Narrowband IoT Chipset Market is hindered by the privacy and security issues occurring in the devices that incorporate them. Data transmission performed through these devices face privacy challenges owing to the loss of personal and essential data of users, resulting in data breaches and cyber concerns. Another challenge restraining the narrowband IoT chipset market is the slow data transmission speed provided by the chips. Devices perform a steady transfer of data and information due to the massive data amounts, resulting in the low performance of the connected devices.
The narrowband IoT chipset market is gaining traction due to its implementation in cloud computing technologies such as guard band, standalone, and in-band operations of the IoT-based devices. The technology provides low-battery usage, reduced device complexity, and increased coverage than the conventional technologies. Another trend propelling the narrowband IoT chipset market is the growth of smart cities owing to the benefits such as higher range and improved battery performance.
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Smart meters that incorporate this technology is expected to grow rapidly over the forecast timeframe contributing significantly in the growth of the narrowband IoT chipset market. The growth is attributed to advantages such as better coverage, flexible transmission rates, and extended battery life. These technologies are mostly used in electric metering based on cloud computing. The smart smoke detector has witnessed high demand opportunities in the narrowband IoT chipset market owing to the low cost and easy maintenance features of these devices. The implementation of these chips in detectors provides simpler installation, quick calibration, interoperability, and enhanced security provisions.
Narrowband IoT Chipset Market size is mainly driven by the increasing implementation of IoT technologies in various network-enabled devices. The growing adoption of IoT-enabled wearables in several regions, such as the U.S., is contributing significantly toward the growth of the narrowband IoT chipset market. Narrowband IoT is a globally accepted standard for Low Power Wide Area (LPWA) technologies.
The healthcare segment is expected to witness major growth opportunities in the narrowband IoT chipset market. The demand is attributed to its usage in the healthcare monitoring and managing systems providing low-range communication and long battery life. Varied requirements of the healthcare segment gain efficient solutions from these technologies due to the deployment of a few resources at low costs. The smart agriculture segment is predicted to gain large revenue shares in the narrowband IoT chipset market during the forecast years. The agricultural applications use this technology in pilot testing across various locations. For instance, in 2017, Stavanger undertook the largest pilot test by tracking about 1,000 sheep at various locations in the region.
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The U.S. holds the largest share in the narrowband IoT chipset market in the recent years owing to the presence of major players operating in the industry. Increasing research & development activities are taking place in the country for developing efficient devices, products, and solutions based on the narrowband IoT technology. Asia Pacific is expected to witness high growth opportunities in the narrowband IoT chipset market due to the increasing investments in smart city and infrastructure development projects. Japan and China are heavily investing and adopting these technologies owing to the growth of IoT device manufacturing companies.
The players operating in the narrowband IoT chipset market are Vodafone Group PLC, Verizon Communications, Huawei Technologies Co., Ltd., Qualcomm, Inc., Ericsson, Intel Corporation, Nokia Corporation, Samsung Electronics, STMicroelectronics, China Telecommunication Corporation, and Deutsche Telecom AG.
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