Chicago, March 28, 2023 (GLOBE NEWSWIRE) -- The Narrowband IoT (NB-IoT) Chipset Market by Device (Smart Meters, Smart Parking), Deployment (Guard, In-Band, Stand-Alone), Vertical (Energy & Utilities, Infrastructure, Building Automation), and Region, growing adoption of IoT and rise in the use of connected devices, and increasing demand for low-power, low-cost, and long-range connectivity are the key drivers for the growth of this market. Emerging smart city initiatives and smart buildings across the world pose a huge growth opportunity for companies involved in this market.
Smart cities to create substantial market opportunity
In smart cities, IoT infrastructure is deployed to handle devices and objects connected via any connectivity method. An application enablement platform enables smart cities to manage most of their IoT services via a single platform, thereby reducing the total service cost.
The authorities of many smart cities are now looking to expand the use of IoT to improve services such as waste management, water management, and quality, and energy consumption monitoring in public buildings. The popularity of implementing contextual analysis to provide real-time information to citizens and authorities is also growing, which in turn, is expected to create a market opportunity for the market.
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NarrowBand IoT Chipset Market Report Scope:
| Report Metric | Details |
| Market Size Value in 2020 | USD 461.1 million |
| Revenue Forecast in 2025 | USD 2,484.4 million |
| Growth Rate | 40.0% |
| Market Size Availability Years | 2018–2025 |
| Base Year | 2018 |
| Forecast Period | 2020–2025 |
| Units | Value in USD & volume in million units |
| Segments Covered | Deployment type, device, vertical |
| Geographic Regions Covered | North America, APAC, Europe, and RoW |
| Companies Covered | Huawei (China), Qualcomm (US), Intel (US), Nordic Semiconductor (Norway), Sanechips (China), Samsung (South Korea), MediaTek (Taiwan), Sercomm (Taiwan), Cheerzing (China), u-blox (Switzerland), Telit Communications (UK), Quectel (China), and Sequans Communications (France) |
North America is expected to witness the highest CAGR
The growing adoption of NB-IoT technology in the region and developed IT infrastructure is expected to boost the growth of this market in this region.
Moreover, with an established LTE-M network and the availability of dual-mode NB-IoT chipsets that offer CAT-M1 and CAT-NB1/NB2 connectivity is expected to complement the growth of NB-IoT chipsets in the region. 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.
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Top 2 Players in the NB-IoT Chipset Market:
Huawei (China) is among the frontrunners in the NB-IoT chipset market owing to early development and deployment of NB-IoT chipsets, especially by forming partnerships and collaborations with domestic service providers, specifically in the metering and parking applications. The company has R&D centers in 21 countries, including China, the US, Canada, the UK, India, Russia, and Turkey. It is currently emphasizing on improving its geographic footprint in the NB-IoT market by partnering with regional players. For instance, in May 2018, MTN SA successfully deployed Huawei’s CloudAIR 2.0 solution to share spectrum between 2G, 3G, 4G, and NB-IoT radio technologies in the 900 MHz band. This development enables MTN SA to make more efficient use of its limited 900 MHz spectrum allocation and achieve a 45% increase in LTE throughput within the band.
Qualcomm (US) is among the key players operating in the NB-IoT chipset market. Its expertise in cellular modem development, along with the global presence, differentiates Qualcomm from other players. The company offers 3 modems in NB-IoT chipset space - MDM9206, 9205 LTE, and MDM 9207-1. Moreover, its Snapdragon 1200 Wearable Platform is one of the most sophisticated and exclusive platforms developed for the development of NB-IoT solutions for wearables. Strong reliance on organic growth as well as partnerships and collaborations with regional players remain the key growth strategies for the company to strengthen its position in the NB-IoT chipset market. In June 2018, Qualcomm Technologies and Gizwits (China) announced their intention to create the world’s first commercial 2G cellular modules with field upgrades to LTE IoT (eMTC/Cat-M1 and NB-IoT/Cat-NB1).
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