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Satellite IoT Markets – Global Forecast to 2030: Growing Use of Satellite IoT Technology in Maritime Applications and Remote Areas Expected to Generate Growth Opportunities

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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

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Dun & Bradstreet India and NERAMAC sign MOU to foster MSME exporters’ growth in India

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MUMBAI, India, Dec. 23, 2024 /PRNewswire/ — Dun & Bradstreet India, a global leader in business decisioning data and analytics, has announced today that it has partnered with the Northeastern Regional Agricultural Marketing Corporation (NERAMAC) to issue D-U-N-S® Numbers to Farmer Production Organizations (FPOs) in the North Eastern region of India. 

The D-U-N-S® Number is a unique nine-digit identifier for businesses. This number is assigned once Dun & Bradstreet’s patented identity resolution process identifies a company as being unique from any other in the Dun & Bradstreet Data Cloud. It helps identify, validate, and link businesses worldwide.  

Speaking about the partnership, Preeta Misra, Senior Director – Credibility & Business Insights Group, ESG and SME, Dun & Bradstreet India said, “This is a valuable opportunity for all the Farmer Producer Organizations (FPOs) registered with NERAMAC to enhance their visibility and expand their reach both locally and globally. The Northeastern Region of India, known for its rich agricultural diversity and unique products, offers immense potential for FPOs to showcase their goods and connect with new markets. By leveraging this opportunity, these FPOs can not only gain visibility in the international markets but also contribute to the growth and development of the region’s agricultural sector on a broader scale.”  

Talking about the benefit of the D-U-N-S® Number, Misra further added, “The industry-recognized D-U-N-S® Number, an identifier for more than 590 million entities in the Dun & Bradstreet Data Cloud, provides information and linkage across business relationships, employers, and subsidiaries for more effective decision making.” 

Cmde Rajiv Ashok (Retd), Managing Director of NERAMAC said, “The logical progression for any Farmer Producer Company (FPC) is to seek opportunities and increase business. Given the geography, climatology and land holding patterns, the cultivated quantities of produce in Northeastern Region, relative to other regions of India, is relatively limited. However, the produce has its USP in terms of quality and limited exposure to chemical fertilizers/ pesticides. The obvious extrapolation from here leads to the requirement to export the produce to ensure higher income generation for farmers in FPOs/ FPCs. We believe that the Dun &Bradstreet’s D-U-N-S number will empower our FPOs/ FPCs to build credibility, increase visibility, expand across global markets, find potential customers, and identify growth opportunities. 

For details, you can get in touch with NERAMAC at cs@neramac.com or write to D&B at india@dnb.com

About NERAMAC: 

North Eastern Regional Agricultural Marketing Corporation (NERAMAC) Limited was incorporated in 1982 as a CPSE of the GoI and it now functions under the administrative control of Ministry of Development of the North Eastern Region (MDoNER). 

NERAMAC has evolved over the years and apart from its role as a marketing agency, it has in the recent years focused on capacity building. Accordingly, it is an Implementing Agency of the MoAFW 10,000 FPO Formation and Promotion scheme and has developed 220 FPOs. Significant steps have also been taken into the cold chain segment and establishment of food processing units both major and minor. Skill Training and entrepreneurship development is being undertaken in a big way with agencies like; MSDE, NSDC, FICSI, ASCI, NABARD, Min of Social Justice etc. With the mandate now extending into Fisheries and Dairy sectors, it is expected that in the near future, the reach of NERAMAC in NER would further extend. 

About Dun & Bradstreet: 

Dun & Bradstreet, a leading global provider of business decisioning data and analytics, enables companies around the world to improve their business performance. Dun & Bradstreet’s Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk and transform their businesses. Since 1841, companies of every size have relied on Dun & Bradstreet to help them manage risk and reveal opportunity. For more information on Dun & Bradstreet, please visit www.dnb.com

Dun & Bradstreet Information Services India Private Limited is headquartered in Mumbai and provides clients with data-driven products and technology-driven platforms to help them take faster and more accurate decisions across finance, risk, compliance, information technology and marketing. Working towards Government of India’s vision of creating an Atmanirbhar Bharat (Self-Reliant India) by supporting the Make in India initiative, Dun & Bradstreet India has a special focus on helping entrepreneurs enhance their visibility, increase their credibility, expand access to global markets, and identify potential customers & suppliers, while managing risk and opportunity.  

India is also the home to Dun & Bradstreet Technology & Corporate Services LLP, which is the Global Capabilities Center (GCC) of Dun & Bradstreet supporting global technology delivery using cutting-edge technology. Located at Hyderabad, the GCC has a highly skilled workforce of over 500 employees, and focuses on enhanced productivity, economies of scale, consistent delivery processes and lower operating expenses.  

Visit www.dnb.co.in for more information. Click here for all Dun & Bradstreet India press releases. 

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GDIN Support Strengthens South Korea’s Digital Twin Industry

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Investment results in 18 signed agreements and $17,210,000 in potential export deals

SEOUL, South Korea, Dec. 23, 2024 /PRNewswire/ — Global Digital Innovation Network (GDIN), the South Korean foundation formerly known as Born2Global Centre, is announcing the results of its investment in the overseas expansion of several digital twin technology companies.

Successfully fostering South Korea’s digital twin industry

Focusing on their global competitiveness and growth, GDIN has aimed to bolster ten Korean companies innovating in digital twin technology:

VEStellaLabSIMACRO7meerkatCare&CoTildaQUVEVSLTIM SolutionRECON LabsNAONWORKS

These efforts resulted in a total of 18 signed agreements, including MoUs, NDAs, and business contracts. There were 733 total export consultation cases conducted, leading to potential export deals worth up to $17,210,000.

Ji Ryung Chung, CEO of Tilda, a machine learning-based business optimization solution company, stated, “With the support of GDIN’s digital twin company assistance program, we were able to connect with potential business partners in the Middle East, including the UAE, and establish a collaborative relationship with a research institution in Luxembourg, laying the foundation for our entry into the European market.”

GDIN CEO Jongkap Kim remarked, “Digital twin technology companies possess the capability to blur the boundaries between the digital and physical worlds. Similarly, we strive to ensure that national borders are not barriers for digital technology companies either.” He emphasized that GDIN will continue to support these companies for their global success.

Incubating innovation

GDIN’s support included a range of resources and assistance. Firstly, its professional consulting services assisted with analyzing the current status of each company’s target markets, assessing the feasibility of market entry, and formulating market entry strategies.

To sharpen competitiveness in technologies offered, GDIN facilitated each company’s efforts to evaluate, improve, and comply with the digital twin solution standard ISO 23247. The foundation also provided assistance to complete software quality certifications based on the ISO/IEC 25023 quality standard.

Finally, support covered promotional activities such as participation in international exhibitions—such as GITEX Expand North Star 2024—to assist with identifying potential customers and business partners.

To learn more about GDIN, please follow their LinkedIn page: https://www.linkedin.com/company/gdinfoundation/

Or visit: www.gdinfoundation.com

About Global Digital Innovation Network

Global Digital Innovation Network (formerly known as Born2Global Centre), registered under the South Korean Ministry of Science & ICT (MSIT), is an independent foundation that promotes and fosters collaboration between next-level innovative companies from South Korea and the world.

Since 2013, we have established 160 international partnerships, supported 3k tech companies, conducted 20k consultation sessions, and helped companies raise $3.6 billion USD in investments. We are passionate about becoming the global leader for digital transformation through international partnerships, and we strive to redefine the future of digitalization on a global scale.

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Siraj Finance PJSC signs an agreement with Azentio for iMAL core and digital financial services solution subscription optimization

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SINGAPORE, Dec. 23, 2024 /PRNewswire/ — Siraj Finance PJSC, a leading Islamic Finance Company in the UAE, has signed an agreement with Azentio, a pioneer in the core banking technology service provider. The agreement represents the collaboration for implementation of the core and digital banking solution to further enhance the operational capabilities and digitization of Siraj Finance’s product and service offerings. The step is directly in line with Siraj Finance’s goal of providing diversified Islamic financial products and services via channels that are innovatively utilizing latest technology while remaining customer centric and regulatory compliant.

Mr. Amjad Hijazi – Chief Operating Officer, Mr. Joseph Daniel – Chief Business Intelligence & Strategy Officer, Mr. Syed Moosa Kaleem Al Falahi – Chief Business & Investment Officer and Mr. Fazal Nassim – Chief Governance & Compliance Officer represented Siraj Finance, whereas Mr. Rahul Arora – Chief Sales Officer, Mr. Harkaran Singh – Senior Vice President, Middle East & Africa, Mr. Zaher El Khatib – Vice President Global Islamic Banking Sales, Mr. Alfred Quertier – Director Global Sales Engineering and Mr. Bhushan Kelkar – Vice President Sales represented Azentio, in the signing ceremony.

Commenting on the partnership, Mr. Amjad stated, “We are delighted to be working with Azentio as our technology partner of choice to empower our ongoing business growth. For us, iMAL and its comprehensive functionality coupled with the adherence to Islamic principles, align with our goals, allowing our team to streamline processes, enhance productivity and elevate the omnichannel customer journey.”

Mr. Rahul added, “We are extremely pleased to partner with Siraj Finance to deliver a user-friendly digital financial services experience to both their retail and corporate customers. This partnership reflects our ongoing commitment to empowering financial institutions in the region with cutting-edge technology designed to meet both current and future needs.”

About Siraj Finance

Siraj Finance is a private joint stock company based in Abu Dhabi and regulated by the Central Bank of the UAE. Established in 1999, it proudly offers a multitude of financial products, designed in compliance with the Sharia principles. It caters to Corporates, Small and Medium Enterprises (SMEs) and individuals, with the objective of providing a variety of tailored product and service options that are best fit for their aspirations and needs.

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