Narrowband Internet-of-Things (IoT) Chipset Market: To Witness Comprehensive Growth By 2025
As per the Transparency Market Research, the global narrowband internet-of-things (IoT) chipset market is highly consolidated. Most importantly in 2016, top five companies including U-blox Holding AG, Qualcomm Inc., Commsolid GMBH, Sequans Communications, and Altair Semiconductor held 98% share in the market. If these players keep making significant efforts, there is high possibility of them leading the market over the projected tenure.
Increased investment in research and development activities and higher emphasis on product innovation are some of the key focal points of the key players in this market. Collaboration, mergers and acquisition, and partnership are few other strategies that are widely used by leading players. For example, in 2018 Ericsson collaborated with MediaTek to expand their presence in narrowband IoT chipset market. Few other companies are also playing a vital role in the global narrowband internet-of-things chipset market such as Huawei Technologies, Intel Corporation, Vodafone Group Plc, and Verizon Communications.
On the basis of statistical information, Transparency Market Research analyses that the global narrowband internet-of-things chipset market is anticipated to rise at staggering 37.9% CAGR over the forecast period between 2017 and 2025. In 2016, the market earned US$0.045 bn, which is expected to reach US$0.79 bn by the end of 2025.
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Based on deployment type, the guardband segment is expected to lead the global narrowband internet-of-things chipset market. In 2016, this segment held 41.9% share in the market, and it is projected that this segment will led the market over the projected period. The major advantage of using guardband is that it avoids interference between simultaneous communication channels. It also prevents crosstalk between two different frequency ranges. With respect to geography, emerging economies in Asia Pacific are offering high growth opportunities in the global narrowband internet-of-things chipset market. Growing work for smart city projects, and high adoption of smart meters in countries like India and China are also boosting growth in Asia Pacific narrowband IoT chipset market.
Innovations in IoT Services to Bolster Growth for Narrowband Internet-Of-Things
The best part about using narrowband internet-of-things technology is that it reduces overall complexity of different network types. Further, it helps in reducing overall device costs by nearly 60%, as compared to the devices built on LTE technology. Increasing adoption of IoT and network enabled devices, the demand for long-range connectivity and low-cost and low-power connectivity technologies also increased. These changing trends are expected to further accelerate growth in the global narrowband internet-of-things chipset market.
Moreover, increasing innovation in IoT services and hardware are expected to offer lucrative opportunities in the narrowband internet-of-things chipset market. Rising applicability of narrowband internet-of-things chipset in various devices such as smart appliances, alarms, trackers, detectors, wearable devices, and smart metering are also projected to surge growth in the global narrowband internet-of-things chipset market.
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Lack of Standardization of Low Power Wide Area Network Technology Threatening Market Performance
Lack of standardization of low power wide area network technology mainly in the telecommunication industry is one of the major restraint seen in the global narrowband internet-of-things (IoT) chipset market. High operational cost is also projected to deter demand in this market. Moreover, increasing security and privacy concerns and low-speed data transmission rate are also projected to limit growth for narrowband internet-of-things chipset. However, increasing demand for high connectivity along with reduced power consumption that narrowband internet-of-things technology will drive demand in the global narrowband internet-of-things chipset market. Moreover, existing LPWA technologies that are non-standardized, fragmented, and have high operational cost, which can be reaplced by narrowband internet-of-things technology. This factor will further expand the global narrowband internet-of-things chipset market.
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