Narrowband IoT (NB-IoT) Chipset Market Worth $2,002 Million by 2024 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, April 29, 2019 /PRNewswire/ -- According to the new market research report "Narrowband IoT (NB-IoT) Chipset Market by Device (Smart Meters, Smart Parking, Smart Street lighting), Deployment Type (Guard, In-Band, Stand-Alone), Vertical (Energy & Utilities, Infrastructure, Building Automation), and Region - Global Forecast to 2024", published by MarketsandMarkets(TM), the NB-IoT Chipset Market is expected to grow from USD 272 million by 2019 to USD 2,002 million by 2024 at a CAGR of 49.1%. In terms unit shipments, the NB-IoT chipset market is estimated to stand at 78 million units by 2019 and is projected to register 871 million units by 2024 at a CAGR of 61.9%.
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Guard band deployment to hold largest size of NB-IoT chipset market during forecast period
The guard band segment is expected to hold the largest size of the NB-IoT chipset market from 2019 to 2024. Various benefits such as no additional spectrum cost, reuse of antenna and RF modules of existing infrastructure, and no need for frequency planning are the prime factors resulting in the adoption of guard-band deployment model. Moreover, certain limitations of in-band deployment, such as interference, restrict its coverage area; this leads to a higher deployment potential for guard band type.
Wearables devices to witness highest CAGR in NB-IoT chipset market from 2019 to 2024
The wearable devices segment is expected to foresee the highest CAGR in the overall market throughout the forecast period. The M2M and IoT market for wearable devices is expected to grow at a high rate with the development of new products and greater customer engagement. The growing market for wearable devices across healthcare, entertainment, sports and fitness, and other sectors is driving the demand for low-power and highly secure cellular networks.
APAC leads NB-IoT chipset market in terms of value and volume
APAC is projected to account for the largest size of the NB-IoT chipset market throughout the forecast period. The increased adoption of new technologies and advancements in organizations across various industries are among the key factors driving the market growth in this region. China is leading the NB-IoT chipset market with the lions share of ~93% in 2018 and is expected to continue its dominance during the forecast period. In China, the leading mobile operators such as China Mobile and China Unicom are using NB-IoT technologies to connect millions of devices across the country. Moreover, strong federal support is further fueling the growth of the NB-IoT chipset market in the country. For instance, the Ministry of Industry and Information Technology (MIIT) of China intends to develop 600 million NB-IoT connections across the country by 2020. Furthermore, with development of new NB-IoT-based use cases--such as smart parking, smart waste management, and environmental monitoring--and introduction of dual-mode NB-IoT/LTE-M chipset, the NB-IoT chipset market in western world, especially in the UK, the US, and France, is also set to grow in the coming years.
Browse in-depth TOC on "NB-IoT Chipset Market"
63 - Tables
43 - Figures
159 - Pages
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The major companies 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), among others.
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