Narrowband IoT (NB-IoT) Chipset Market Outlook - 2030
The global narrowband IoT (NB-IoT) chipset market was valued at $425.0 million in 2020, and is projected to reach $22,105.6 million by 2030, registering a CAGR of 52.1% from 2021 to 2030.
Narrowband IoT (NB-IoT) chipset is a small electronic device embedded in objects, machines, and electronic devices. The narrowband IoT (NB-IoT) chipset market growth is gaining momentum, owing to multiple benefits associated with the technology such as low power consumption of user devices, high system capacity, and enhanced spectrum efficiency for deep coverage of an area. Currently, costs of NB-IoT chipset are as similar to Global Systems for Mobile (GSM) and General Packet Radio Service (GPRS). However, these are expected to reduce significantly with growing demand.
The narrowband IoT (NB-IoT) chipset market is witnessing significant investment in developing the technology. Many telecommunication companies are supporting the technology, and thus are developing NB-IoT networks. These networks significant boost the demand for chipsets, which, in turn, augments the growth of the global market. Furthermore, chipset manufacturers are introducing new products in the market that are highly efficient to integrate in the IoT devices.
Rise in adoption of IoT devices and increase in internet penetration is the prime factors that drive growth of the narrowband IoT (NB-IoT) chipset industry. Furthermore, surge in cellular IoT networks to cover the whole population accelerates the market growth rapidly. Moreover, it has better penetration in structures and better data rates compared to unlicensed band based standards such as LoRaWAN and Sigfox, which is opportunistic for the market growth. Considering these factors, the narrowband IoT (NB-IoT) chipset market is anticipated to experience steep growth in the future.
Increase in trend of smart cities to facilitate sustainable development globally is expected to offer lucrative opportunity for the expansion of the global narrowband IoT (NB-IoT) chipset market growth during the forecast period. However, availability of alternative low power wide area (LPWA) technologies such as long-term evolution machine type communication (LTE-M) acts a major restraint of the market. In addition, NB-IoT is used for low-speed applications only, which limits its usage for various high-speed applications such as video surveillance, thus hampering the market growth.
Top Impacting Factors
Significant factors that impact growth of the narrowband IoT (NB-IoT) chipset market share include rise in adoption of IoT devices and surge in penetration of cellular IoT networks. However, availability of alternatives such as low power wide area (LPWA) technologies hampers the market growth. Moreover, NB-IoT is can be used only for low-speed applications, which limits the market growth. On the contrary, increase in trend of smart cities is expected to offer lucrative opportunities for the narrowband IoT (NB-IoT) chipset market during the forecast period.
Segmentation Overview
The narrowband IoT (NB-IoT) chipset market share is segmented into component, deployment, application, industry vertical, and region.
By Deployment
In-band segment is projected as one of the most lucrative segments.
On the basis of component, the market is bifurcated into hardware, and software. The hardware is subsegmented into processor, memory, and power management unit. The hardware segment dominated the market, in terms of revenue in 2020, and is expected to follow the same trend during the forecast period. On the basis of deployment, the market is segregated into guard, in-band, and standalone. The guard segment exhibited the highest growth, in terms of revenue in 2020, and is anticipated to garner significant share during the forecast period. The applications covered in the study include smart meters, smart parking, trackers, alarms & detectors, wearable devices, and other devices. The market share for the alarms & detectors segment was the highest in 2020, and the segment is expected to grow at a high CAGR from 2021 to 2030. By industry vertical, the market is divided into agriculture, automotive & transportation, energy & utilities, healthcare, infrastructure, and others. The market share for the infrastructure segment was highest in 2020.
By Industry Vertical
Infrastructure segment is expected to secure leading position during forecast period.
Region wise, the narrowband IoT (NB-IoT) chipset market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). The Asia-Pacific narrowband IoT (NB-IoT) chipset market size is expected to grow at the highest rate during the forecast period.
By Region
Asia-Pacific would exhibit the highest CAGR of 53.7% during 2021-2030
Competition Analysis
Competitive analysis and profiles of the major narrowband IoT (NB-IoT) chipset market players, such as Huawei Technologies Co. Ltd. (China), Qualcomm Incorporated (U.S.), Intel Corporation (U.S.), Nordic Semiconductor (Norway), Sanechips Co. Ltd. (China), Samsung Group (South Korea), MediaTek Inc. (Taiwan), Sercomm Corporation (Taiwan), u-blox Holding AG (Switzerland), and Sequans Communications S.A.(France) are provided in this report.
Key Benefits for Stakeholders
- This study comprises analytical depiction of the narrowband IoT (NB-IoT) chipset market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall narrowband IoT (NB-IoT) chipset market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current NB-IoT chipset market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the market.
- The report includes the narrowband IoT (NB-IoT) chipset market share of key vendors and market trends.
Narrowband IoT (NB-IoT) Chipset Market Report Highlights
| Aspects | Details |
 By component |
|
 By Deployment |
|
 By Application |
|
 By Industry Vertical |
|
 By Region |
|
 Key Market Players | U-blox Holding AG, Sanechips Co. Ltd., Nordic Semiconductor, MediaTek Inc., Intel Corporation, Sercomm Corporation, Qualcomm Incorporated, Huawei Technologies Co. Ltd., Sequans Communications S.A., Samsung Group |
Analyst Review
Market players have keenly focused on developing NB-IoT chipset in the past few years. Approximately 13 different companies introduced various NB-IoT chipsets in the market. Hence, considerable investment in R&D of chipsets is required for standardization process, infrastructure development, and initial market trials. Furthermore, the market witnessed several mergers and acquisition by the leading players such as Huawei, Sony Corporation, and Nordic Semiconductor.
Moreover, government mandates and policy decisions for enhanced communication infrastructure are expected to boost the NB-IoT chipset market growth during the forecast period. These new policies are anticipated to enhance the demand for smart street lightings, smart meters, and smart parking. As NB-IoT devices function on existing networks, they simplify the implementation and usage of NB-IoT technology for mass population.
The key players profiled in the report include Huawei Technologies Co. Ltd. (China), Qualcomm Incorporated (U.S.), Intel Corporation (U.S.), Nordic Semiconductor (Norway), Sanechips Co. Ltd. (China), Samsung Group (South Korea), MediaTek Inc. (Taiwan), Sercomm Corporation (Taiwan), u-blox Holding AG (Switzerland), and Sequans Communications S.A.(France).
Loading Table Of Content...
