Global Satellite IoT Market is valued at approximately USD 1.57 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 21.1% over the forecast period 2024-2032. 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. This technology enables modern businesses and organizations to rely on IoT for numerous data-driven applications, including tracking, monitoring, and managing assets, ensuring worker safety, and enhancing remote operations. Satellite IoT is particularly crucial for operations in areas beyond the reach of traditional cellular networks, which cover only approximately 15% of the planet.
Factors such as growth in digitalization, increased adoption of advanced technologies, and the integration of satellite IoT across various industries such as utilities, maritime, defense, and military are positively impacting the growth of the market. Additionally, the rise in investments in AI, ML, cloud-based services, and IoT is expected to provide lucrative growth opportunities for the market during the forecast period. Moreover, the integration of satellite IoT with mainstream business intelligence technologies further drives market growth. However, high costs associated with the technology, regulatory issues, and lack of comprehensive government policies are expected to hamper market growth.
The key regions considered for the global Satellite IoT Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the satellite IoT market in 2022, owing to significant investments in advanced technologies such as cloud-based services, AI/ML, business analytics solutions, and IoT to improve businesses and customer experiences. However, the Asia-Pacific region is expected to exhibit the highest growth during the forecast period due to increasing digitalization, rapid urbanization, increasing demand for reliable connectivity in remote areas, and growing adoption of IoT applications across sectors such as agriculture, logistics, and disaster management. Additionally, government initiatives to boost digital infrastructure and the rising disposable income are fueling market growth.
Major market players included in this report are:
ORBCOMM
Intelsat
Iridium Communications Inc.
Airbus
Globalstar
OQ Technology
Eutelsat Communications S.A.
Thales
Astrocast
INMARSAT GLOBAL LIMITED
The detailed segments and sub-segment of the market are explained below:
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
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
