Jersey City, NJ, July 06, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Satellite-Based IoT Service Market Size, Share & Trends Analysis Report By Service (Commercial (Transport & Logistics, Aviation, Agriculture, Marine, Energy And Utilities, Oil And Gas, Automotive, Healthcare, Retail, Natural Resource Monitoring), Defense (Land, Airborne, Naval)), Terminal (Commercial, Defense, And Civil Government)- Market Outlook And Industry Analysis 2031"
The Global Satellite Based IoT Service Market is estimated to reach over USD 356.43 million by 2031, exhibiting a CAGR of 2.53% during the forecast period.
Satellite IoT signifies the implementation of satellite communication networks and services to connect domestic IoT sensors and end nodes to a server in addition to terrestrial communication networks. Factors such as increased digitalization and new technologies are positively driving market growth. Furthermore, the increased implementation of satellite IoT in various industries such as utilities, maritime, defense & military, and others to improve productivity will likely fuel market expansion.
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Furthermore, increased investments in innovative technologies such as AI, ML, cloud-based services, and IoT are expected to present the market with lucrative growth possibilities during the forecast period. Furthermore, the integration of satellite with mainstream business intelligence technology has a favorable impact on industry growth. Again, the increased acceptance of cloud-based solutions and the increased application of augmented reality (AR) and virtual reality (VR) technologies in information systems are likely to provide lucrative prospects for the global market's expansion throughout the forecast period.
Recent Developments:
- In April 2023, the first satellite in a new low earth orbit (LEO) constellation launched by Sateliot, a Barcelona-based startup, is meant to give a significant coverage boost for terrestrial 5G Internet of Things applications. The idea essentially combines satellite and terrestrial cellular connectivity to boost IoT coverage.
List of Prominent Players in the Global Satellite-Based IoT Service Market:
- Airbus
- Astrocast SA
- Boeing
- Eutelsat Communications SA
- Fleet Space Technologies
- hiSky Ltd.
- Inmarsat
- Iridium Communications Inc.
- Kepler Communications Inc.
- Lacuna Space
- Myriota
- Orbcomm Inc.
- OQ Technology
- Thales
- Thuraya
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Satellite-Based IoT Service Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 286.97 Mn |
| Revenue forecast in 2031 | USD 356.43 Mn |
| Growth rate CAGR | CAGR of 2.53% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Million, Volume (Unit) and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Service, Terminal |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
In remote places, the demand for device interconnectivity has skyrocketed. Satellite IoT is responsible for this because it allows objects to interact and share data over great distances, especially in rural places where traditional communication networks are unstable. Furthermore, satellite IoT allows devices to connect to the internet and other devices via satellite networks, which send data using low-power, low-bandwidth communication protocols. As a result, satellite IoT allows various devices, including sensors, trackers, and other Internet of Things (IoT) devices, to operate in places where cellular or other terrestrial networks are unavailable.
Challenges:
However, expensive technology costs, legal concerns, and a lack of comprehensive government rules involving satellite IoT are projected to hamper market expansion. Furthermore, the number of cybersecurity breaches has increased globally in recent years. With various devices connected across platforms, networks, and devices, security is the major area of technical concern for most organizations installing IoT systems and 5G networks.
Regional Trends:
The North American global satellite based IoT service market is anticipated to register a major market share and is projected to grow at a high CAGR in the near future. The increased investment in modern technologies such as cloud-based services, AI/ML, business analytics solutions, and IoT to improve enterprises and consumer experiences is expected to boost the satellite IoT market. However, Asia-Pacific is predicted to increase the most during the forecast period. This is due to increased digitalization penetration and higher usage of modern technologies, which are projected to give attractive growth possibilities for the market in this area.
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Segmentation of Global Satellite-Based IoT Service Market-
By Service-
- Commercial
- Transport and Logistics
- Aviation
- Agriculture
- Marine
- Energy and Utilities
- Oil and Gas
- Automotive
- Healthcare
- Retail
- Natural Resource Monitoring
- Others
- Defense
- Land
- Airborne
- Naval
- Civil Government
By Terminal-
- Commercial
- Defense
- Civil Government
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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