LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global IoT chipset market to grow at a CAGR of more than 13% during the period 2018-2022, according to their latest report.
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.
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In this report, Technavio analysts highlight the increasing number of smart devices and applications as a key factor contributing to the growth of the global IoT chipset market:
Increasing number of smart devices and applications
Smart devices are interactive gadgets, which connect users and other devices through protocols such as Wi-Fi, Bluetooth, 4G, and 3G. Smart devices include smartphones; smart wearables such as smartwatches and fitness bands; smart home appliances such as smart bulbs, smart locks, and smart thermostats; and smart automobiles. These devices serve as an interface between humans and technology and bridge the gap between the digital and physical world through IoT. The increasing popularity and growing dependence on smart devices have led to the growth of the smart device market.
According to a senior analyst at Technavio for semiconductor equipment, “Smart devices provide various benefits, including optimized decision-making, ease of handling emergencies, cost-cutting, remote control access, enhanced quality of living, time management, commercial benefits, and better safety and security. The increasing automation of industrial processes, mechanization of the workforce, government-driven initiatives, and rising demand for smart homes are expected to drive the market during the forecast period.”
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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). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
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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