A Narrowband IoT Chipset is a Low Power Wide Area (LPWA) innovation that works virtually everywhere. Necessitate for low-power and low-cost connectivity equipment, demand for long-range connectivity and growing demand for cellular IoT networks are some of key factors fueling the market growth.
According to Stratistics MRC, the Global Narrowband IoT Chipset Market is accounted for $11.07 million in 2016 and is expected to reach $286.99 million by 2023 growing at a CAGR of 59.2% during the forecast period.
Lack of standardization and privacy and security concerns are hampering the market. Increase in internet penetration and rising performance of narrowband IoT technology are providing ample of opportunities for the market growth.
It connects devices more basically and proficiently on effectively settled mobile networks, and handles little amount of fairly infrequent 2?way information, safely and dependably. This innovation is required to help in upgrading the indoor scope, bringing down power utilization, and diminishing delay sensitivity.
These chipsets additionally support a few gadgets with a low throughput and help in using resource blocks with LTE carrier.
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By Geography, North America captured the largest market share of the Narrowband IoT Chipset market due to the speculation from U.S. government towards usage of IoT across different parts such as infrastructure and utilities.
Asia Pacific is anticipated to grow at the fastest CAGR attribute to rapid rise of Internet application. There is a huge demand for Narrowband IoT Chipset in emerging countries of Asia pacific such as India, china and Japan.Some of the key players in Narrowband IoT Chipset market include U-Blox Holding AG, Huawei Technologies Co.
Ltd., Vodafone Group PLC, Samsung Electronics, Qualcomm Incorporated, Mistbase Communication System, Sequans Communications S.A., Nokia Corporation, Ericsson, Intel Corporation, Verizon Communications, SAP SE, Commsolid GmbH, KT Corp and ZTE Corp.
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