The narrowband Internet-of-Things (IoT) chipset market is expected to reach the value of US$ 2.2 Bn by 2031
ALBANY, N.Y., April 14, 2022 (GLOBE NEWSWIRE) — A study by Transparency Market Research (TMR) projects the global narrowband Internet-of-Things (IoT) chipset market to register growth at a CAGR of 23.4% during the forecast period of 2021 to 2031.
With rising focus of government authorities of many developed and developing nations toward encouraging the adoption of smart cities, there has been a surge in smart city trial programs across the globe. Moreover, connectivity infrastructures are being aligning with low power wide area (LPWA) technologies in order to offer applications such as smart buildings, smart street lighting, and smart metering. These factors are propelling the global narrowband Internet-of-Things (IoT) chipset market.
Cellular NB-IoT finds application in agriculture, industry, logistics, healthcare, and in smart buildings smart cities. Hence, there has been an increase in the demand for NB-IoT chipsets in order to manage anti-theft or emergency alarms at businesses and in homes, intelligent lighting and air conditioning, and smart consumption measurements (electricity, gas, and water).
The narrowband Internet-of-Things (IoT) chipset market in Asia Pacific is estimated to witness sizable expansion opportunities during the forecast period, owing to many factors including rise in the number of smart city projects and increase in the use of smart meters in many nations such as China and India.
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Narrowband Internet-of-Things (IoT) Chipset Market: Key Findings
Players operating in the global narrowband Internet-of-Things (IoT) chipset market are focusing on development and launch of NB2 IoT chipsets with improved power-efficiency. Such chipsets gaining popularity, owing to their ability to help in achieving exceptional performance advancements to low power long-life IoT applications, according to the TMR study.
Companies are entering into partnerships in order to complete the deployment and testing processes of narrowband Internet-of-Things (NB-IoT) data connections of up to 100km from the company’s commercial network to base-stations. These efforts are prognosticated to help in the expansion of the global narrowband Internet-of-Things (IoT) chipset market.
Analysts at TMR note that the narrowband is likely to gain leading position in the IoT connection growth, specifically in areas that need high connection density, improved indoor coverage, low cost smart devices, and extended battery life. These networks are gaining traction, owing to their ability to manage minor irregularities in 2-way transmission data in a safe and dependable way. The technology is being increasingly utilized for communication with devices that need lesser volumes of data for long periods of time, which is seen more commonly in devices connected in IoT networks.
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Narrowband Internet-of-Things (IoT) Chipset Market: Growth Boosters
Expansion of healthcare industry, rise in demand for environment monitoring devices, and automation in building & manufacturing activities are expected to drive the sales prospects in the narrowband Internet-of-Things (IoT) chipset market
Increase in adoption of narrowband Internet-of-Things (IoT) chipsets in wearables, vehicle telematics, and smart city projects is fueling sales in the market
Narrowband Internet-of-Things (IoT) Chipset Market: Competition Landscape
Players operating in the global narrowband Internet-of-Things (IoT) chipset market are making data-driven decisions for expanding their presence in newer regions
Many market enterprises are focusing on R&Ds before the use of latest technologies intended for manufacturing of chipsets
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Narrowband Internet-of-Things (IoT) Chipset Market: Key Players
Some of the key players profiled in the report are:
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Narrowband Internet-of-Things (IoT) Chipset Market Segmentation
Middle East & Africa
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