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Atlas RFID Solutions offers new track-and-trace software; Smartrac NFC products certified by NFC Forum, DEKRA Lab; Senet, Radio Bridge partner to accelerate IoT solution development; Yokogawa Electric Corp. deploys Multi-Tech Systems' IIoT gateway; MarketsandMarkets releases forecasts for narrowband IoT, 5G IoT markets.
By Rich Handley

MarketsandMarkets Releases Forecasts for Narrowband IoT, 5G IoT Markets

The narrowband-Internet of Things (NB-IoT) chipset market is expected to grow to $2 billion by 2024, at a compound annual growth rate of 49.1 percent, according to a recent report from MarketsandMarkets. Widening applications of the technology and the increasing participation of industry players in its development are among the factors fueling the growth of the NB-IoT chipset market.

The growing market for wearable devices across health care, entertainment, sports, fitness and other applications is driving the demand for low-power and highly secure cellular networks such as NB-IoT in wearable devices, the report indicates. The rising demand for personal care diagnostics and a growing aging population in developed countries, such as Japan, the United Kingdom, Germany and the United States, drives the demand for wearable devices.

The implementation of NB-IoT technology is expected to help the energy sector to achieve business objectives. In the coming years, the company reports, the technology can be deployed for overall plant automation, process optimization, supply chain optimization, increased safety and integrated business processes, while fulfilling corporate social responsibility. Currently, smart metering is the major application of NB-IoT technology in energy and utilities.

The growing adoption of NB-IoT technology in multiple applications, such as smart meters, smart parking, smart streetlights and health care, is the key factor driving the growth of the NB-IoT chipset market in APAC, according to the report. China is currently dominating the market in APAC. Favorable government policies and a strong presence of chipsets, modules and infrastructure providers in China are the prime factors fueling the growth of the market in China.

MarketsandMarkets has also forecast that the global 5G IoT market size will grow to $6.3 billion by 2025 at a CAGR of 55.4 percent during the forecast period. The IoT has been radically changing consumer and business landscapes during the past few decades. The number of connected devices is expected to reach around 22 to 25 billion by 2025, ranging from consumer wearable devices and industrial devices to connected cars. These connected devices require low power, faster connectivity and higher security.

Several connectivity technologies are available in the market, such as non-cellular, non-carrier, cellular IoT and satellite network. Bluetooth, Zigbee, LoRa, Sigfox, LPWAN, RFID, BLE, WLAN and LTE (Category M1 [Cat-M1] and Narrowband-IoT [NB-IoT]) are among the key options available for IoT connectivity, according to the report. Enterprises are leveraging these communication techniques per the demand and requirement of the IoT network, the company explains.

The short-range IoT devices segment is estimated to show the highest market share in 2020, the report indicates, and is expected to witness strong growth characteristics in the coming years. With emerging new application areas, short-range IoT devices need another type of connectivity solution that can fulfill the growing need for data speed. For instance, in-building connectivity devices in the manufacturing, health-care, energy, utilities and retail sectors demand low latency and high power, which are fulfilled by 5G networks.

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