The Global Narrowband IoT Chipset Market is projected to grow at a CAGR of 56.3% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 150 Million in 2021 and is expected to reach USD 4822 Million by the end of the forecast period.
Global Narrowband IoT Chipset Market Set to Grow with the Increasing Adoption of IoT Technology
The global Narrowband IoT (NB-IoT) chipset market is expected to experience significant growth over the forecast period, driven by the increasing adoption of IoT technology across various industries. NB-IoT chipsets are critical components that enable the NB-IoT network and Low-Power Wide-Area Network (LPWAN) and are being extensively used in countries like India, China, and Mexico.
The increasing demand for network coverage and a growing number of connections globally are driving the market demand for NB-IoT chipsets. Furthermore, the global demand for cellular IoT networks is estimated to boost the market demand significantly. With the increasing market penetration of technologies based on IoT and growing awareness of overall cost reduction, the NB-IoT chipsets market is expected to expand even further.
The global Narrowband IoT Chipset Market report provides a comprehensive analysis of the market, including key market drivers, challenges, and trends. The report also includes financial statements, product benchmarking, SWOT analysis, and key development strategies of the market’s leading players.
Some of the key players operating in the global Narrowband IoT chipset market are U-Blox Holding AG, Qualcomm Incorporated, Ericsson, Vodafone Group PLC, Samsung Electronics, Huawei Technologies Co. Ltd., Intel Corporation, Mist base Communication System, Verizon Communications, Nokia Corporation, Sequans Communications S.A., and Comp solid GmbH.
The report provides insights into the competitive landscape, highlighting the strategies adopted by key players to gain a competitive edge in the market. The report also provides an analysis of the market’s growth prospects, market share, and key market trends.
The increasing use of the internet globally is estimated to aid in the growth of the market. With the growing adoption of IoT technology across various industries, the global Narrowband IoT chipset market is expected to experience significant growth over the forecast period.