Satellite IoT refers to the use of satellite communication networks and services to connect terrestrial IoT sensors and IoT end-nodes to a server, either in conjunction with or as an alternative to terrestrial communication networks. Satellite IoT because there is no need to keep terrestrial and satellite communication options separate, consumers and industrial users can take advantage of a reduction in running costs. Modern businesses and organizations rely on IoT to enable millions of intelligent data conversations, helping them track, monitor and manage assets; ensure the safety of their workers, and improve remote operations. For many business operations, IoT technology offers critical elements of the economy, such as the global supply chain, which can be managed remotely. For instance, trucks carrying perishable goods can be monitored in real time, merchant ships can be piloted from the safety of the shore, and this can be made possible by some form of connectivity. But Ince cellular coverage only reaches approximately 15% of the planet, technology developers have had to find ways to extend their reach beyond the limits of terrestrial infrastructure. This need led more companies to look to satellite communications to create coverage continuity, and as a result, satellite IoT has emerged as a new category of option to solve issues. Such factors are expected to provide lucrative growth opportunities for the market during the forecast period.
Factors such as growth in digitalization and Increase in adoption of advanced technologies are positively impacting the growth of the market. In addition, the Increase in adoption of satellite IoT in various industries such as utilities, maritime, defense & military, among others to enhance productivity, are expected to fuel the growth of the market. Furthermore, the Increase in investments in advanced technologies such as AI, ML, cloud-based services and IoT is expected to provide lucrative growth opportunities for the market during the forecast period. Moreover, integration of satellite with mainstream technologies for business intelligence positively impacts the growth of the market. However, the high cost of technologies and regulatory issues and lack of comprehensive government policies regarding satellite IoT are expected to hamper the market growth. Furthermore, rise in adoption of cloud-based solution and Increase in application of augmented reality (AR) & virtual reality (VR) technologies in information system are expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
On the basis of enterprise size, the large enterprise segment dominated the satellite IoT market size in 2022 and is expected to continue this trend during the forecast period. The surge in adoption of satellite IoT in large businesses opens numerous opportunities for the market growth. However, the small and medium-sized enterprise segment is expected to experience the fastest growth in the coming years. Factors such as surge in digitalization and Increase in government initiatives through various digital small and medium-sized enterprise campaigns throughout the world fuel the growth of the market.
By region, North America dominated the satellite IoT market share in 2022 for the satellite IoT market. The Increasing investment in advanced technologies such as cloud-based services, AI/ML, business analytics solution and IoT to improve businesses and the customer experience are anticipated to propel the growth of the satellite IoT market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the Increase in penetration of digitalization and higher adoption of advanced technology are expected to provide lucrative growth opportunities for the market in this region.
The satellite IoT market is segmented into service type, frequency band, enterprise size, industry vertical, and region. By service type, it is bifurcated into Direct-to-Satellite and Satellite IoT Backhaul. By frequency band, it is divided into L-Band, Ku and Ka Band, S-Band and Others. By enterprise size, the market is segregated into small & medium-sized enterprises and large enterprises. By industry vertical, the market is classified into oil and gas, transportation and logistics, energy and utilities, agriculture, maritime, healthcare, military and defense and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global satellite IoT industry is dominated by key players such as ORBCOMM, Iridium Communications Inc., Inmarsat Global Limited, Airbus, Astrocast, Intelsat, Globalstar, Thales, OQ Technology, and Eutelsat Communications S.A. These players have adopted various strategies to Increase their market penetration and strengthen their position in satellite IoT industry.
Factors such as growth in digitalization and Increase in adoption of advanced technologies are positively impacting the growth of the market. In addition, the Increase in adoption of satellite IoT in various industries such as utilities, maritime, defense & military, among others to enhance productivity, are expected to fuel the growth of the market. Furthermore, the Increase in investments in advanced technologies such as AI, ML, cloud-based services and IoT is expected to provide lucrative growth opportunities for the market during the forecast period. Moreover, integration of satellite with mainstream technologies for business intelligence positively impacts the growth of the market. However, the high cost of technologies and regulatory issues and lack of comprehensive government policies regarding satellite IoT are expected to hamper the market growth. Furthermore, rise in adoption of cloud-based solution and Increase in application of augmented reality (AR) & virtual reality (VR) technologies in information system are expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
On the basis of enterprise size, the large enterprise segment dominated the satellite IoT market size in 2022 and is expected to continue this trend during the forecast period. The surge in adoption of satellite IoT in large businesses opens numerous opportunities for the market growth. However, the small and medium-sized enterprise segment is expected to experience the fastest growth in the coming years. Factors such as surge in digitalization and Increase in government initiatives through various digital small and medium-sized enterprise campaigns throughout the world fuel the growth of the market.
By region, North America dominated the satellite IoT market share in 2022 for the satellite IoT market. The Increasing investment in advanced technologies such as cloud-based services, AI/ML, business analytics solution and IoT to improve businesses and the customer experience are anticipated to propel the growth of the satellite IoT market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the Increase in penetration of digitalization and higher adoption of advanced technology are expected to provide lucrative growth opportunities for the market in this region.
The satellite IoT market is segmented into service type, frequency band, enterprise size, industry vertical, and region. By service type, it is bifurcated into Direct-to-Satellite and Satellite IoT Backhaul. By frequency band, it is divided into L-Band, Ku and Ka Band, S-Band and Others. By enterprise size, the market is segregated into small & medium-sized enterprises and large enterprises. By industry vertical, the market is classified into oil and gas, transportation and logistics, energy and utilities, agriculture, maritime, healthcare, military and defense and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global satellite IoT industry is dominated by key players such as ORBCOMM, Iridium Communications Inc., Inmarsat Global Limited, Airbus, Astrocast, Intelsat, Globalstar, Thales, OQ Technology, and Eutelsat Communications S.A. These players have adopted various strategies to Increase their market penetration and strengthen their position in satellite IoT industry.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the satellite iot market analysis from 2022 to 2032 to identify the prevailing satellite iot market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the satellite iot market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global satellite iot market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Service Type
- Direct-to-Satellite
- Satellite IoT Backhaul
By Frequency Band
- L-Band
- Ku and Ka-Band
- S-Band
- Others
By Enterprise Size
- Large Enterprise
- Small and Medium-sized Enterprise
By Industry Vertical
- Oil and Gas
- Transportation and Logistics
- Energy and Utilities
- Agriculture
- Maritime
- Healthcare
- Military and Defense
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Russia
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Airbus
- Astrocast
- Eutelsat Communications S.A.
- Globalstar
- INMARSAT GLOBAL LIMITED
- Intelsat
- Iridium Communications Inc.
- OQ Technology
- ORBCOMM
- Thales
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SATELLITE IOT MARKET, BY SERVICE TYPE
CHAPTER 5: SATELLITE IOT MARKET, BY FREQUENCY BAND
CHAPTER 6: SATELLITE IOT MARKET, BY ENTERPRISE SIZE
CHAPTER 7: SATELLITE IOT MARKET, BY INDUSTRY VERTICAL
CHAPTER 8: SATELLITE IOT MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Satellite IoT Market,' The satellite iot market was valued at $1.3 billion in 2022, and is estimated to reach $8.7 billion by 2032, growing at a CAGR of 21.1% from 2023 to 2032.The Satellite IoT Market is likely to experience a significant growth rate of 21.1% from 2023-2032, owing to rise in demand for interconnectivity between devices in remote areas.
Satellite IoT refers to the use of satellite communication networks and services to connect terrestrial IoT sensors and IoT end-nodes to a server, either in conjunction with or as an alternative to terrestrial communication networks. Satellite IoT because there is no need to keep terrestrial and satellite communication options separate, consumers and industrial users be able to take advantage of a reduction in running costs. Moreover, Networking services provided by satellite constellations have become more affordable, available, and accessible over the years. IoT services provided by satellites can overcome the limitations of scalability by providing truly global connectivity that can even reach devices with limited or no access to terrestrial networks. Satellites can provide connectivity over places with underdeveloped infrastructure or none like vast seas and oceans, mountainous regions, and remote areas with harsh environmental conditions. Moreover, IoT is being used in more ways in even the most remote and unreachable parts of the world. The ability to use satellites to carry the signal, rather than relying on cell towers and the coverage they provide, is a huge step forward that could prove transformative to many industries and bring about a more rapid growth in numerous technologies.
Factors such as growth in digitalization and increase in adoption of advanced technologies are positively impacting the growth of the market. In addition, the increase in adoption of satellite IoT in various industries such as utilities, maritime, defense & military, among others to enhance productivity, fuel the growth of the market. Furthermore, the increase in investments in advanced technologies such as AI, ML, cloud-based services and IoT is expected to provide lucrative growth opportunities for the market during the forecast period. Moreover, integration of satellite with mainstream technologies for business intelligence positively impacts the growth of the market. However, the high cost of technologies and regulatory issues and lack of comprehensive government policies regarding satellite IoT are expected to hamper the market growth. Furthermore, rise in adoption of cloud-based solution and increase in application of augmented reality (AR) & virtual reality (VR) technologies in information system are expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The satellite IoT market is segmented into service type, frequency band, enterprise size, industry vertical, and region. By service type, it is bifurcated into Direct-to-Satellite and Satellite IoT Backhaul. By frequency band, it is divided into L-Band, Ku and Ka Band, S-Band and Others. By enterprise size, the market is segregated into small & medium-sized enterprises and large enterprises. By industry vertical, the market is classified into oil and gas, transportation and logistics, energy and utilities, agriculture, maritime, healthcare, military and defense and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The effects of the COVID-19 pandemic on the global economy boosted the growth of the satellite IoT market owing to an increase in trend of work from home model that compelled employers to use role-based access systems to keep corporate data and network safe. The market witnessed a significant upturn, owing to the continued surge in demand for wireless systems and security systems, specifically in the information and communication sector. In addition, post-COVID-19 situation, companies also focused on emerging technologies such as cloud computing technology, internet of things, and machine learning-based solutions, among others, to provide role-based security that assigns permissions to end-users based on their role within the organization. As a result, companies enhanced their satellite IoT services to strengthen their position in the market. For instance, in April 2022, Amazon Web Services Inc's platform Amazon Redshift enhanced its satellite IoT service and supports satellite IoT that helps to simplify the management of security privileges in Amazon Redshift. The satellite IoT enhanced feature includes control end user access to data at a broad or granular level based on their job role/permission rights and level of data sensitivity.
Key Market Insights
- By service type, the direct-to-satellite segment was the highest revenue contributor to the market in 2022, and is estimated to reach $5,402.43 million by 2032, with a CAGR of 20.0%. However, the satellite IoT backhaul segment is estimated to be the fastest growing segment with a CAGR of 23.2% during the forecast period.
- By frequency band, the L-band segment dominated the global market share in 2022, and is estimated to reach $2,292.64 million by 2032, with a CAGR of 17.4%. However, the Ku and Ka-Band segment is expected to be the fastest growing segment of the market during the forecast period.
- By enterprise size, the large enterprises were the highest revenue contributor to the market, with $918.88 million in 2022, and is estimated to reach $5,474.48 million by 2032, with a CAGR of 19.9%.
- By industry vertical, the oil and gas sector dominated the global market share in 2022, and is estimated to reach $1,028.8 million by 2032, with a CAGR of 16.0%.
- Region wise, North America was the highest revenue contributor, accounting for $461.77 million in 2022, and is estimated to reach $2,636.09 million by 2032, with a CAGR of 19.4%.
Companies Mentioned
- Airbus
- Astrocast
- Eutelsat Communications S.A.
- Globalstar
- INMARSAT GLOBAL LIMITED
- Intelsat
- Iridium Communications Inc.
- OQ Technology
- ORBCOMM
- Thales
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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