Rise in adoption of connected devices to fuel the global narrowband internet-of-things (IoT) chipset market growth
The technology of the Internet of Things (IoT) is changing the way of operations among different industrial sectors across the world. Narrowband IoT (NB-IoT) satisfies the requirement for IoT deployment across various industries by providing many connections, wide coverage, optimized architecture, and low data rates.
Increase in adoption of IoT-based technologies, industries rapidly undergoing the process of automation, and growing use of connected devices is bolstering the growth of the global narrowband internet-of-things (IoT) chipset market. Further, an increase in acceptance of NB-IoT chipset to communicate smoothly via low power requirements & better connectivity and growing inclination towards making the planet greener & smarter is boosting the overall market growth. Also, an increase in deployment of IoT devices for smart parking solutions, livestock monitoring, smart streetlights, and many more are registered which is ultimately leading to an increase in the growth of the global market. Moreover, industrial sectors such as energy & utilities and building automation are adding up to the growth of the market. Implementation of cloud computing technologies such as standalone and guard band of the IoT devices is also among the factors that are fueling the growth of the global market. Furthermore, an increase in the number of smart city projects supported by government funding will offer lucrative opportunities for the growth of the global market over the forecast period.
The global narrowband internet-of-things (IoT) chipset market is segregated based on device, deployment, vertical, and region. Based on the device, the global market is split into smart parking, wearable devices, smart appliances, smart streetlights, alarms & detectors, trackers, smart meters, and others. The deployment segment comprises in-band, guard band, and stand-alone. Manufacturing, healthcare, energy and utilities, automotive and transportation, agriculture, building automation, and others are the verticals categorized under the global market.
Asia Pacific is estimated to rule the global narrowband internet-of-things (IoT) chipset market during the forecast period. China is anticipated to hold the largest share in this region owing to the strong presence of infrastructure, modules, and NB-IoT chipsets providers. Moreover, favorable government policies, growing adoption of IoT & connected devices, and in India, the rising number of smart city projects are also some of the factors that are augmenting the market growth in this region. The European market is expected to account for a remarkable share and attain second position in the market during the forecast period owing to the growing use of NB-IoT chipsets for environmental monitoring, smart waste management, and smart parking in France and the UK.
The major companies operating in the global narrowband internet-of-things (IoT) chipset market include Qualcomm Incorporated, Nordic Semiconductor, u-blox Holding AG, Intel Corporation, Samsung Group, Huawei Technologies Co. Ltd., Sequans
Communications S.A, Sercomm Corporation, Sanechips Co. Ltd., and MediaTek Inc.
In April 2020, Qualcomm Technologies, Inc. announced the launch of an ultra-efficient NB2 IoT Chipset which will offer a significant improvement in the performance for low-power long-life IoT applications.