Narrowband Internet of Things (Iot) Chipset Market Continues To Grow Owing To the Rising Demand from Various Industrial, Private and Governmental Sectors Adopting Advanced Technologies

 

The Narrowband Internet of Things (IoT) chipset is an application-specific solution that provides low-cost, high-speed access to existing WAN and LAN networks. It runs on an existing network, not a single line of connection like with an ordinary IoT device. The Narrowband Internet of Things (IoT) chipset works over a single wireless connection. Such a design allows for the rapid adoption of the technology within a shorter time frame than was previously possible. For instance, several years ago it was not possible to implement the technology into a smartphone or small computer because there just wasn't enough bandwidth.

By using a WAN connection to connect multiple devices, such as sensors or computers, to a central server, the speed of the connection can be increased by up to 300%. And because there is no need to build a router, the equipment needed to install the Narrowband Internet of Things (IoT) chipset can be more compact. In addition to being able to fit into a business's existing infrastructure, the smaller size of the device also makes it easier to deploy. This means that the cost savings associated with the device can be passed on to customers.

Market Dynamics                                  

The main factors influencing the water soluble Narrowband Internet of Things (IoT) chipset market are the increasing adoption of IoT in different sectors and growth in the usage of connected devices. Growing M2M communications is estimated to drive the growth of the market, especially in industrial and business sectors. Moreover, industrial trends such as IoT have benefited the connectivity in almost every other sector including retails, consumer electronics, and healthcare. For instance, according to the U.S. Consumer Technology Association, in 2019 approximately 1.52 billion cellphones were sold in the region. And 300 million cellphones are used by residents of the U.S. The diminishing price of the sensors has resulted in significant growth in the adoption of the Internet of Things across organizations.

However, the stiff competition coming from other low-power wide-area networks (LPWA) is the main restraining factor hindering the growth of the Narrowband Internet of Things (IoT) chipset market. Owing to the increased number of connected devices the demand for LPWA technologies has risen. This is being used in smart homes to high-end industries and is expected to hinder the market growth of the Narrowband Internet of Things (IoT) chipset.

This market is distributed in five regions that include North America, Europe, Asia-Pacific, Africa, and the Middle East, and Latin America. Among these North America is expected to hold a significant share of the Narrowband Internet of Things (IoT) chipset market owing to the increasing support from the federal government which includes heavy investment and adoption of IoT technology in several sectors such as healthcare. For instance, according to federal government data U.S. investors in 2019, contributed approximately US$ 1.9 billion to the technology sector. The Narrowband Internet of Things (IoT) chipset market in Asia-Pacific is estimated to witness significant growth owing to the adoption of technology in various governmental and private organizations.

Competitive Analysis

Key players operating global narrowband internet of things chipset market include Ericsson, Intel Corporation, Mistase Communication System, Huawei Technologies Co. Ltd., Nokia Corporation, Qualcomm Incorporated, Samsung Electronics, U-Blox Holding AG, Verizon Communications, and Vodafone Group PLC.

In June 2018, Ericsson announced a partnership with MediaTek for expanding its Narrowband Internet of Things (IoT) chipset market.