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 shortcomings
as it is highly reliable, consumes less power, and functions with a lower
operational cost. The NB-IoT chipsetmarket is estimated to grow from USD
461million by 2020 to USD 2,484 million by 2025 at a CAGR of 40.0%. Widespread
adoption of IoT devices especially smart meters for metering application and
increasing demand for low-power & long-range connectivity technology which
offers high indoor network penetration 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 NB-IoT chipset market.. However, the COVID-19 pandemic is
impacting global supply chains and logistics as lockdowns have been imposed
geographically, and the continuity of operations for a majority of industries
is severely impacted.With a decline in the supply of connectivity hardware, the
pace of growth of the NB-IoT chipset market is expected to be slightly slower
than previously forecasted as a result of the pandemic.
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
productsare 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
CAGRfrom2020to2025 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 widely; this is likely to be the key factor
accelerating the growth of the market for stand-alone deployment.
In terms ofdevice
segment, the NB-IoT chipset market forwearable 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. The increasing concerns
over health and fitness due to COVID-19 would lead to an increase in the
purchase of in-stock wearables for real-time health monitoring and further
enhance the demand for development in NB-IoT technology for healthcare
application.
Among the major
verticals, the consumer electronicssector is likely to witness the highest
growth in the overall market during the forecast period.The connected device
technology in the consumer electronics industry is expected to be the key
enabler of the market growth for smart home solutions.
Request for Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=59565925
North America is
projected to witness the highest growth among the major regions forthe 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 technologyin 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 standardin 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.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B
research on 30,000 high growth niche opportunities/threats which will impact
70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers
worldwide including 80% of global Fortune 1000 companies as clients. Almost
75,000 top officers across eight industries worldwide approach
MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at
MarketsandMarkets™ are tracking global high growth markets following the
“Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with
the clients to identify new opportunities, identify most important customers,
write “Attack, avoid and defend” strategies, identify sources of incremental
revenues for both the company and its competitors. MarketsandMarkets™ now
coming up with 1,500 MicroQuadrants (Positioning top players across leaders,
emerging companies, innovators, strategic players) annually in high growth emerging
segments. MarketsandMarkets™ is determined to benefit more than 10,000
companies this year for their revenue planning and help them take their
innovations/disruptions early to the market by providing them research ahead of
the curve.
MarketsandMarkets’s flagship competitive
intelligence and market research platform, “Knowledgestore” connects over
200,000 markets and entire value chains for deeper understanding of the unmet
insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™
INC.
630
Dundee Road
Suite
430
Northbrook,
IL 60062
USA: 1-888-600-6441
No comments:
Post a Comment