This new technology will provide better indoor coverage, with low delay sensitivity and low power consumption for devices that are optimized for this network architecture. Narrowband IoT chipsets also support a large number of low throughput devices, which helps in utilization of resource blocks with LTE carriers. Narrowband IoT technology further helps to more efficiently connect devices on established mobile networks and has the power to handle a small amount of infrequent data from both sides.

Globally, the narrowband IoT chipset market can be segmented on the basis of stationing, technology, devices, and application areas. The global narrowband IoT market is segmented into software and hardware. Other than this, based on stationing, the global narrowband IoT market is divided into guard-band, in-band, and standalone segments.

Classification for global narrowband IoT chipsets is typically also done on the basis of devices, which includes trackers, wearables, smart appliances, alarms, and detectors, among others. Automation, manufacturing, automotive and transportation, healthcare, agriculture, infrastructure, safety and security, and waste management are the major application areas where the narrowband IoT chipset market is globally segmented.

There’s been a rise in demand for cellular IoT networks, which is a major reason for the growth of the globally narrowband IoT market. Narrowband IoT technology supports more connections and provides better network coverage. Moreover, it provides better penetration coverage and lower component costs, which is fueling the rising demand.

Technological dependence for narrowband IoT applications has restrained the global market. In addition, this market is highly fragmented with large operational costs that are required to implement this technology. These factors, along with lack of standardization, are some of the reasons that have stalled the market. However, the increased implementation of narrowband IoT technology combined with rising Internet penetration should provide many opportunities for future growth. More information could be found in the complete study.

North America is the largest market for narrowband IoT chipsets. Huge Internet penetration has resulting in the presence of multiple networks for communication, the biggest opportunity for growth. In addition, investments are being made by various government agencies to help develop smart cities, which not coincidentally employ narrowband IoT technology.

The Asia Pacific region has also contributed to the technology’s growth and is expected to increase at the highest pace. Expanding Internet applications, along with government grants, are spurring the growth in this region, which includes China, Japan, India, and South Korea.

Some of the major players operating in the market include Huawei Technologies (China), MistBase (Sweden), Ericsson (Sweden), U-Blox (Switzerland), Vodafone (U.K.), CommSolid (Germany), Qualcomm (U.S.), Verizon (U.S.), Intel (U.S.), Nokia (Finland), and Samsung (South Korea).

Khusro Khan is a Web Analyst at Transparency Market Research.