Narrowband IoT chipset market which was valued at USD 17.8 Million in 2018 is now estimated to reach USD 183.43 Million by 2023, growing at a robust growth rate of CAGR 61.66% for the forecasted period of 2018 and 2023. Narrowband IoT Chipset Market is expected to witness an uncontrolled growth the forecasted period of 2018-2023 in terms of CAGR generating huge revenues and capturing a significant chunk of the market shares. The market is thriving because of the increasing adoption of IoT and growth in network-enabled devices etc.
Market Drivers and Restraints:
Factors favoring the N.B. IoT Chipset market is the increasing rates in the adoption of IoT, the sudden growth and need for the installations of network-enabled devices, and the growing demand for long-range connectivity among the networks, etc. Apart from these, factors such as high reliability of N.B. IoT chipsets, low operational costs involved, and the less power consumption factor of these chipsets are also aiding to the growth of this market globally. However, non-standardised issues and unstable updates are hurting this market.
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Report segmented as
By Product Type:
By Deployment Type:
• Alarms & Detector
• Smart Appliance
• Smart Meter
Geographically speaking, the market is segmented into as Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. Among all these, North America has dominated the global market by accounting for most of the market share and revenue. The U.S. Government’s Investment In launching the IoT in various sectors such as infrastructure and public services under programs such as “Smart America,” was driving the N.B. chip market in North America IoT and helped it place its position so strong. The deployment of smart cities and smart infrastructures in countries such as China, Japan, and India will contribute to the fastest growth in the Asia-Pacific region over the planned period.
Important Market Players:
The major players in narrowband IoT market are Huawei Technologies Co. Ltd. (China), Ericsson (Sweden), Vodafone Group PLC (U.K.), Qualcomm Incorporated (U.S.), Intel Corporation (U.S.), Samsung Group (South Korea), Nokia Networks (Finland), Verizon Communication (U.S.), CommSolid GmBH (Germany), U-Blox Holding AG (Switzerland), MistBase AB (Sweden).
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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