Albany, NY -- (SBWIRE) -- 02/14/2017 -- Narrowband IoT (Internet of Things) is a radio technology standard which is a low power wide area network technology enabling both devices and services which varies across a wide range to be connected by the usage of cellular telecommunication bands. This new technology will help in better indoor coverage, low delay sensitivity and low power consumption of devices with optimized network architecture. Narrowband IoT chipsets also supports large number of low throughput devices helping in utilization of resource blocks with LTE carriers. Narrowband IoT technology further helps in connection of devices more efficiently on established mobile networks and also has the power of handling small amount of infrequent data from both sides. Globally narrowband IoT chipset market can be segmented on the basis of stationing, technology, devices and application areas. On the basis of technology, the global narrowband IoT market is segmented into software and hardware. Other than this, based on stationing global narrowband IoT market is divided into guard band, in band and standalone. Classification for global narrowband IoT chipset is also done on the basis of devices which includes trackers, wearable devices, smart appliances, alarms and detectors among others. Automation, manufacturing, automotive and transportation, healthcare, agriculture, infrastructure, safety and security and waste management are the major application areas based on which narrowband IoT chipset marker is segmented globally.

Global Narrowband IoT Chipset market on the basis of geography is segmented into North America, Asia Pacific, Europe, Latin America, Middle East and Africa.

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There has been a rise in demand for cellular IoT networks which has formed one of the major reason for the growth of narrowband IoT market globally. Narrowband IoT technology supports more connections along with proving better network coverage which together has formed some of the major reasons for the rise in demand for narrowband IoT chipset in global market. Moreover, the narrowband IoT technology provides better penetration coverage as well as lower component costs is further helping in the rising demand for narrowband IoT technology all over the world. Technological dependence for the application of narrowband IoT technology has been a major restraint for narrowband IoT chipset market globally. Moreover, narrowband IoT chipset market is highly fragmented along with huge operational costs which are associated with implementation of this technology. All these factors, along with lack of standardization has been some of the major reasons further restraining growth of narrowband IoT chipset market. With growing implementation of narrowband IoT technology along with rise in internet penetration is expected to provide many opportunity areas for global narrowband IoT market in future.

Geographically, it is North America which holds the major market share in the global narrowband IoT chipset market. Huge internet penetration resulting in presence of multiple networks for communication has been a major reason for the growth of Narrowband IoT Chipset market in North America. In addition to this, huge investments are being made by government for developing smart cities where the narrowband IoT technology is used extensively further helping the market to grow in North America. Asia Pacific has been a major region contributing to the growth of narrowband IoT chipset market globally and is expected to witness the highest growth in the forecasted period. Growing internet application along with government grants for enhancing the IoT technology has been some of the major reasons leading to the growth of narrowband IoT technology in Asia Pacific. China, Japan, India and South Korea are some of the major countries contributing to the growth of narrowband IoT market in Asia Pacific region.

Some of the major players operating in the Narrowband IoT Chipset market include Huawei Technologies Co. Ltd. (China), MistBase AB (Sweden), Ericsson (Sweden), U-Blox Holding AG (Switzerland), Vodafone Group PLC (U.K.), CommSolid GmBH (Germany), Qualcomm Incorporated (U.S.), Verizon Communication (U.S.), Intel Corporation (U.S.), Nokia Networks (Finland) and Samsung Group (South Korea) among others which are present in the market globally.