Analysts at Technavio forecast the global IoT chipset market to grow at a CAGR of more than 13% during the period 2018-2022. The introduction of NB-IoT technology is one of the major trends being witnessed in the market. The introduction of NB-IoT has revolutionized the IoT chipset market and has increased the use of IoT-based chipsets. NB-IoT is a wireless technology, which works on the LPWA network and cannot be operated on LTE-based hardware. The introduction of NB-IoT is a key trend that could positively drive the IoT market. Several factors such as the deployment to a wide area network, increased power efficiency, absence of a gateway for NB-IoT use, cost savings, reliability, and connection to a wide range of frequencies drive the adoption of NB-IoT in the market. NB-IoT technology will allow devices with small form factors and sensors to connect to a licensed narrow bandwidth and will ensure the transfer of data at higher rates.
In their report, Technavio analysts highlight:
- Increasing number of smart devices and applications
- Global IoT chipset market segmentation
- This market research report segments the global IoT chipset market into the following applications (smart cities, industrial Ethernet, smart wearables, connected vehicles, and connected homes) and key regions (the Americas, APAC, and EMEA).
- The smart cities segment dominated the global IoT chipset market in 2017, accounting for a revenue share of more than 47%. It was followed by the industrial ethernet segment with a revenue share of over 29%.
- APAC held the largest share of the global IoT chipset market in 2017, accounting for a market share of over 74%. This region will post significant growth during the forecast period.
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