Published on : Sep 16, 2020
Narrowband IoT (NB IoT) technology is also called LTE Cat NB1. It refers to a Low Power Wide Area (LPWA) technology that works from almost anywhere in the world. It makes a connection between devices more efficiently and simply on already existing mobile networks. This technology handles small amounts of substantially infrequent 2 way data reliably and securely. Narrowband IoT (NB-IoT) has emerged as new way of communicating with things that need less amount of data over longer periods and in difficult to reach places, which is estimated to fuel expansion of the global NB-IoT (Narrowband IoT) chips market in the forthcoming years.
The burgeoning demand for long-range connectivity, together with the augmented populairty of the communication between machines is likely to play an important role in boosting the global NB-IoT (Narrowband IoT) chips market. Various chipset factors like wider deployment, power efficiency, and flexibility are expected to influence the global NB-IoT (Narrowband IoT) chips market, Furthermore, augmented initiatives to develop smart cities are further generating lucrative opportunities for the market in the years to come.
China United Network Communications Group Co., Ltd., Huawei Technologies Co. Ltd., Intel Corporation, Qualcomm Technologies Inc., Deutsche Telekom AG, and SEQUANS Communications SA are some of the prominent players in the global NB-IoT (Narrowband IoT) chips market.
North America to Emerge as one of the Most Lucrative Regions
The global NB-IoT (Narrowband IoT) chips market has been split into the key territories of North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. Such territory-based segmentation is expected to offer a detailed view of the market in different parts of the world.
The North America NB-IoT (Narrowband IoT) chips market is likely to dominate the global NB-IoT (Narrowband IoT) chips market over the years of assessment. The region is home to most of the network service providers and device manufacturers such as Intel Corporation, AT&T Inc., Cellco Partnership (Verizon Wireless), and Qualcomm Inc. A rise in the level of disposable income amongst the people of the region together with continuous and rapid adoption of newer technologies is expected to create opportunities of growth for the market in North America.
The Asia Pacific is estimated to come up as another prominent region in the global NB-IoT (Narrowband IoT) chips market. The region is likely to grow exponentially due to phenomenal penetration of the internet, increasing number of smart city initiatives, and continuous rollout of high-speed network for internet infrastructure. Furthermore, augmented disposable income of the people in the region is further likely to play an important role in the growth of the overall market.
Power Efficiency and Low Cost of Components to Spell Growth for the Market
Narrowband IoT (NB IoT) is a novel method of communication between “things” that require very limited amounts of data in difficult to reach places and over long periods of time. This technology is a wireless one standardized by 3GPP in the year 2016. Narrowband IoT is widely regarded as the best in class low-power consuming wide area (LPWA) technology that facilitates the smooth and hassle-free functioning of many new industrial IoT (IIoT) devices, such as smart utilities, wearables, and parking.
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A rise in the demand for cellular IoT networks is estimated to widen the scope of growth for the global NB-IoT (Narrowband IoT) chips market in the years to come. In addition, growing awareness amongst the consumers about lower costs of components together with improvised penetration coverage provided by the technology is expected to add lucrativeness to the market.
In addition, the modules of the technology are power-efficient and assist in ensuring a very long battery life of around 10 years, which is expected to support growth of the global NB-IoT (Narrowband IoT) chips market over the period of projection.