Authored By: Sarah
11 Jul 2024

 Satellite-enabled IoT Market to grow by USD 2.31 billion between 2024-2028

According to a research report “ Satellite-enabled IoT Market” by Source (Large enterprise, SMEs) Service (Direct-to-satellite, Satellite IoT backhaul) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2.31 billion at a CAGR of  21.92% during the forecast period. In the burgeoning satellite-enabled IoT market, the escalating demand for reliable, high-speed Internet connectivity, particularly in underdeveloped regions, is a significant driver. Satellites bridge the digital divide by providing Internet access in areas with weak or non-existent terrestrial infrastructure. This connectivity enables users to engage in various online activities, such as e-commerce, remote learning, telecommuting, video streaming, and social media use, which are increasingly popular. The growing popularity of these online activities is fueling the expansion of the global satellite industry..

Browse market data tables, figures, and in-depth TOC on “Satellite-enabled IoT Market” by Source (Large enterprise, SMEs) Service (Direct-to-satellite, Satellite IoT backhaul) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2028.

 View detailed Table of Content- Click here

By Source, the Large enterprise segment is projected to dominate the market size in 2024.

In the global satellite-enabled IoT market of 2023, direct-to-satellite connectivity holds a substantial market share due to its provision of high-value services, including tracing, tracking, banking, logistics, and performance monitoring for remote assets. This direct access to satellite networks eliminates the need for terrestrial gateways, enabling advanced applications for asset management, disaster response, and situational awareness in remote areas such as rural locations and maritime environments. Key industries benefiting from this technology include agriculture, transportation, and oil and gas, where real-time data and improved safety are crucial.

By Service, Direct-to-satellite  segment is expected to hold the largest market size for the year 2024.

In the realm of the satellite-enabled IoT market, large enterprises spearhead the sector with their engagement in advanced satellite applications. These entities handle communications, Earth observations, weather monitoring, navigation, and scientific research using satellites exceeding 5,000 kilograms. Characterized by cutting-edge technology and capabilities, these satellites are launched into geostationary or polar orbit. Key drivers propelling the demand for large-sized satellites include high-speed data transfer, extended coverage, enhanced image resolution, and increased payload capacity.

North America is forecasted to hold the largest market size by region in 2024.

In the global satellite-enabled IoT market, the US holds a significant position, accounting for approximately one-third of all satellites in Earth's orbit. With a robust presence since the inception of satellite-based earth observation, the US operates an extensive fleet for communications, surveillance, intelligence, national security, weather, disaster management, environmental observation, and navigation. NASA spearheads US satellite-based earth observation missions, while private players increasingly enter the scene, focusing on satellite imagery-analytics and Value-Added Services (VAS). Some even launch their own small satellites for data collection.

The Satellite-enabled IoT Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Al Yah Satellite Communications Co. PJSC
  • Astrocast
  • EMnify GmbH
  • Eutelsat Communications S.A.
  • Fleet Space Technologies Pty Ltd.
  • Globalstar Inc.
  • GMV Innovating Solutions SL
  • Inmarsat Global Ltd.
  • Intelsat US LLC
  • Iridium Communications Inc.
  • Kineis
  • Kongsberg Gruppen ASA
  • Myriota
  • OQ Technology
  • ORBCOMM Inc.
  • SATELIO IOT SERVICES S.L.
  • Space Exploration Technologies Corp.
  • Thales Group
  • Viasat Inc.
  • Vodafone Group Plc
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

In the Agriculture vertical, Precision Farming and Precision Agriculture have emerged as significant economic activities, particularly in Industrialized countries. These modern farming methods rely on advanced technologies such as Application Servers and Ground Gateways to monitor and optimize crop yields. In Remote areas, where terrestrial connectivity is a challenge, Direct-to-satellite connectivity through Low Earth Orbit (LEO) satellites offers a viable solution. Companies like Astrocast, Hiberband Direct, and Myriota provide LEO-based services using 5G networks and AI-based algorithms for Nature monitoring and Situational Awareness. However, these services face challenges such as Cybersecurity attacks and the need for High-speed broadband. The 1990s Dot-com bubble and the subsequent economic downturn delayed the widespread adoption of these technologies. Now, with advancements in V-band spectrum and Ka-band, there is a significant Opportunity for growth in the Satellite-enabled IoT Market, especially in Less Developed Countries. Defense organizations also recognize the potential of these technologies for various applications.

Market Research Overview

In the rapidly evolving world of technology, the Satellite-enabled IoT market has emerged as a significant opportunity for economic activities, particularly in remote areas and less developed countries. Positioning applications, such as Navigation applications, have been revolutionized by Real-time data transfer through Satellite IoT backhaul. The Gas industry, for instance, benefits from Direct-to-satellite services for Asset management and Disaster response. Satellite IoT market encompasses various Service Types, including Direct-to-satellite connectivity and High-speed broadband through 5G networks. Satellite IoT market players like Astrocast, Hiberband Direct, and Myriota leverage Band spectrum technologies, such as V-band and Ka-band, to provide IoT connections for IoT devices. Central control systems and Application servers are integrated with Ground gateways for Data transmission and Internet connectivity. The Satellite IoT market has gained traction in various sectors, including Agriculture 4.0, Precision Farming, and Precision agriculture, with New Farming verticals adopting Satellite networks for Situational awareness, Nature monitoring, and Cybersecurity attacks mitigation. LEO orbits, such as Medium Earth Orbit, Geostationary Earth Orbit, and Low Earth Orbit, house Satellite Type that cater to diverse economic activities. The Satellite IoT market experienced a surge in the 1990s, preceding the Dot-com bubble, and has since grown exponentially, offering an Opportunity for Industrialized countries and Consumers alike. Despite the Challenges, including Altitude and Economic factors, AI-based algorithms are being employed to optimize Satellite IoT market potential.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio