Wearables and Narrowband IoT Chipsets: Embracing the Future of Connected Devices
The narrowband Internet-of-Things (IoT) chipset market has witnessed significant growth in recent years and is projected to continue its upward trajectory. With the increasing adoption of consumer smart appliances, smart meters, and the proliferation of vehicle telematics, the market is poised for substantial expansion. The market was valued at US$ 224.41 million in 2020 and is estimated to grow at a CAGR of 23.4% from 2021 to 2031, surpassing US$ 2.2 billion by the end of 2031. This article explores the key factors driving this growth and the emerging opportunities in the market.
Growing Adoption of Consumer Smart Appliances and Smart Meters:
The demand for consumer smart appliances and smart meters has been steadily rising, providing long-term value opportunities for stakeholders in the narrowband IoT chipset market. Despite the challenges posed by the lack of standardization of low power wide area network technology, semiconductor companies and other participants in the value chain are working closely with government and regulatory authorities to address this issue. Such collaborations will contribute to the development of emerging economies, particularly in Asia Pacific, such as India, by creating a robust connected network infrastructure for both urban and rural areas.
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Strategic Partnerships and Collaborations:
Companies in the narrowband IoT chipset market are forming strategic partnerships to successfully deploy and test narrowband IoT data connections. These partnerships are playing a crucial role in launching long-range connections, extending the LTE footprint in rural and regional areas. Additionally, collaborations between Indian engineering institutes and tech companies to deploy NB-IoT-based sensor networks for air pollution monitoring in cities like New Delhi highlight the potential of partnerships in driving market growth.
Opportunities in Vehicle Telematics and Smart City Projects:
While stakeholders face financial constraints due to the ongoing COVID-19 outbreak, they are strategically investing in research and development to capitalize on opportunities in vehicle telematics, smart city projects, and wearables. The growth of building automation, healthcare, and environmental monitoring devices is driving demand for narrowband IoT chipsets, presenting revenue opportunities for market participants.
Acceptance of Smart Devices in Low Signal Areas:
The increasing acceptance of smart devices in low signal areas is aiding the expansion of the narrowband IoT chipset market. The alignment of connectivity infrastructure with low power wide area technologies is facilitating the deployment of smart city applications such as smart metering, smart buildings, and smart street lighting. The ability of narrowband IoT chipsets to work with small amounts of data in challenging signal areas positions them as a key enabler for IoT growth.