The Narrowband-IoT (NB-IoT) chipsets market is expected to grow at a CAGR of 30.8% from 2020 to 2027 to reach $3.06 billion by 2027. Narrowband-IoT (NB-IoT) chipsets are used across multiple industry verticals. These chipsets are of high value, as they significantly improve user devices' power consumption, system capacity, and spectrum efficiency, especially in deep coverage. The growth of the Narrowband-IoT (NB-IoT) chipsets market is mainly attributed to the growing demand for wearable devices for health monitoring, rapid adoption of IoT and connected devices, and increasing machine-to-machine communication. Additionally, rising government initiatives to build smart cities and a surge in demand for long-range communication provide significant growth opportunities for players operating in the Narrowband-IoT (NB-IoT) chipsets market.

The increasing demand for wearable devices for health monitoring to propel market growth

The growing penetration of internet services across the world has driven the demand for wearable devices. Companies like Apple, Google, and Samsung are focusing on manufacturing wearable devices that are user-friendly. Various companies are developing Narrowband-IoT (NB-IoT) chipset-based smart wearable devices for delivering value in the space of health management. For instance, Sony and Ericsson partnered together to develop a wearable device for monitoring glucose levels in diabetes patients. Moreover, in June 2020, Philips received the FDA approval for utilizing its patient monitoring solutions to treat COVID-19 patients.

Rising machine-to-machine communication to support market growth

Machine-to-Machine or M2M communication enables the transfer of data & information between two networked machines and performs the pre-defined task with little or no human intervention. Manufacturers use M2M connectivity to increase their production rate, reduce energy use & cost, ensure consistency in quality, and monitor equipment remotely. This growing adoption of M2M communication in the manufacturing industry as a part of the smart industry or Industry 4.0 is influencing the use of Narrowband-IoT (NB-IoT)-based devices in the industry.

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Impact of COVID-19 on the Narrowband-IoT (NB-IoT) chipsets market

The spread of COVID-19 has dramatically affected the manufacturing and process industries. Nationwide lockdowns are freezing the economy with unexpected force and speed. Unemployment is shooting up far faster than the 2008 recession, which is expected to hurt the world’s economy.

Although COVID-19 has reduced the pace of adopting Narrowband-IoT (NB-IoT) technology in various regions, the effect of COVID-19 on Narrowband-IoT (NB-IoT) chipsets is not very significant, as it is in the nascent stage in various regions. However, the pandemic has highlighted the importance of long-range communication in business processes for cushioning the economic and industrial shock of control measures. For instance, COVID -19-induced lockdowns have increased the demand for end-to-end visibility and traceability across the supply chain, which can be effectively delivered using Narrowband-IoT (NB-IoT) by providing companies with line-of-sight to assets in transit, the ability to monitor cold chain conditions and track utilization across the entire ecosystem.

Key Findings in the Narrowband-IoT (NB-IoT) chipsets market Study:

During the forecast period, the personal care segment to grow at the highest CAGR

Based on application, the Narrowband-IoT (NB-IoT) chipsets market is segmented into smart agriculture, smart cities, smart building, smart logistics, industrial automation, personal care, smart retail, and others. The personal care segment is projected to grow at the highest CAGR during the forecast period. The factors attributed to this segment's growth are the rising proliferation of wearables and fitness bands for developing personalized products and services for each user and sending alert and vital signals to people suffering from chronic or age-related conditions, such as diabetes and Alzheimer’s disease.

The healthcare vertical is projected to grow at the highest CAGR during the forecast period

Based on vertical, the Narrowband-IoT (NB-IoT) chipsets market is segmented into agriculture, logistics & transportation, energy & utilities, healthcare, security & surveillance, public infrastructure, smart building, manufacturing, retail, and others. During the forecast period, the healthcare vertical is projected to grow with the fastest CAGR. The high growth in this segment is majorly attributed to the benefits of Narrowband-IoT (NB-IoT) application in healthcare, such as monitoring vital health parameters, wellness monitoring, and sending alerts about patients' condition to doctors and caregivers in case of any emergency.

The guard band segment to witness the fastest growth through 2027

The guard band deployment segment is projected to grow at the highest CAGR during the forecast period based on deployment. This segment's high growth is mainly because guard band frequencies mitigate the chance of frequency overlapping between Narrowband-IoT (NB-IoT) and LTE transmissions and provide better downlink throughput performance.

In 2020, APAC is poised to account for the largest share of the market

The major share of APAC is mainly attributed to the high volume of Narrowband-IoT (NB-IoT) chipset shipments from China, higher adoption & proliferation of technology, and increasing efforts by players such as SoftBank of Japan, Reliance Jio, Vodafone, and Bharti Airtel of India to roll out Narrowband-IoT (NB-IoT) deployment.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past three years. The key players operating in the Narrowband-IoT (NB-IoT) chipsets market are Qualcomm Inc. (U.S.), MediaTek Inc. (Taiwan), Intel Corporation (U.S.), Samsung Electronics Co. Ltd. (South Korea), ZTE Corporation (China), Huawei Technologies Co. Ltd. (China), Nordic Semiconductor (Norway), U-Blox Holding AG (Switzerland), Sequans communications (France), GCT Semiconductor (U.S.), Altair Semiconductor (Israel),  Sierra Wireless (Canada), Xiamen Cheerzing IoT Technology CO. Ltd. (China), and Simcom Wireless Solution Co. Ltd. (China).

Scope of the Report:

Narrowband-IoT (NB-IoT) Chipset Market, by Deployment

• In-band
• Guard Band
• Standalone

Narrowband-IoT (NB-IoT) Chipset Market, by Vertical

• Agriculture
• Logistics & Transportation
• Energy & Utility
• Healthcare
• Security & Surveillance
• Public Infrastructure
• Smart Buildings
• Manufacturing
• Retail
• Others

Narrowband-IoT (NB-IoT) Chipset Market, by Application

• Smart Agriculture
  • Livestock Monitoring
  • Precision Farming
  • Smart Irrigation
  • Soil Monitoring Systems
  • Humidity & Temperature Monitoring
  • Fertilization & Disease Monitoring
• Smart Cities
  • Smart Parking
  • Smart Waste Management
  • Smart Utilities
  • Smart Public Safety
• Smart Building
  • Smart lightings
  • Smart Devices
• Smart Logistics
  • Fleet Management
  • Asset Monitoring
• Industrial Automation
  • Factory Monitoring
  • Industrial Goods Tracker
  • Automated-guided Vehicles
• Personal care
  • Wearable Devices
  • Patient & Kids Monitoring
• Smart Retail
  • Inventory Management
  • Smart Mirrors
  • Digital Signage
• Others

Narrowband-IoT (NB-IoT) Chipset Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific (RoAPAC)
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa

Key questions answered in the report-