Meticulous Research® Forecasts Satellite IoT Market to Surpass $2.1 Billion by 2030

[Redding, California, March 13, 2024] - Meticulous Research®, a renowned provider of market intelligence, unveils its latest in-depth report titled "Satellite IoT Market: Analysis by Service Type, Frequency Band, Organization Size, Sector-Global Forecast to 2030." The report forecasts the global satellite IoT market to soar to a valuation of $2.1 billion by 2030, exhibiting a robust Compound Annual Growth Rate (CAGR) of 18.2% from 2023 to 2030.

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Satellite IoT services play a pivotal role in connecting terrestrial IoT sensors and end nodes to a centralized server, enabling seamless communication across vast and remote areas. Operating on various frequency bands such as L band, Ku band, and Ka band, satellite IoT services find diverse applications including weather forecasting, equipment tracking, remote monitoring, fleet management, and more across sectors such as agriculture, construction, utilities, and defense.

The growth of the satellite IoT market is fueled by the escalating demand for interconnected devices in remote regions and the burgeoning adoption of satellite IoT technology, particularly in the agriculture sector. However, challenges such as high implementation costs and cybersecurity vulnerabilities pose obstacles to market expansion. Nonetheless, the increasing utilization of satellite IoT in maritime applications presents promising growth opportunities.

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Segmentation Insights:
• 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 poised to dominate, driven by increased demand for remote operations management and applications in smart agriculture and marine sectors.

• Frequency Band: Among frequency bands, the Ku band segment holds the largest share, attributed to its lower spectrum costs and widespread use in high-resolution imaging and various smart applications.

• Organization Size: Large enterprises lead the market in 2023, leveraging satellite IoT to enhance operational efficiency and reduce environmental impact. However, small and medium-sized enterprises (SMEs) are expected to witness the highest growth during the forecast period.

• Sector: The military and defense sector currently commands the largest share, owing to the need for enhanced connectivity and situational awareness in remote environments. Conversely, the agriculture sector is projected to register the highest CAGR, driven by increasing adoption for precision farming applications.

• Geography: North America is expected to dominate the market, supported by the presence of leading providers and the adoption of satellite IoT in precision farming. However, the Asia-Pacific region is poised to exhibit the highest CAGR, fueled by rapid technological advancements.

Top 10 Companies: https://meticulousblog.org/top-10-companies-in-satellite-iot-market/

Key Market Players:
Leading players driving innovation in the global satellite IoT market include 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.