The Internet of Things (IoT)
enables devices to connect to the Internet and produce real-time data as in the
case of connected cars and smart homes. Existing technologies in the low-power
wide area (LPWA) market are fragmented and non-standardized; moreover, they
lack reliability and security, and demand high operational cost. Narrowband IoT
(NB-IoT) technology is expected to overcome these short comings as it is highly
reliable, consumes less power, and functions with a lower operational cost. The
NB-IoT chipset market is estimated to grow from USD 272 million by 2019 to USD
2,002 million by 2024 at a CAGR of 49.1%. Growing adoption of IoT and rise in
use of connected devices, and increasing demand for low-power, low-cost, and
long-range connectivity technologies are among the major factors driving the
growth of this market. The increase in participation of industry players in the
development of NB-IoT, widening applications of NB-IoT, and significant of
adoption of NB-IoT, especially in China, are the major macro drivers for the growth
of the Narrowband
IoT (NB-IoT) Chipset Market.
The NB-IoT chipset market is
competitive owing to the presence of a significant number of global market companies
as well as domestic Chinese vendors. Also, the widening applications of NB-IoT
along with the commercialization of new NB-IoT chipsets and related products
are fueling its market growth. For instance, in December 2018, Qualcomm
Technologies (US) announced its next-generation modems, named Qualcomm 9205 LTE
modem, which are purpose-built for IoT applications such as asset trackers,
health monitors, security systems, smart city sensors, and smart meters, as
well as for a range of wearable trackers. The new modem brings together global
multimode LTE category M1 (eMTC) and NB-IoT with 2G/E-GPRS connectivity,
application processing, geolocation, hardware-based security, support for cloud
services, and accompanying developer tools.
The NB-IoT chipset market for
stand-alone deployment is expected to grow at the highest CAGR from 2019 to
2024 in the deployment-type segment. With the growth in the number of
NB-IoT-connected devices, the standalone deployment technique, utilizing new
bandwidth, is likely to be used; this is likely to be the key factor
accelerating the growth of the market for stand-alone deployment. The market
for stand-alone deployment is expected to be commercialized in 2019. In terms
of device segment, the NB-IoT chipset market for wearable devices is expected
to grow at the highest CAGR during the forecast period. The growing market for
wearable devices across healthcare, entertainment, sports and fitness, and
various other applications is driving the demand for low-power and highly
secure cellular networks in wearable devices.
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Among the major verticals, the
healthcare sector is likely to witness the highest growth in the overall market
during the forecast period. The deployment of NB-IoT technology in wearables
and health monitoring devices is expected to fuel the growth of the market for
this vertical. North America is projected to witness the highest growth among
the major regions for the NB-IoT chipset market in the coming years. The
established LTE-M network and availability of dual-mode NB-IoT chipsets that
offer CAT-M1 and CAT-NB1/NB2 connectivity are expected to complement the growth
of this market. Verizon (US), T-Mobile (US), AT&T (US), and Bell Canada
(Canada) are expected to be the key service providers of NB-IoT services in the
region.
The adoption of NB-IoT technology
in emerging smart cities and smart building market can be foreseen as huge
growth opportunities for the market player. For instance, in February 2019,
UAE-based telco du, from Emirates Integrated Telecommunications Company, along
with Nokia (Finland), Affirmed Networks (US), and MediaTek, announced the
launch of next-generation NB-IoT network based on the latest 3GPP Release 14
standard in the UAE. The NB-IoT will leverage the purpose-built IoT platform
built by du to enable devices to deliver smart city applications ranging from
smart metering, smart parking, trackers, smart health, industrial, and
agriculture use cases.
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