The analysis estimates that the global economy would generate $1.3 billion in 2022 and $8.7 billion by 2032, with a CAGR of 21.1% during that period. The research provides a thorough analysis of the industry’s shifting trends, leading market segments, important investment areas, value chains, regional environments, and competitive scenarios.
The increased use of satellite IoT to automate routine activities in the agriculture business is what is fueling the growth of the worldwide satellite IoT market. Budgetary limitations and the high cost of innovation, however, limit market expansion. Furthermore, during the anticipated period, the market is anticipated to benefit from quick changes in business model software brought on by firms’ regional expansion.
Covid-19 case study
Due to the proliferation of IoT services and the rise in need for better and more dependable connectivity, the COVID-19 pandemic helped the global satellite IoT market flourish.
As a result of the COVID-19 pandemic, satellite IoT became more significant because it gave employees immediate support, connectivity, and flexibility no matter where they were located.
IoT services delivered by satellites during the pandemic period overcome scaling issues by offering truly global connectivity that can even reach devices with little or no connection to terrestrial networks.
The direct-to-satellite service type held the largest market share in 2022, accounting for more than two-thirds of the revenue generated by the worldwide satellite IoT market. It is anticipated that this segment will continue to dominate the market during the forecast period. Due to the adoption of low-power devices distributed over vast geographic areas, the satellite IoT backhaul segment will also exhibit the quickest CAGR of 23.2% throughout the projection period. The ability of a pervasive IoT to quickly recover from disaster recovery scenarios (earthquakes, tsunamis, flash floods, and others) where the presence of a resilient backhauling communications infrastructure is important will be made possible in large part by satellites.
By frequency band, the L-band segment provided the largest proportion to the worldwide satellite IoT market in 2022, accounting for more than one-third of the industry’s revenue. It is anticipated that this segment will continue to lead the market during the forecast period. Due to the growing frequency with which the Ka-band system can obtain greater bandwidth, which results in a better data transmission rate, the Ku and Ka-band segments would also demonstrate the quickest CAGR of 23.6% over the course of the projected period.
In terms of enterprise size, the big companies segment held more than two-thirds of the worldwide satellite IoT market share in 2022 and is predicted to continue dominating the market through 2032. Due to an increase in the number of SMEs building IT infrastructure in Asia-Pacific, including China, Japan, and India, the small and medium-sized companies category would likewise exhibit the quickest CAGR of 23.6% throughout the projected period. To maximize the business potential of small and medium-sized businesses, satellite IoT usage is anticipated to rise.
With more than one-third of the revenue generated by the global satellite IoT market, North America had the largest regional share in 2022. Due to the increased use of cloud in satellite IoT, which is essential to both contemporary communications scenarios for remote operations and the gathering, processing, and distribution of enormous amounts of data from space, the Europe region is expected to exhibit the fastest CAGR of 22.9% during the forecast period and is projected to maintain its dominance by 2032.
Major companies including ORBCOMM, Iridium Communications Inc., Inmarsat Global Limited, Airbus, Astrocast, Intelsat, Globalstar, Thales, OQ Technology, and Eutelsat Communications S.A. lead the global satellite IoT market. To improve their market penetration and solidify their position in the satellite IoT market, these firms have adopted a number of techniques.
To enhance their market penetration and solidify their position in the business, these players have taken a variety of measures, including expansion, the introduction of new products, collaborations, and others. The study is useful in identifying each market participant’s business performance, operational segments, innovations, and product portfolios.
