Selbyville, Delaware,, June 04, 2023 (GLOBE NEWSWIRE) --
The satellite IoT market valuation is anticipated to reach USD 5 billion by 2032, as reported in a research study by Global Market Insights Inc.
Increasing rate of IoT device penetration along with the rising demand for connectivity solutions for managing these devices will drive the market growth. In recent years, the growing adoption of remote monitoring has led to the rising need for satellite connectivity for remotely monitoring and managing assets and resources. The increasing requirement to offer reliable and secure connectivity across remote and hard-to-reach locations is another important trend augmenting the industry expansion.
On the basis of service type, the satellite IoT market size from the direct-to-satellite segment recorded over USD 500 million in 2022. The growth can be attributed to the growing popularity of affordable power-efficient satellite IoT devices used for directly connecting to the satellite networks without the need of additional terrestrial infrastructure. Direct-to-satellite services also help to eradicate the need for complex and expensive ground-based networks to make satellite IoT more accessible to multiple industries and applications.
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Satellite IoT market from the transportation & logistics end-use segment is estimated to record over 20% CAGR from 2023 to 2032. Satellite IoT solutions offer reliable as well as high-performance connectivity to facilitate remote and global tracking. Subsequently, this technology allows logistic providers to enhance their supply chain visibility and route optimization while reducing the operational costs. Rising need for the real-time tracking and monitoring of assets as well as shipments in transportation and logistics will also contribute to the market development.
Asia Pacific satellite IoT market size is predicted to surpass USD 1.4 billion by 2032 owing to the rising number of satellite launches. The rapidly increasing penetration of IoT devices in the industrial spectrum has pushed several leading business players to expand their operations across the region.
Major companies are focusing on inorganic strategies, including mergers, partnerships, and acquisitions to widen their global presence. Vodafone, Inmarsat Global, Eutelsat, Iridium Communication, Kepler Communication, OQ Technology, I.M.T. Srl, and Astrocast are some of the prominent satellite IoT market. For instance, Emnify, in Februrary 2023, inked strategic and technological partnership with satellite IoT connectivity provider, Lynk in a bid to deliver more accessible, robust, and flexible connectivity solutions.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Satellite IoT industry 360º synopsis, 2018-2032
2.2 Regional trends
2.3 Service type trends
2.4 Frequency band trends
2.5 Organization Size
2.6 End-use trends
Chapter 3 Satellite IoT Industry Insights
3.1 Impact of COVID-19 outbreak
3.2 Impact analysis of Russia-Ukraine war
3.3 Satellite IoT industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Regulatory landscape
3.8 Patent analysis
3.9 Key initiatives & news
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.2 Industry pitfalls and challenges
3.11 Growth potential analysis
3.12 Porter's analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
