Persistence Market Research claims the global NB-IoT chipset market is expected to register a global CAGR of 40.8% from 2018 to 2028, with Western Europe and North America accounting for approximately 30% of the market by the end of the forecast period. The company’s report, titled “NB-IoT chipset Market: Global Industry Analysis 2015 – 2017 and Opportunity Assessment 2018 – 2028”, suggests the global NB-IoT chipset market is expected to be highly attractive in terms of incremental opportunity owing to the high CAGR associated with the market value. Global annual revenue from NB-IoT chipsets was valued at $4,832.1 Million by the end of 2017 and is expected to grow at a significant pace over the coming years.
- Over time, a declining y-o-y growth trend is expected in the latter half of the forecast period.
- North America, China, SEA & Other of APAC, and Western Europe, are expected to collectively account for a majority share of the global NB-IoT chipset market.
- The North America NB-IoT chipset market, the APAC (including China and Japan) NB-IoT chipset market, and the Western Europe NB-IoT chipset market are likely to dominate the global NB-IoT chipset market over the forecast period.
- As NB-IoT technology enables a connected devices M2M environment across different regions even in the absence of efficient internet connectivity, a high demand for the same has been witnessed from end-users, especially across developing countries.
- Among all the applications, the maximum adoption of NB-IoT chipsets is witnessed for smart meters.
- Significant adoption of NB-IoT chipsets has been witnessed for security purposes, for enabling smart cities, and for smart parking systems.
- Various regions & countries, such as India and Western European countries, are investing heavily in agriculture, and have adopted NB-IoT chipsets for enabling smart irrigation systems.
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Persistence Market Research