San Francisco, California, March 28, 2018: The global narrowband IoT (NB-IoT) chipset market is expected to witness a steady growth rate as methods of communication are expected to change in the coming years. The research report, titled “Narrowband IoT (NB-IoT) Chipset Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025”, by TMR Research provides a thorough analysis of the various factors expected to drive the global market. The analysts have also highlighted the restraints and opportunities that the global market could benefit from in the near future. Energy-efficient nature of narrowband IoT is expected to be the market’s key growth driver for the forecast period.
Narrowband IoT is known to offer an effective solution for class low-power wide area (LPWA) technology, which plays a critical role in smooth functioning of several IoT devices within industries. Thus, it is widely being used for smart parking, utilities, wearables, and many other industrial solutions. The low-power consumption feature of NB-IoT is also being used in devices and applications that use lower data rates.
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On the basis of application, the global narrowband IoT (NB-IoT) chipset market can be segmented into smart parking, asset tracking, smart bins, smart metering, event detectors, and others. Out of these, the smart metering segment is anticipated to dominate the global market in the coming years. The increasing adoption of smart meters to reduce cost of batteries and eliminate the meter reading errors is likely to augment the growth of narrowband IoT chipset market.
In terms of geography, Europe is projected to lead the global market due to a strong presence of several key players in the region. Asia Pacific too is projected to make a significant contribution to soaring revenue of the overall narrowband IoT chipset market. Development of smart cities in the emerging economies of Asia Pacific are projected to have a major impact on the growth of the regional market.
The key players in the global narrowband IoT chipset market are Huawei Technologies Co. Ltd., U-Blox Holding AG, MistBase AB, Vodafone Group PLC, and Ericsson.