The Worldwide Narrowband IoT (NB-IoT) Chipset Industry is Expected to Reach $7.7 Billion by 2028
DUBLIN, Jan. 20, 2023 /PRNewswire/ -- The "Global Narrowband IoT (NB-IoT) Chipset Market Size, Share & Industry Trends Analysis Report By Application, By Deployment, By Offering (Hardware (Processor, Memory, and Power Management Unit) and Software), By Vertical, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Narrowband IoT (NB-IoT) Chipset Market size is expected to reach $7.7 billion by 2028, rising at a market growth of 51.6% CAGR during the forecast period.
Due to numerous advantages of the technology, including low power consumption for user devices, high system capacity, and improved spectrum efficiency enabling deep coverage of an area, the narrowband IoT chipset market is expanding at a rapid rate. A wide variety of new Internet of Things (IoT) devices and services are made possible by the standards-based low power wide area (LPWA) technology known as narrowband Internet of Things (NB-IoT).
The pandemic is anticipated to cause a decrease in the availability of connectivity devices, which is expected to cause the rate of growth of the NB-IoT chipset market to be slower than anticipated. Moreover, the market for smart street lighting has been impacted by the expansion of COVID-19, which has also had an impact on investments in smart cities and infrastructure projects for roads and highways.
Increasing Adoption of IOT Along With Better Battery Life for Other Connected Devices
Technologies are evolving and becoming more advanced and sophisticated every year. The market for connected devices is expanding, particularly in the industrial sector, as M2M communications become more prevalent. In addition, connectivity has been made ossible by market trends, like IoT in practically every sector, encompassing healthcare, consumer electronics, or retail.
Lesser Initial and Maintenance Costs Along With Increasing Reliability
Companies is expected to not make significant investments in new technology if it does not improve their bottom line in the long run. That is actually how it should be because a business is fundamentally a living entity that is trying to survive in a hostile market where cost is a very significant factor for the growth and revenue of any business.
With the rapidly expanding information infrastructure and the world's economy being so interconnected, this is more relevant than ever. NB-IoT and similar technologies use a fairly straightforward waveform, which uses less power. But it's not only about power savings. As NB-IoT becomes more and more popular, making NB-IoT chips will become more and more affordable.
Incompatibility with High Data Speeds Along With the Availability of Alternatives Across The Market
Not all of this depends on the communication standard that is selected. For fixed or mobile devices, NB IoT was created as a pure data transfer method. It cannot seamlessly switch between cells and cannot serve applications that need low latency.
For more information about this report visit https://www.researchandmarkets.com/r/67w1vi
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