DUBLIN, March 1, 2024 /PRNewswire/ — The “Satellite IoT Market by Service Type, Frequency Band, Organization Size, Sector (Military & Defense, Agriculture, Construction, Oil & Gas, Utilities, Transportation & Logistics, Maritime) – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global satellite IoT market is projected to reach USD 2.1 billion by 2030, at a CAGR of 18.2% during the forecast period of 2023-2030
The growth of the satellite IoT market is driven by the rising demand for interconnectivity between devices in remote areas and the increasing use of satellite IoT technology in the agriculture industry. However, the high costs of implementing satellite IoT solutions restrain the growth of this market.
Additionally, the growing use of satellite IoT technology in maritime applications is expected to generate growth opportunities for the players in this market. However, satellite IoT devices’ vulnerability to cyberattacks is a major challenge for market growth.
Based on service type, the global satellite IoT market is segmented into satellite IoT backhaul service and direct-to-satellite service.
In 2023, the direct-to-satellite service segment is expected to account for the larger share of the global satellite IoT market. The large market share of this segment is attributed to the rising demand for direct-to-satellite IoT services for tracking and managing remote operations and the growing demand for direct-to-satellite services in smart agriculture and marine applications. Moreover, this segment is projected to register the highest CAGR during the forecast period.
Based on organization size, the global satellite IoT market is segmented into small & medium-sized enterprises and large enterprises.
In 2023, the large enterprises segment is expected to account for the larger share of the global satellite IoT market. The large market share of this segment is attributed to the increasing adoption of satellite IoT technology among large enterprises to reduce their operational costs and environmental footprint, the growing use of satellite IoT for remote sensing and navigation, maritime and transport management, and the rising need to reduce on-site maintenance and inspections. However, the small & medium-sized enterprises segment is expected to register the highest CAGR during the forecast period.
Based on sector, the global satellite IoT market is segmented into agriculture, construction, utilities, oil & gas, military & defense, transportation & logistics, maritime, and other sectors.
In 2023, the military & defense segment is expected to account for the largest share of the global satellite IoT market. The large market share of this segment is attributed to the rising need for enhanced connectivity in remote and harsh environments, the growing need for improved situational awareness in military & defense, and the increasing deployments of satellite IoT services across the military & defense sector.
Satellite IoT is making a significant impact in the military sector by utilizing sensors and devices that enhance situational awareness, streamline complex procedures, and ultimately improve the success rate of defense operations. However, the agriculture segment is projected to register the highest CAGR during the forecast period.
In 2023, North America is expected to account for the largest share of the global satellite IoT market.
North America’s large market share is attributed to the presence of leading satellite IoT providers across the region, efforts by leading companies to launch new satellite IoT solutions, and the increasing adoption of satellite IoT in precision farming and smart greenhouses. However, Asia-Pacific is expected to register the highest CAGR during the forecast period.
Key questions answered in the report
Which are the high-growth market segments in terms of service type, frequency band, organization size, and sector?What is the historical market for satellite IoT across the globe?What are the market forecasts and estimates for 2023-2030?What are the major drivers, restraints, opportunities, challenges, and trends in the global satellite IoT market?Who are the major players in the global satellite IoT market, and what market share do they hold?How is the competitive landscape?What are the recent developments in the global satellite IoT market?What strategies are adopted by the major players in the global satellite IoT market?What are the geographical trends and high-growth countries?Who are the local emerging players in the global satellite IoT market, and how do they compete with the other players?
Market Insights
Factors Affecting Market Growth
Rising Demand for Interconnectivity Between Devices in Remote Areas Driving the Adoption of Satellite IoT ServicesIncreasing Use of Satellite IoT Technology in the Agriculture Industry Accelerating Market GrowthHigh Implementation Costs Limiting the Adoption of Satellite IoT ServicesGrowing Use of Satellite IoT Technology in Maritime Applications Expected to Generate Growth Opportunities for Market PlayersSatellite IoT Devices’ Vulnerability to Cyberattacks Raising Data Privacy & Security Concerns Among End Users
Trends
Low Earth Orbit (LEO) Satellite-based ConnectivityIncreasing Demand for Environmental and Weather Monitoring Devices
Case Studies
Pricing Analysis
Factors that Influence the Pricing of Satellite IoT ServicesAstrocast SA (Switzerland): Satellite IoT Data PlansIridium Communications Inc. (U.S.): Iridium Certus Rates – IoTGlobalstar, Inc. (U.S.): Service Plans
Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
Iridium Communications Inc. (U.S.) Astrocast SA (Switzerland)Airbus SE (Netherlands)Globalstar Inc. (U.S.)Thales (France)Eutelsat Communications S.A (Italy)Thuraya Telecommunications Company (UAE)Vodafone Group Plc (U.K.)Inmarsat Global Limited (U.K.)ORBCOMM Inc. (U.S.)Swarm Technologies Inc. (U.S.)Alen Space S.L. (Spain)Fossa Systems S.L. (Spain)SATELIO IOT SERVICESS.L. (Spain)OQ Technology (Luxembourg).
Competition Analysis
Key Growth StrategiesCompetitive DashboardIndustry LeadersMarket Ranking, By Key PlayerMarket DifferentiatorsVanguardsEmerging CompaniesVendor Market Positioning
Scope of the Report
Satellite IoT Market, by Service Type
Satellite IoT Backhaul ServiceDirect-to-Satellite Service
Satellite IoT Market, by Frequency Band
L BandKu BandKa BandOther Frequency Bands
Satellite IoT Market, by Organization Size
Large EnterprisesSmall & Medium-sized Enterprises
Satellite IoT Market, by Sector
AgricultureEnvironmental and Weather MonitoringEquipment TrackingOther Agricultural ApplicationsConstructionSite MonitoringFleet ManagementOther Construction ApplicationsUtilitiesRemote MonitoringWorker Safety & SecurityOther Utility ApplicationsOil & GasRemote MonitoringWorker Safety & SecurityOther Oil & Gas ApplicationsMilitary & DefenseBorder Intrusion and DetectionAircraft Safety Systems and TelematicsOther Military & Defense ApplicationsTransportation & LogisticsTelematicsLocation TrackingOther Transportation & Logistics ApplicationsMaritimeCommunication and NavigationWeather and Meteorological DataOther Maritime ApplicationsOther Sectors
Satellite IoT Market, by Geography
North AmericaU.S.CanadaAsia-PacificJapanChinaIndiaSouth KoreaSingaporeRest of Asia-PacificEuropeGermanyU.K.FranceItalySpainRest of EuropeLatin AmericaBrazilMexicoRest of Latin AmericaMiddle East & AfricaUAEIsraelRest of Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/y7ocy7
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