Narrowband IoT refers to a low power wide area network technology that has been developed to enable network connectivity between a wide variety of devices and services. Narrowband IoT connects devices in a simpler and more efficient manner in an already recognized mobile network. It handles small amount of fairly irregular 2-way transmission data in a more secure and reliable manner. The technology is being considered most suitable for communicating with devices that require small volumes of data over long periods of time, typical of devices connected in IoT networks.
NB-IoT provides features such as very low consumption of power, excellent range in underground sites and buildings, easy deployment in existing cellular networks, and lower cost of component. With the rising adoption of the IoT technology in application areas such as smart metering, smart homes, and smart appliances, the demand for NB-IoT chipsets has also increased significantly across the globe. The trend is expected to remain strong over the next few years and the demand for narrowband IoT chipsets is expected to rise at an exponential pace.
Transparency Market Research estimates that the market will exhibit a staggering 37.9% CAGR from 2017 to 2025, rising from a valuation of US$45.0 mn in 2016 to US$793.7 mn by 2025.
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Guardband Mode of Deployment to Witness Strong Demand
In terms of deployment, the global market for NB-IoT chipset is segmented in the report into standalone, guardband, and inband. Of these, the segment of guardband dominated the global market in 2016, accounting for a massive 41.9% share. Guardband is also expected to remain the most preferred mode of deployment of NB-IoT chipsets as this method helps avoid interference between simultaneous communication channels and prevent crosstalk between two different frequency ranges. The segment is expected to exhibit a promising 38.8% CAGR from 2017 to 2025, retaining its position as the leading contributor of revenue to the global market.
Other segments are expected to closely follow in terms of growth rate over the forecast period, with the segment of inband exhibiting a 37.8% CAGR and the segment of standalone NB-IoT chipset deployment expanding at a 36.3% CAGR over the forecast period. Despite high growth rate, the segment of standalone NB-IoT deployment is expected to lose its market share by the end of the forecast period.
Asia Pacific to Remain Most Lucrative Regional Market
In terms of geography, the market for NB-IoT chipset has been segmented in the report into Asia Pacific, North America, Europe, Middle East & Africa (MEA), and Latin America. Of these, the Asia Pacific market held the leading market share in terms of revenue contribution to the global market and is expected to retain its dominance during the forecasted period as well. Expected to exhibit an exponential 43.9% CAGR from 2017 to 2025, the Asia Pacific market for NB-IoT chipset is projected to see a massive increase in its revenue contribution to the global market, from nearly 37.5% in 2016 to 55.2% in 2025, of the overall revenue of the global market.
The rising demand for deployment of smart meters and the adoption of smart city concept in countries such as China, Singapore, and India are expected to be the key drivers of the NB-IoT technology in the region. Countries such as China and South Korea will further stimulate the market for narrowband IoT chipsets in the region owing to the presence of several manufacturers.
Some of the leading players operating in the global NB-IOT market are Huawei Technologies (China), Qualcomm, Inc. (The U.S.), u-blox Holding AG (Switzerland), Altair Semiconductor (Israel), Sequans Communications (France), Intel Corporation (The U.S.), Verizon Communications, Inc. (The U.S.), Telefonaktiebolaget L. M. Ericsson (Sweden), and Vodafone Group Plc (United Kingdom).
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Emergence of Smart Cities to Influence Growth of Narrowband Internet-of-Things Chipset Market
The rising urbanization and the influence of smart cities are spreading rapidly across the globe. This aspect is expected to intensify the growth across the narrowband internet-of-things chipset market through the tenure of 2017-2025.
- Other features associated with narrowband internet-of-things chipsets such as good range in underground sites and buildings, ease of installation in current cellular networks, low component costs, and others may serve as growth multipliers for the narrowband internet-of-things chipset market across the assessment period of 2017-2025.
- The utilization of narrowband internet-of-things chipsets reduces the complexity of varied network types. This factor eventually helps in reducing the device costs by more than half. Thus, the escalating adoption of such devices eventually invites great growth prospects for the narrowband internet-of-things chipset market.
- Smart cities are becoming a common phenomenon in various countries. The government bodies of diverse countries are introducing and inaugurating smart cities to promote industrialization and urbanization. These cities will have advanced technologies like smart meters and others. Narrowband internet-of-things chipset is used extensively in such technologies. Therefore, this aspect will further invite great growth prospects for the narrowband internet-of-things chipset market.
- Large-scale implementation across cloud computing technologies will also prove to be a promising growth generator for the narrowband internet-of-things chipset market. The problem of massive data transfers is solved to a certain extent due to the deployment of efficient narrowband internet-of-things chipsets. Hence, this factor will serve as a robust growth pillar for the narrowband internet-of-things chipset market.
- The novel coronavirus pandemic has caused tremendous losses across various sectors and businesses. The effect of the pandemic has hit the narrowband internet-of-things chipset market too. The strict lockdown restrictions forced all the manufacturing facilities and production units to shut down completely. The total closure of almost all businesses led to a decline in production and demand. However, the relaxations in lockdown have given a golden opportunity to the players for reviving growth.
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