is amongst the first products to be granted PSA certified level-1 certification.

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