Satellite IoT Market to be Worth $2.1 Billion by 2030

[Redding, California, January 29, 2024] - Meticulous Research®, a leading market research firm, unveils a comprehensive analysis outlining the profound impact of Satellite IoT on military, defense, and various sectors, forecasting a remarkable market value of $2.1 billion by 2030, with a CAGR of 18.2% from 2023 to 2030.

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Revolutionizing Defense Operations:
Satellite IoT has ushered in a new era for military and defense operations, providing unparalleled advantages in communication, data gathering, and situational awareness. Through the deployment of sensors and devices, the military gains enhanced environmental awareness, facilitating complex procedures and elevating the success rate of defense operations. This technology ensures uninterrupted communication and real-time data transmission in remote and challenging terrains where conventional networks often fail. Real-time data gathering from sources such as unmanned aerial vehicles (UAVs), ground sensors, and surveillance cameras further amplifies the capabilities of military personnel.

Disaster Relief and Humanitarian Aid:
In disaster relief and humanitarian aid missions, Satellite IoT emerges as a critical technology, offering reliable communication and connectivity in areas with damaged or non-existent terrestrial infrastructure. This facilitates effective coordination among relief agencies, enabling faster and more efficient response to affected populations.

Market Growth Drivers and Challenges:
Meticulous Research® identifies the rising demand for interconnectivity in remote areas and the increasing adoption of Satellite IoT technology in the agriculture industry as key drivers for market growth. However, the high implementation costs pose a challenge to the market's expansion. The report also highlights the growing use of Satellite IoT technology in maritime applications as a source of growth opportunities, albeit tempered by concerns regarding vulnerability to cyberattacks.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/satellite-iot-market-5516

The global Satellite IoT market is segmented by service type, frequency bands, organization size, sector, and geography. The report projects that, by 2023, the direct-to-satellite service segment will dominate the market, driven by increased demand in smart agriculture and marine applications, and is expected to register the highest CAGR during the forecast period.

Based on organization size, large enterprises are poised to account for a significant share in 2023, with the adoption of Satellite IoT technology to reduce operational costs and environmental footprint. However, small & medium-sized enterprises are anticipated to register the highest CAGR in the forecast period.

Based on sector, military & defense is projected to be the largest segment in 2023, driven by the need for enhanced connectivity in remote environments and increased deployments of Satellite IoT services. Agriculture, on the other hand, is expected to exhibit the highest CAGR.

Geographically, North America is forecasted to lead the market in 2023, fueled by the presence of key Satellite IoT providers, innovation efforts, and widespread adoption in precision farming and smart greenhouses. Asia-Pacific is expected to register the highest CAGR.

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Key Players and Competitive Intelligence:
The report provides competitive intelligence on key players, including Iridium Communications Inc., Astrocast SA, Airbus SE, Globalstar, Inc., Thales, Eutelsat Communications S.A, Thuraya Telecommunications Company, Vodafone Group Plc, Inmarsat Global Limited, ORBCOMM Inc., Swarm Technologies Inc., Alén Space, S.L., Fossa Systems, S.L., SATELIO IOT SERVICES, S.L., and OQ Technology.

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This release was published on openPR.