Narrowband IoT (NB-IoT) chipset market is expected to grow from USD 16.7 million in 2017 to USD 181.02 million by 2022, at a CAGR of 61.06 percent between 2017 and 2022, estimates Markets and Markets. The increasing adoption of IoT and growth in network-enabled devices, and demand for long-range connectivity is driving the market. The existing LPWA technologies are fragmented, non-standardized, and require a high operational cost. NB-IoT technology is expected to overcome these shortcomings as it is highly reliable, consumes less power, and has low operational cost. The market for standalone is expected to grow at the highest rate between 2017 and 2022. The standalone deployment technique for NB-IoT is considered to be a good option for LTE networks running in parallel with GSM as it allows steering some GSM/GPRS traffic to the LTE network, resulting in one or more of the GSM carriers to be used to carry IoT traffic. This approach also accelerates time-to-market, and maximizes the benefits of a global-scale infrastructure once NB-IoT has been successfully tested.
On the basis of device, the alarm and detectors devices are expected to hold the largest market share in 2017. On the basis of end-use application, infrastructure application is expected to hold the largest market share in 2017. The usage of safety alarms and detectors is increasing across several end-user industries. Sensors have been effectively deployed in many applications for monitoring purposes. The market for automotive and transportation applications is expected to grow at the highest rate during the forecast period due to increase in infotainment and telematics applications.