Dublin, March 01, 2024 (GLOBE NEWSWIRE) -- The "Satellite IoT Market by Service Type, Frequency Band, Organization Size, Sector (Military & Defense, Agriculture, Construction, Oil & Gas, Utilities, Transportation & Logistics, Maritime) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global satellite IoT market is projected to reach USD 2.1 billion by 2030, at a CAGR of 18.2% during the forecast period of 2023-2030
The growth of the satellite IoT market is driven by the rising demand for interconnectivity between devices in remote areas and the increasing use of satellite IoT technology in the agriculture industry. However, the high costs of implementing satellite IoT solutions restrain the growth of this market.
Additionally, the growing use of satellite IoT technology in maritime applications is expected to generate growth opportunities for the players in this market. However, satellite IoT devices' vulnerability to cyberattacks is a major challenge for market growth.
Based on 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 expected to account for the larger share of the global 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 and the growing demand for direct-to-satellite services in smart agriculture and marine applications. Moreover, this segment is projected to register the highest CAGR during the forecast period.
Based on organization size, the global satellite IoT market is segmented into small & medium-sized enterprises and large enterprises.
In 2023, the large enterprises segment is expected to account for the larger share of the global satellite IoT market. The large market share of this segment is attributed to the increasing adoption of satellite IoT technology among large enterprises to reduce their operational costs and environmental footprint, the growing use of satellite IoT for remote sensing and navigation, maritime and transport management, and the rising need to reduce on-site maintenance and inspections. However, the small & medium-sized enterprises segment is expected to register the highest CAGR during the forecast period.
Based on sector, the global 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 global satellite IoT market. The large market share of this segment is attributed to the rising need for enhanced connectivity in remote and harsh environments, the growing need for improved situational awareness in military & defense, and the increasing deployments of satellite IoT services across the military & defense sector. Satellite IoT is making a significant impact in the military sector by utilizing sensors and devices that enhance situational awareness, streamline complex procedures, and ultimately improve the success rate of defense operations. However, the agriculture segment is projected to register the highest CAGR during the forecast period.
In 2023, North America is expected to account for the largest share of the global satellite IoT market.
North America's large market share is attributed to the presence of leading satellite IoT providers across the region, efforts by leading companies to launch new satellite IoT solutions, and the increasing adoption of satellite IoT in precision farming and smart greenhouses. However, Asia-Pacific is expected to register the highest CAGR during the forecast period.
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 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 market share do they hold?
- How is the competitive landscape?
- What are the recent developments in the global satellite IoT market?
- What strategies are adopted by the major players in the global satellite IoT market?
- What are the geographical trends and high-growth countries?
- Who are the local emerging players in the global satellite IoT market, and how do they compete with the other players?
Market Insights
Factors Affecting Market Growth
- Rising Demand for Interconnectivity Between Devices in Remote Areas Driving the Adoption of Satellite IoT Services
- Increasing Use of Satellite IoT Technology in the Agriculture Industry Accelerating Market Growth
- High Implementation Costs Limiting the Adoption of Satellite IoT Services
- Growing Use of Satellite IoT Technology in Maritime Applications Expected to Generate Growth Opportunities for Market Players
- Satellite IoT Devices' Vulnerability to Cyberattacks Raising Data Privacy & Security Concerns Among End Users
Trends
- Low Earth Orbit (LEO) Satellite-based Connectivity
- Increasing Demand for Environmental and Weather Monitoring Devices
Case Studies
Pricing Analysis
- Factors that Influence the Pricing of Satellite IoT Services
- Astrocast SA (Switzerland): Satellite IoT Data Plans
- Iridium Communications Inc. (U.S.): Iridium Certus Rates - IoT
- Globalstar, Inc. (U.S.): Service Plans
Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
- Iridium Communications Inc. (U.S.) Astrocast SA (Switzerland)
- Airbus SE (Netherlands)
- Globalstar Inc. (U.S.)
- Thales (France)
- Eutelsat Communications S.A (Italy)
- Thuraya Telecommunications Company (UAE)
- Vodafone Group Plc (U.K.)
- Inmarsat Global Limited (U.K.)
- ORBCOMM Inc. (U.S.)
- Swarm Technologies Inc. (U.S.)
- Alen Space S.L. (Spain)
- Fossa Systems S.L. (Spain)
- SATELIO IOT SERVICES
- S.L. (Spain)
- OQ Technology (Luxembourg).
Competition Analysis
- Key Growth Strategies
- Competitive Dashboard
- Industry Leaders
- Market Ranking, By Key Player
- Market Differentiators
- Vanguards
- Emerging Companies
- Vendor Market Positioning
Scope of the Report
Satellite IoT Market, by Service Type
- Satellite IoT Backhaul Service
- Direct-to-Satellite Service
Satellite IoT Market, by Frequency Band
- L Band
- Ku Band
- Ka Band
- Other Frequency Bands
Satellite IoT Market, by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Satellite IoT Market, by Sector
- Agriculture
- Environmental and Weather Monitoring
- Equipment Tracking
- Other Agricultural Applications
- Construction
- Site Monitoring
- Fleet Management
- Other Construction Applications
- Utilities
- Remote Monitoring
- Worker Safety & Security
- Other Utility Applications
- Oil & Gas
- Remote Monitoring
- Worker Safety & Security
- Other Oil & Gas Applications
- Military & Defense
- Border Intrusion and Detection
- Aircraft Safety Systems and Telematics
- Other Military & Defense Applications
- Transportation & Logistics
- Telematics
- Location Tracking
- Other Transportation & Logistics Applications
- Maritime
- Communication and Navigation
- Weather and Meteorological Data
- Other Maritime Applications
- Other Sectors
Satellite IoT Market, by Geography
- North America
- U.S.
- Canada
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/h92jej
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