The Satellite-enabled IoT Market is segmented by Source (Large enterprise and SMEs), Service (Direct-to-satellite and Satellite IoT backhaul), and Geography (North America, Europe, APAC, Middle East and Africa, and South America). As per the Global Forecast research report 2024-2028 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. There are several companies that are contributing to the market as per this report. Increasing R and D spending on aerospace and defense .
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, and enhanced image resolution.
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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 companies increasingly enter the scene, focusing on satellite imagery-analytics and Value-Added Services (VAS). Some even launch their own small satellites for data collection.
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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.
The Satellite-enabled IoT market is a significant segment of the expansive global capital goods market, specifically within the aerospace and defense sector. This market includes organizations involved in the production of satellite technology and IoT applications for commercial and defense industries. The global capital goods market's size is determined by the collective revenue generated by key players in industries such as aerospace and defense, building and construction, electrical equipment, industrial conglomerates, machinery, trading companies, and distributors.
The Satellite-enabled IoT Market is experiencing significant growth, fueled by the increasing usage of internet. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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