Narrowband Internet Of Things (IoT) Chipset
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What Is the Expected CAGR for the Narrowband Internet Of Things (IoT) Chipset Market Through 2025?
The market size of the Narrowband Internet of Things (IoT) chipset has seen an enormous expansion in recent times. The market is projected to escalate from $9.14 billion in 2024 to $11.3 billion in 2025, maintaining a compound annual growth rate (CAGR) of 23.6%. Factors like the growing need for low-power wide-area networks, increased use of smart meters, surging investments in smart cities, a requirement for cost-effective IoT connectivity, and wide acceptance of IoT devices contribute to the historic growth period.
What’s the Projected Size of the Global Narrowband Internet Of Things (IoT) Chipset Market by 2029?
In the coming years, the market size for the narrowband internet of things (IoT) chipset is projected to experience substantial growth, potentially reaching $27.35 billion by 2029 due to a compound annual growth rate (CAGR) of 24.7%. This predicted growth may be due to various factors such as the development of industrial automation, initiatives for enhancing smart agriculture, emphasis on IoT solutions in healthcare, government aid for intelligent infrastructure, and the rise of asset tracking applications. Noteworthy trends in the forecasted period are likely to include integration with 5G networks, the creation of energy-conscious chipsets, the rise of private NB-IoT networks, advancements in chipset technology, and the evolution of multimode IoT modules.
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Top Growth Drivers in the Narrowband Internet Of Things (IoT) Chipset Industry: What’s Accelerating the Market?
As the use of internet of things (IoT) devices becomes more widespread, the narrowband IoT (NB-IoT) chipset market is projected to see substantial growth. IoT devices, physical entities with embedded sensors and software, have the capability of internet connectivity for closer monitoring, automation, and data-driven decision-making. This adoption rate is escalating as these devices provide instantaneous data aggregation and evaluation, empowering organizations and individuals to make responsive, intelligent judgements that augment efficiency, productivity, and convenience. With the burgeoning usage of IoT devices, the demand for NB-IoT chipsets is skyrocketing as they offer the much-needed low-power, wide-area connectivity, crucial for the effective and reliable functioning of numerous IoT applications. Ericsson, a reputable networking and telecommunications company based in Sweden, predicted in a report that by the end of 2024 there would be nearly 4 billion cellular IoT connections, a rise from 3.4 billion at the end of 2023. Broadband IoT is anticipated to include more than 60% of cellular IoT connections by 2029’s end, with 4G constituting most of these connection. Thus, the expanding adoption of IoT devices is fueling the growth of the Narrowband IoT chipset market.
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What Are the Key Trends Driving Narrowband Internet Of Things (IoT) Chipset Market Growth?
Leading firms within the narrowband internet of things (IoT) chipset market are concentrating on technological breakthroughs in chipset technology to improve connectivity, efficiency, and practical applications. Chipset technology comprises of interconnected circuits that manage data flow between a device’s peripherals, its memory, and CPU, enabling smooth performance and communication. To illustrate, in April 2023, Renesas Electronics Corporation, a corporation from Japan that provides sophisticated semiconductor solutions, introduced the RH1NS200, an NB-IoT modem chipset, specifically tailored for the Indian market. It is presented as the perfect choice for the Indian smart metering market and operates without issues on the networks of the country’s main telecom providers. It has an extremely minimal power consumption of just 1 uA in deep sleep mode, thus greatly prolonging battery life. This new product aligns with Renesas’ expansion plans and its aim to support India’s digital transformation plans through its advanced and reliable IoT technologies.
What Are the Main Segments in the Narrowband Internet Of Things (IoT) Chipset Market?
The narrowband internet of things (iot) chipset market covered in this report is segmented –
1) By Component: Solution, Hardware
2) By Deployment: Guard-Band, In-Band, Standalone
3) By Application: Smart Meters, Asset Tracking, Healthcare Monitoring
4) By Vertical: Consumer Electronics, Agriculture, Building Automation, Automotive, Infrastructure, Healthcare, Safety And Security
Subsegments:
1) By Solution: Network Management, Device Management, Application Enablement
2) By Hardware: Modules, Sensors, Processors, Power Management Units
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Which Top Companies are Driving Growth in the Narrowband Internet Of Things (IoT) Chipset Market?
Major companies operating in the narrowband internet of things (IoT) chipset market are Samsung Electronics Co. Ltd., Verizon Communications Inc., Huawei Technologies Co. Ltd., Qualcomm Technologies Inc., Telefonaktiebolaget LM Ericsson, Nokia Corporation, MediaTek Inc., STMicroelectronics NV, Renesas Electronics Corporation, Sercomm Corporation, u-blox AG, Nordic Semiconductor ASA, Semtech Corporation, Telit Cinterion, Ceva INC., SIMCom Wireless Solutions Limited, Sony Semiconductor Israel Ltd., Skylo Technologies Inc., GCT Semiconductor Holding Inc., 1NCE Inc.
Which Regions Will Dominate the Narrowband Internet Of Things (IoT) Chipset Market Through 2029?
North America was the largest region in the narrowband internet of things (IoT) chipset market in 2024. The regions covered in the narrowband internet of things (IoT) chipset market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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