The Global Satellite-Based IoT Service Market Size is valued at 286.97 million in 2022 and is predicted to reach 356.43 million by the year 2031 at a 2.53% CAGR during the forecast period for 2023-2031.
Satellite IoT describes the use of satellite communication networks and services to connect terrestrial IoT sensors and end nodes to a server, both in addition to and instead of terrestrial communication networks. Because there is no need to separate terrestrial and satellite communication alternatives, consumers and industrial users can benefit from lower operating expenses. Modern businesses and organizations rely on IoT to enable millions of intelligent data conversations, assisting them in tracking, monitoring, and managing assets, ensuring worker safety, and improving remote operations. The rise in the terrestrial IoT network, along with cheaper LEO-based satellite connectivity, has created a significant demand for the creation of satellite-based IoT services during the forecast period.
However, the worldwide economy was strengthened by the COVID-19 epidemic, which drove companies to deploy role-based permit systems to protect corporate data and networks. The market experienced tremendous growth due to the ongoing spike in demand for wireless and security systems, particularly in the information and communication industry.
Competitive Landscape:
Some of the global satellite based IoT service market players are:
- Airbus
- Astrocast SA
- Boeing
- Eutelsat Communications SA
- Fleet Space Technologies
- hiSky Ltd.
- Inmarsat
- Iridium Communications Inc.
- Kepler Communications Inc.
- Lacuna Space
- Myriota
- Orbcomm Inc.
- OQ Technology
- Thales
- Thuraya
Market Segmentation:
The global satellite based IoT service market is segmented on the basis of service and terminal. Based on service, the market is segmented as commercial, defense, and civil government. The commercial segment includes transport & logistics, aviation, agriculture, marine, energy and utilities, oil and gas, automotive, healthcare, retail, natural resource monitoring, and others (construction, media, plant engineering, disaster management, infrastructure, and NGO). By defense, the market is segmented into land, airborne, and naval. The terminal segment includes commercial, defense, and civil government.
Based On Service, The Defense Segment Is Accounted As A Major Contributor In The Global Satellite-Based Iot Service Market
The defense category is expected to hold a major share of the global Global satellite-based IoT service market in 2022. This is due to an increase in the demand for communication channels to be established in remote and isolated places. On the other hand, the aerospace segment is expected to drive the global satellite-enabled IoT market during the forecast period owing to the grown adoption of advanced technology, such as satellite-enabled GPS systems over traditional practices, as well as a preference for high data transmission and security solution tools.
The Agricultural Segment Witnessed Growth At A Rapid Rate
The agriculture segment is projected to grow at a rapid rate in the global satellite-based IoT service market. As satellite IoT allows farmers to remotely monitor their crops and livestock in real-time, the usage of satellite IoT to automate regular procedures in the agriculture industry has increased. This is ascribed to satellite IoT services since they enable the early discovery of concerns such as pest infestations, infections, or irrigation challenges, which can then be remedied immediately before they worsen. Furthermore, satellite IoT enables precision agriculture, which is the use of data-driven insights to optimize crop yields, reduce waste, and conserve resources like water and fertilizer. As a result, farmers can construct accurate maps of their fields and adjust their agricultural practices to the individual demands of each area by collecting all of the data from sensors and other IoT devices.
In The Region, The North America Global Satellite-Based Iot Service Market Holds A Significant Revenue Share
The North American global satellite-based IoT service market is expected to record the highest market share in terms of revenue in the near future. The rapid development of the advanced satellite industry as well as the adoption of technical improvement that provides integrated network redundancy and reduces the line-of-sight problem for continuous worldwide coverage in the United States and Canada, are credited with the region's market growth. Due to huge investments by organizations in the development of efficient data transmission systems, the Asia Pacific region is expected to be a prominent region in the market over the forecast period. The key contributors to market growth are predicted to be India, Japan, and China.
Global Satellite-Based IoT Service Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 286.97 Mn |
|
Revenue forecast in 2031 |
USD 356.43 Mn |
|
Growth rate CAGR |
CAGR of 2.53% from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, Volume (Unit) and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Service, Terminal |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Airbus, Astrocast SA, Boeing, Eutelsat Communications SA, Fleet Space Technologies, hiSky Ltd., Inmarsat, Iridium Communications Inc., Kepler Communications Inc., Lacuna Space, Myriota, Orbcomm Inc., OQ Technology, Thales, Thuraya. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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