Satellite IoT Market Size and Growth Projections | Projected to reach $8.7 billion by 2032

According to a new report published by Allied Market Research, 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.

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.

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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.

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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 satellite IoT market analysis during the forecast period.

Depending on industry vertical, the oil and gas segment dominated the satellite IoT market share in 2022 and is expected to continue this dominance during the forecast period, owing complex infrastructures to improve operational efficiencies, save costs, increase automation and enhance worker and environmental safety. However, the agriculture segment is expected to witness the highest growth in the upcoming years, owing to emergence of satellite IoT, which offers IoT connectivity in remote areas, at a much lower cost and development time than the rest of the existing solutions.

The effects of the COVID-19 pandemic on the global economy boosted the growth of the satellite IoT market forecast, 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.

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Region-wise, North America dominated the satellite IoT market size in 2022 owing to the increasing investment in advanced technologies such as cloud-based services, AI/ML, business analytics solutions 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.

KEY FINDINGS OF THE STUDY

1. By service type, in 2022, the direct-to-satellite segment was the highest revenue contributor to the market, with an 20.0% impressive CAGR. However, the satellite IoT backhaul segment is estimated to reach $3,288.92 million by 2032, during the forecast period.

2. By frequency band, the L-band segment is estimated to reach $2,292.64 million by 2032, with an 17.4% impressive CAGR, during the forecast period. However, Ku and Ka-band segments are expected to witness approximately 23.6% CAGRs, respectively, during the forecast period respectively.

3. By industry vertical, the oil and gas segment is estimated to reach $1,028.8 million by 2032, with an 16.0% impressive CAGR, during the forecast period. However, agriculture segments are expected to witness approximately 24.1% CAGRs, respectively, during the forecast period respectively.

4. Region-wise, the satellite IoT market growth was dominated by North America. However, Europe is expected to witness a significant growth rate during the forecasted period.

Key players profiled in the satellite IoT industry include ORBCOMM, Iridium Communications Inc., Inmarsat Global Limited, Airbus, Astrocast, Intelsat, Globalstar, Thales, OQ Technology, and Eutelsat Communications S.A.. Market players have adopted various strategies, such as product launches, collaboration & partnership, joint ventures, and acquisition to expand their foothold in the satellite IoT industry.

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