New YOrk, April 13, 2023 (GLOBE NEWSWIRE) -- The NB-IoT Chipset Market is projected to be worth roughly US$ 588.7 million in 2022 and to exceed US$ 4.78 Billion in 2033. Additionally, it is expected to increase at a CAGR of 21.1% from 2023 to 2033 and be valued US$ 703.4 Million in 2023.
The increasing adoption of IoT devices and the need for reliable and cost-effective connectivity solutions are the primary factors driving the growth of the market. The increasing demand for smart cities and smart homes is also contributing to the growth of the market.
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The NB-IoT (Narrowband Internet of Things) Chipset Market refers to the production and sales of chips used for NB-IoT technology, which is a low-power, wide-area network (LPWAN) technology used for connecting devices in the Internet of Things (IoT). The market has been growing steadily due to the increasing adoption of IoT devices and the need for reliable and cost-effective connectivity solutions. This report aims to provide an overview of the current state of the NB-IoT Chipset Market and the factors driving its growth.
The NB-IoT chipset market is primarily driven by the increasing adoption of IoT devices across various industry verticals, such as healthcare, transportation, and smart cities. The NB-IoT technology enables efficient and reliable connectivity for these devices, which is critical for their performance and functionality.
Moreover, the increasing demand for smart and connected devices is also fueling the growth of the NB-IoT chipset market. The technology is being widely adopted in various applications, such as smart meters, smart parking systems, asset tracking, and remote monitoring, among others.
Furthermore, the growing demand for low-cost and low-power connectivity solutions is also driving the NB-IoT chipset market. The technology offers low-power consumption, which enables long battery life and reduces the overall cost of ownership.
The increasing investments in the development of NB-IoT technology and the growing number of partnerships and collaborations among key players are also contributing to the growth of the market.
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Market Segmentation:
The NB-IoT Chipset Market can be segmented by component, deployment, end-user, and region. By component, the market can be segmented into hardware and software. By deployment, the market can be segmented into in-band, guard band, and standalone. By end-user, the market can be segmented into agriculture, healthcare, energy and utilities, automotive and transportation, and others.
Regional Analysis:
Asia Pacific is expected to dominate the NB-IoT Chipset Market during the forecast period, due to the increasing adoption of IoT devices and the need for reliable and cost-effective connectivity solutions in the region. North America and Europe are also expected to witness significant growth, due to the increasing demand for smart cities and smart homes. The Rest of the World is expected to grow at a moderate pace, due to the increasing adoption of IoT devices in countries such as Brazil and South Africa.
Key Players:
The key players in the Huawei Technologies Co., Ltd., Qualcomm Technologies Co., Ltd., Intel Corporation, ARM Holdings AG, u-Blox Holding AG, SEQUANS, Altair Semiconductor, Nordic Semiconductor, Quectel Wireless Solutions, Sierra Wireless. These companies are focusing on expanding their product portfolios and increasing their production capacities to meet the growing demand for NB-IoT chipsets.
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Here are some recent news and developments in the NB-IoT chipset market:
- In March 2021, Qualcomm announced the launch of its new NB-IoT chipset, the Qualcomm 212 LTE IoT modem. The new chipset is designed to support IoT devices that require low data rates, low power consumption, and extended coverage.
- In January 2021, Nordic Semiconductor announced the launch of its new nRF21540 RF front-end module, which is designed to support NB-IoT and other LPWA technologies. The new module is expected to enable more efficient and reliable connectivity for IoT devices.
- In December 2020, MediaTek announced the launch of its new MT2625 NB-IoT chipset, which is designed to support IoT devices that require low power consumption and extended coverage. The new chipset is expected to drive the adoption of NB-IoT technology across various industry verticals.
- In November 2020, Huawei announced the launch of its new HiSilicon Boudica 120 NB-IoT chipset, which is designed to support IoT devices that require low power consumption and extended coverage. The new chipset is expected to drive the growth of the NB-IoT chipset market in China and other regions.
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