Portland,OR, Aug. 12, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global narrowband IoT (NB-IoT) chipset market garnered $425.0 million in 2020, and is estimated to reach $22.10 billion by 2030, witnessing a CAGR of 52.1% from 2021 to 2030. The report offers an extensive analysis of key investment pockets, changing market trends, value chain, key segments, regional scenarios, and competitive landscape.
Increase in adoption of IoT devices and surge in penetration of cellular IoT networks drive the growth of the global narrowband IoT (NB-IoT) chipset market. However, availability of alternative low power wide area (LPWA) technologies and usage of NB-IoT devices in low-speed applications hinder the market growth. On the other hand, the trend of smart cities creates new opportunities in the coming years.
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Covid-19 Scenario:
- Production activities of narrowband IoT (NB-IoT) chipset stopped due to lockdown implemented across many countries. Moreover, supply chain disruptions and raw materials shortage presented many challenges in manufacturing with full capacity.
- The demand from industry verticals such as infrastructure, automotive & transportation, agriculture, and others lowered down significantly due to stoppage of daily operations during the lockdown. However, the demand is expected to grow slowly post-lockdown as daily operations resume.
- The ban on import-export activities resulted in supply chain disruption and supply of connectivity hardware reduced. As the restrictions are lifted off, the supply chain is estimated to be restored.
The report offers detailed segmentation of the global narrowband IoT (NB-IoT) chipset market based on component, deployment, application, industry vertical, and region.
Based on component, the hardware segment accounted for the highest share in 2020, holding nearly more than four-fifths of the total market share, and is estimated to maintain its dominant share during the forecast period. However, the software segment is expected to portray the highest CAGR of 54.8% from 2021 to 2030.
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Based on application, the alarms and detectors segment contributed to the largest share in 2020, accounting for more than one-fourth of the global narrowband IoT (NB-IoT) chipset market, and is projected to maintain its leadership status throughout the forecast period. However, the wearable devices segment is expected to register the fastest CAGR of 54.8% from 2021 to 2030.
Based on region, Asia-Pacific held the highest share in 2020, accounting for nearly two-fifths of the total market share, and is expected to continue its lead position in terms of revenue by 2030. Moreover, this region is projected to witness the largest CAGR of 53.7% during the forecast period. The research also discusses regions including North America, Europe, and LAMEA.
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Leading players of the global narrowband IoT (NB-IoT) chipset market analyzed in the research include Huawei Technologies Co. Ltd. (China), Intel Corporation (U.S.), Qualcomm Incorporated (U.S.), Sanechips Co. Ltd. (China), Nordic Semiconductor (Norway), MediaTek Inc. (Taiwan), Samsung Group (South Korea), u-blox Holding AG (Switzerland), Sercomm Corporation (Taiwan), and Sequans Communications S.A.(France).
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
