The NB-IoT chipset market is expected to grow from USD 461 million in 2020 to USD 2,484 million by 2025 at a CAGR of 40.0%
NEW YORK, Aug. 26, 2020 /PRNewswire/ --NB-IoT chipset market to grow at 40.0% CAGR during 2020–2025
The NB-IoT chipset market is expected to grow from USD 461 million in 2020 to USD 2,484 million by 2025 at a CAGR of 40.0%. Increasing demand for wearable devices due to COVID-19 outbreak, growth in connected devices, followed by widening penetration of IoT devices are the key drivers for the growth of this market. Increasing participation of industry players in the development of NB-IoT and widening applications of NB-IoT technology are the other factors fueling the growth of this market. However, stiff competition from other LPWA technologies, and privacy and security concerns are among the major factors restraining the growth of the NB-IoT chipset market.
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Stand-alone deployment to witness highest CAGR in market during forecast period
In the stand-alone deployment type, NB-IoT is deployed in a dedicated frequency band.The stand-alone deployment type utilizes new bandwidth instead of sharing the existing LTE bandwidth.
It is considered as an option when LTE is deployed in a higher band and GSM is still in use to provide coverage for basic services. Moreover, with the growth in the number of NB-IoT-connected devices, the standalone deployment technique, utilizing new bandwidth, is likely to be used.
Smart Meters to hold largest market followed by smart parking in NB-IoT chipset market
The growing adoption of water, gas, and electricity smart meters; and favorable government reforms are boosting the implementation of smart meters across the world.Moreover, the demand for long battery life, and low and intermittent data transmission have fueled the adoption of NB-IoT technology for smart metering devices.
Moreover, increasing adoption of NB-IoT technology for smart parking application is accelerating its market growth. For instance, in January 2018, Deutsche Telekom (Germany) initiated deployment of NB-IoT-enabled devices to improve the smart parking system across Hamburg.
Energy & utilities to hold largest market size during forecast period followed by infrastructure
Energy & utilities is expected to hold the largest size of NB-IoT chipset market by 2025.Massive adoption of NB-IoT-enabled smart meters is driving the growth of this market.
Favorable federal mandates in various countries are further driving the growth of the NB-IoT-enabled smart meters.However, the disruptions due to the pandemic will result in a decline in annual smart meter shipments in 2020.
Most of the energy and water utilities have temporarily delayed smart meter installations and have re-allocated resources to field service operations to ensure continuity of services for end customers.Service providers and utilities have followed government regulations related to social distancing and lockdown throughout the pandemic.
This has led to a reduction in the number of smart meter installations, especially in the first half of 2020.
North America to witness highest CAGR in overall market from 2020 to 2025
Growing adoption of NB-IoT technology in the region and developed IT infrastructure is expected to boost the growth of this market in this region.Moreover, established LTE-M network and availability of dual-mode NB-IoT chipsets offering CAT-M1 and CAT-NB1/NB2 connectivity are expected to complement the growth of NB-IoT chipsets in the region.
T-Mobile (US), Verizon (US), AT&T (US), and Bell Canada (Canada) are expected to be the key NB-IoT services providers in the region.Furthermore, increasing participation of key industry players such as Qualcomm (US) and Nordic Semiconductor (Norway) to build dual-mode-only chipsets is expected to complement the growth of NB-IoT in Europe and North America.
Furthermore, the rising number of COVID-19 cases in North America is leading to the increasing demand for IoT in healthcare applications and provides opportunities for the growth of the NB-IoT chipset market in the region.
In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with key industry experts in the NB-IoT chipset marketspace. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 – 45%, Tier 2 – 30%, and Tier 3 – 25%
• By Designation: C-level Executives – 55%, Directors – 30%, and Others – 15%
• By Region: North America – 20%, Europe – 30%, APAC – 40%, and RoW – 10%
The report profiles key players in the NB-IoT chipset market with their respective market ranking analysis and benchmarking.Prominent players profiled in this report are Huawei Technologies Co.
Ltd. (China), Qualcomm Incorporated (US), Intel Corporation (US), Nordic Semiconductor (Norway), Sanechips Co. Ltd. (China), Samsung Group (South Korea), MediaTek Inc. (Taiwan), Sercomm Corporation (Taiwan), Xiamen Cheerzing IOT Technology Co. Ltd. (China), u-blox Holding AG (Switzerland), Telit Communications PLC (UK), Quectel Wireless Solutions Co., Ltd (China), and Sequans Communications S.A.(France).
Research Coverage:
This research report categorizes the NB-IoT chipset market based on deployment-type, device, vertical, and geography. It describes the major drivers, restraints, challenges, and opportunities pertaining to the NB-IoT chipset market and forecasts the same till 2025.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the NB-IoT chipset market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. The report would help stakeholders to understand country-wise precise deployment of NB-IoT technology with recent case studies and upcoming use cases.
4. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitive leadership mapping, along with the key growth strategies adopted by major market players—product launch, acquisition, collaboration, and partnership.
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