Narrowband IoT (NB-IoT) Chipset Market Size, Share, Growth Analysis, By End Use(agriculture, automotive & transportation, energy & utilities, healthcare), By component(hardware and software), By Region - Industry Forecast 2024-2031

Narrowband IoT (NB-IoT) Chipset Market Drivers

Increasing Adoption of IoT and Connected Devices

• The growing number of connected devices and IoT are being adopted along with better battery life. Battery life is an important consideration in the world of IoT devices and other connected devices today. Because modern smartphones are so different from models from just a few years ago, smartphone manufacturers are constantly attempting to improve their device’s battery life. Every year, technologies evolve and become more advanced and sophisticated. As machine-to-machine communications become more common, the market for connected devices is expanding, particularly in the industrial sector. Furthermore, market trends such as IoT have enabled connectivity in virtually every industry, including healthcare, consumer electronics, and retail.

Lower Initial and Maintenance Costs

• Lower initial and maintenance costs as well as increasing reliability there. A business is basically a living entity trying to survive in the market where cost is a critical factor in the growth and revenue of any business. NB-IoT and similar technologies use a simple waveform that consumes less power. But it's not just about saving energy. Making NB-IoT chips will become more affordable as NB-IoT becomes more popular.

Narrowband IoT (NB-IoT) Chipset Market Restraints

Availability of alternatives on the market as well as incompatibility with high data speed

• The availability of alternatives on the market as well as incompatibility with high data speed is there. In comparison to LTE-M, NB-IoT is less suitable for situations requiring extremely low network latency. LTE-M will be less common in situations requiring near-real-time data, where LTE-M is a better fit. Both NB-IoT and LTE-M play a role in enabling use cases that require speed and are frequently critical during the 5G transition. Not everything is dependent on the communication standard chosen. NB IoT was developed as a pure data transfer method for fixed or mobile devices. It cannot switch between cells seamlessly and cannot serve applications that require low latency.