Satellite IoT Market to Be Worth $11.4 Billion by 2030

Meticulous Research®-a leading global market research company, published a research report titled, 'Satellite IoT Market by Service Type (Satellite IoT Backhaul Service, Direct to Satellite Service), Frequency Band, Organization Size, Sector (Agriculture, Military & Defense, and Transportation & Logistics, and Geography - Global Forecast to 2030.'

According to this latest publication from Meticulous Research®, the satellite IoT market is projected to reach $11.4 billion by 2030, at a CAGR of 18.2% from 2023 to 2030. The growth of the satellite IoT market is driven by the increasing development of satellite networks, increasing demand for hybrid satellite-terrestrial connectivity, and the growing adoption of satellite IoT to automate the business process in the agriculture sector. However, the high cost associated with the development and maintenance of satellite IoT restrains the growth of the satellite IoT market. Further, the growing adoption of satellite IoT in various industries, rising technological advancements, and growing use of small satellites in various applications are expected to create market growth opportunities. However, the vulnerability of satellite IoT devices to cyber-attacks is a major challenge for the players operating in this market.

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The satellite IoT market is segmented by service type (satellite IoT backhaul service and direct-to-satellite service), frequency band (L Band, Ku band, Ka band, and other frequency bands), organization size (large enterprises, small & medium-sized enterprises), and sector (agriculture, construction, utilities, oil & gas, military & defense, transportation & logistics, maritime, and other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on service type, the 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 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 in various sectors and the rising need for direct-to-satellite services in smart agriculture and marine space. In addition, the benefits offered by satellite IoT, such as reliability, speed, ubiquitous coverage, real-time data and insights, and cost-effectiveness, further support the growth of this segment. Also, this segment is slated to register the highest CAGR during the forecast period.

Based on frequency band, the satellite IoT market is segmented into L Band, Ku band, Ka band, and other frequency bands. In 2023, the L Band segment is expected to account for the larger share of the satellite IoT market. The large market share of this segment is attributed to the growing demand for the L band in the maritime sector and the growing adoption of the L band in various applications such as radars, global positioning systems (GPS), radio, telecommunications, and aircraft surveillance. However, the Ka band segment is slated to register the highest CAGR during the forecast period due to the growing adoption of the Ka band in military aircraft, space telescopes, and vehicle speed detection systems.

Based on organization size, the satellite IoT market is segmented into large enterprises and small & medium-sized enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the satellite IoT market. The large market share of this segment is attributed to the strong infrastructure of large enterprises, the management of satellite IoT platforms by skilled IT personnel, and growing technological advancements. However, the small & medium-sized enterprises segment is slated to register the highest CAGR during the forecast period.

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Based on sector, the 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 satellite IoT market. The large market share of this segment is attributed to the increasing need for aircraft safety systems and telematics, rising demand for border intrusion and detection, and rising security concerns and the need for reliable surveillance.

However, the agriculture segment is slated to register the highest CAGR during the forecast period. The rising need for environmental and weather monitoring, growing demand for livestock monitoring, and the growing adoption of satellite IoT in precision farming and smart greenhouses are expected to support the growth of this segment.

Based on geography, the satellite IoT market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the satellite IoT market. The presence of prominent players offering advanced satellite IoT services to various sectors is one of the major factors driving this market's large share. Furthermore, the growing adoption of satellite IoT in military & defense, transportation & logistics, and maritime sector, growing technological advancement, and surging demand for earth observation satellites are also contributing to the growth of the satellite IoT market in North America.

However, Asia-Pacific is projected to register the highest growth rate during the forecast period. The rapid growth of this market is driven by the growth in regional economies, growing awareness regarding satellite IoT among small and medium-sized organizations, and the growing adoption of satellite IoT in the agriculture sector, especially in China, India, and Thailand.

Key Players

The key players operating in the satellite IoT market are ORBCOMM Inc. (U.S.), Iridium Communications Inc. (U.S.), Astrocast SA (Switzerland), Airbus SE (Netherlands), Globalstar (U.S.), Thales Group (France), Eutelsat Communications S.A. (France), Swarm Technologies Inc. (U.S.), Thuraya Telecommunications Company (UAE), Verizon Communications Inc. (U.S.), Alén Space (Spain), Surrey Satellite Technology Limited. (U.K.), Fleet Space Technologies Pty Ltd. (Australia), Vodafone Group Plc. (U.K.), and FOSSA Systems S.L. (Spain).

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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 size 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 are their market shares?
What is the competitive landscape like?
What are the recent developments in the global satellite IoT market?
What are the different strategies adopted by major market players?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the global satellite IoT market, and how do they compete with other players?

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This release was published on openPR.