The global narrowband internet of things chipset market so far held a highly consolidated competitive landscape, according to Transparency Market Research. In its recent research report, it was shown that Qualcomm Inc., U-blox Holding AG, Sequans Communications, Commsolid GMBH, and Altair Semiconductor – the leading five companies for 2016 – held a staggering 98% of the overall market for that year.

Some of the key areas of focus for these players include product innovation and introduction to commercial markets, improving presence in multiple key regions, and increased investments in research and development efforts.

The TMR report explains that the global narrowband internet of things chipset market is expected to expand at a whopping CAGR of 37.9% CAGR within a forecast period from 2017 to 2025. The market is expected to reach US$793.7 mn by the end of 2025, after being calculated at US$45.0 mn in 2016.

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Asia Pacific led the global narrowband internet of things chipset market in 2016 in terms of promising growth opportunities, a factor primarily attributed to the growing chipset integration smart detectors, smart appliances, and smart meters. Nations such as China and Japan are also showing an increasing rate of adoption of IoT principles on an industrial front as well as in the residential sector.

NB-IoT Promises Significant Power Consumption Reduction

“Some of the key factors that are likely to hold a positive influence on demand for narrowband IoT chipset, especially in smart devices, is their ability to impart a significant reduction in the power consumption and simultaneously provide improved scalability in networks. NB-IoT chipsets also reduce the overall complexity of different network types and consequently help in reducing overall device costs by as much as 60%, in comparison to devices built on LTE category 4,” states a TMR analyst.

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Other NB-IoT chipset features include deployment simplification, enhanced network topology, secured connectivity with strong authentication factors, and improved infiltration coverage concerned with existing wide area networks in indoor as well as outdoor settings. Each feature is adding a significant magnitude of appeal in favor of the market.

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Absence of Global Standards Still a Major Obstacle in Quality Management

Although NB-IoT chipsets have vast growth opportunities, challenges such as high operational expenditure and lack of standardization are expected to hamper the growth prospects of the global NB-IoT market to a certain extent. The lack of standardization of low power wide area network technology, especially, is expected to largely hinder the scope of growth opportunities for the telecommunications industry in the field of Internet of Things.

A number of IoT technologies are presently being used for smart device applications such as smart meters and point-of-sale machines. NB-IoT outdoes these technologies in terms of power consumption and network coverage while also being relatively very cheap.