NB-IoT Chipset Market to be Worth $2 Billion by 2024

According to a report published by MarketsandMarkets, the NB-IoT Chipset Market is expected to grow from USD $272 million by 2019 to USD $2 Billion 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%.

These findings are according to a recent market research report "NB-IoT Chipset Market by Device, Deployment Type, Vertical, and Region - Global Forecast to 2024". The report  Click here to download the report

Guard band deployment to hold the largest size of NB-IoT chipset market during the 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 the 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 (Asia-Pacific) 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 the western world, especially in the UK, the US, and France, is also set to grow in the coming years.

Recent Developments

  • In February 2019, Nordic Semiconductor’s recently launched nRF9160 System-in-Package (SiP) LTE-M/NB-IoT cellular IoT (CIoT) module is among the first products to be awarded PSA Certified Level 1 certification under a new IoT security initiative spearheaded by Arm. 
  • In February 2019, du, commercially rebranded from UAE-based Emirates Integrated Telecommunications Company (EITC), along with Nokia (Finland), Affirmed Networks (US), and MediaTek, announced the launch of next-generation NB-IoT network based on the latest 3GPP Release 14 standard in the UAE. 
  • In December 2018, Qualcomm Technologies announced its next-generation modems, named Qualcomm 9205 LTE modems, which are purpose-built for IoT applications such as asset trackers, health monitors, security systems, smart city sensors, and smart meters, as well as for a range of wearable trackers. The new modem brings together global multimode LTE category M1 (eMTC) and NB-IoT with 2G/E-GPRS connectivity, application processing, geolocation, hardware-based security, support for cloud services, and accompanying developer tools.

The report analyzes the 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.

Click here to request a free sample of this report.

Click here to download the report.