Transparency Market Research projects that the global NB-IoT market will expand at a momentous 37.9% CAGR from 2017 to 2025 and rise from a valuation of US$45.0 mn in 2016 to US$793.7 mn by 2025.
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Asia Pacific to Remain Most Lucrative Regional Market
Of the key areas of applications of NB-IoT chipset, the segments of smart appliances, trackers, and smart meters are presently the leading contributors of revenue to the global market. The segment of smart appliances, accounting for a 19.9% of the overall market, is expected to witness a major rise in its share in the global market by 2025.
Asia Pacific region is expected to lead to the most promising growth opportunities for the NB-IoT chipset market over the report’s forecast period, chiefly owing to the high level of chip integration across applications such as smart appliances, smart detectors, and smart meters, and the rising adoption of IoT principles across the industrial as well as consumer segments in countries such as China, Singapore, and India. The region accounted for a massive 37.5% of the global market in 2016 and is expected to hold about 55% by 2025.
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Low Cost and Reduced Power Consumption to Remain Key Features Encouraging Uptake
Some of the key factors expected to have a positive influence on the uptake of narrowband IoT chipset in smart devices are the capability of these chipsets to lead to a significant reduction in the consumption of power and provide better network scalability. Moreover, a significantly less level of complexity of NB-IoT chipsets helps reduce the cost of device by nearly 60% as compared to the LTE category 4 devices. Features of NB-IoT chipsets such as simplified deployment and network topology, improved infiltration coverage concerned with existing wide area networks in indoor as well as outdoor settings, and secured connectivity with strong authentication are also expected to boost the rate of their adoption.
A number of IoT technologies are presently being used for smart device applications such as smart meters and point-of-sale machines. NB-IoT outdoes these technologies in terms of power consumption and network coverage while also being relatively very cheap. For instance, the cost of 2G modules lies anywhere between US$8 to US$13. Compared to this, the cost of NB-IoT modules, which is expected to be less than US$5, can lead to a significant reduction in the overall cost of operation of smart devices. This factor is expected to have a significant positive impact on the overall demand for NB-IoT chipsets in the next few years.
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Lack of Standardization could Hamper Growth Prospects
Although NB-IoT chipsets have vast growth opportunities, challenges such as high operational expenditure and lack of standardization are expected to hamper the growth prospects of the global NB-IoT market to a certain extent. The lack of standardization of low power wide area network technology, especially, is expected to largely hinder the scope of growth opportunities for the telecommunications industry in the field of Internet of Things.
This analysis of the global narrowband Internet-of-Things (IoT) chipset market is based on a recent market research report by Transparency Market Research, titled “Narrowband Internet-of-Things (IoT) Chipset Market (Deployment Type – Guardband, Inband, and Standalone; Application – Trackers, Wearable Devices, Smart Appliances, Smart Metering, Alarms, and Detectors) – Global Industry Analysis, Size, Share Growth ,Trends and Forecast, 2017-2025.”
For the study, the market has been segmented as follows:
Narrowband Internet-of-Things (IoT) Chipset Market by Deployment Type
Narrowband Internet-of-Things (IoT) Chipset Market by Application
- Wearable Devices
- Smart Appliances
- Smart Metering
Narrowband Internet-of-Things (IoT) Chipset Market by Region
- Rest of Europe
- South Korea
- Rest of APAC
Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Rest of Latin America
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