The global market for narrowband internet of things chipset shows a highly consolidated competitive landscape due to presence of a very few prominent market players. Transparency Market Research (TMR) has observed that the top five players, namely Altair Semiconductor, Commsolid GMBH, Sequans Communications, U-blox Holding AG, and Qualcomm Inc. cumulatively accounted for over 98% of the global market in 2016. The increased investment in research and development programs, improving presence in multiple key regions, introduction of new products to commercial markets, and innovative approach followed for product development are few of the factors helping these players to sustain their dominating positions. These companies are also involving in various mergers, acquisitions, alliances, and collaborations to develop their product portfolios.
Transparency Market Research has estimated that the global market for narrowband internet of things chipset will expand with a significant CAGR of 37.9% over the forecast period of 2017-2025, to attain the value of $793.7 mn by the end of 2025 from its initial valuation of US$45.0 mn in 2016.
Rapid Adoption of Smart City Concept to Fuel the Market Growth
Narrowband IoT is a low power wide area network technology, which has been developed to provide network connectivity among various services and devices. This technology connects devices in an efficient and simpler manner by utilizing available mobile network. The increasing applications of IoT in various sectors is driving the market for narrowband IoT. As narrowband IoT enables reliable and secure manner, the IoT market is demanding for advanced applications of this technology. Furthermore, the increasing demand for smart meters and the adoption of smart city concept in developing countries such as India, Singapore, and China are expected to provide momentum to the market for NB-IoT technology. Features such as lower cost of component, easy deployment in existing cellular networks, excellent range in underground sites and buildings, and very low consumption of power are resulting into rapid adoption of narrowband IoT chipset.
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