Pune, July 08, 2024 (GLOBE NEWSWIRE) -- The Narrowband IoT (NB-IoT) Chipset Market is experiencing phenomenal growth due to the rising demand for low-power, wide-area connectivity for a multitude of Internet of Things (IoT) applications.
The Narrowband IoT (NB IoT) Chipset Market Size was valued at USD 4.50 billion in 2023 and is expected to grow at a CAGR of 31.35% over the forecast period 2024-2032.
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The Narrowband IoT Chipset Market is expected to grow at a higher rate with the NB-IoT chips having a lower power consumption than other technologies like Bluetooth, and can also provide wider-area coverage.
NB-IoT chipsets work on the cellular network, which provides broader coverage and superior penetration compared to older options like Bluetooth. In addition, the energy efficiency of the NB IoT chipset occupies an important position in ensuring long-life cycle device deployment capabilities. In March 2024, Telit, a leading provider of IoT modules and services, announced a strategic partnership with Nordic Semiconductor to develop new NB-IoT modules for industrial applications. These modules will offer enhanced security features and improved data transmission capabilities.
Innovations in 5G networks boost the Narrowband IoT Chipset Market further by integrating them to enable new use cases for critical applications demanding reliable and low-latency communication. This may also solve last-mile connectivity barriers in rural areas.
Rising Adoption of IoT Devices: The ever-increasing adoption of IoT devices across various sectors, such as manufacturing, utilities, and healthcare, is driving the demand for NB-IoT chipsets. These chipsets allow a wide number of IoT devices to connect efficiently for data collection and monitoring.
Government Initiatives for Smart Cities: Governments worldwide are actively promoting smart city initiatives, which necessitate robust and efficient IoT infrastructure. NB-IoT chipsets play a critical role in enabling smart city applications like smart parking, waste management, and environmental monitoring.
Technological Advancements: Continuous advancements in NB-IoT technology, such as improved security features and lower power consumption, are further propelling market growth. Additionally, the integration of NB-IoT with other emerging technologies like Artificial Intelligence (AI) is creating new opportunities for data-driven insights and automation.
Narrowband IoT (NB-IoT) Chipset Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 4.50 billion |
| Market Size in 2032 | USD 52.37 billion |
| CAGR (2024-2032) | 31.35% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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Segment Analysis
- By Deployment: The guard band deployment segment dominates the market due to its ability to utilize existing LTE infrastructure without compromising network capacity. This translates to lower deployment costs and seamless integration with existing systems.
- By Application: The healthcare sector currently leads the NB-IoT Chipset Market adoption due to the numerous benefits it offers for remote patient monitoring and improved healthcare delivery. NB-IoT chipsets offer features that make them ideal for a wide range of medical applications, particularly those requiring low power consumption, extended network coverage, and reliable connectivity for transmitting small data packets.
- By Device Type: The wearables segment leads with more than 27% of the share in 2023. Wearables are one of the most demanded categories in technology, from fitness wearables for runners and cyclists to health-monitoring bands, it is used by almost everyone. However, for these devices to work at their best, you will need a highly stable and effective link. This is where Narrowband IoT (NB-IoT) chipsets come in and provide a strong option for the next generation of wearables.
Regional Development
North America holds the largest market share of around 44.15% in 2023, due to the presence of major NB-IoT solution providers, tech-savvy consumers, and widespread adoption of new technologies.
Europe is the fastest-growing market, driven by the extensive use of NB-IoT in automotive and transportation applications. The UK holds the major market share in the region due to its early adoption of technology, followed by Germany.
Asia-Pacific is expected to experience significant growth due to government initiatives for smart city development and expanding internet infrastructure. China is the major holder of market share in the region followed by India.
Key Players
Major players in this market include Qualcomm, Huawei, Nordic Semiconductor, MediaTek, and Samsung, and others.
Recent Developments
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- February 2024: BT launched a nationwide NB-IoT network in the UK, aiming to capitalize on the burgeoning IoT market.
- April 2023: Renesas Electronics Corporation introduced the RH1NS200 NB-IoT chipset specifically designed for the Indian smart metering market.
- January 2024: Iridium unveiled Project Stardust, a new NB-IoT-based D2D satellite connectivity service leveraging 3GPP standards.
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Key Takeaways
- The report highlights the increasing demand for NB-IoT chipsets in various sectors like healthcare, infrastructure, and manufacturing.
- The report sheds light on recent advancements like Project Stardust, which integrates NB-IoT with satellite communication.
- The report provides a breakdown of the market by deployment and application.
- The report analyzes the regional landscape, highlighting North America's dominance and Asia-Pacific's surging potential.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Narrowband IoT (NB-IoT) Chipset Market Segmentation, By Deployment
8. Narrowband IoT (NB-IoT) Chipset Market Segmentation, By Device Type
9. Narrowband IoT (NB-IoT) Chipset Market Segmentation, By Application
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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