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The satellite-enabled iot market size is forecast to increase by USD 2.31 billion at a CAGR of 21.92% between 2024 and 2028. The expansion of the market is influenced by several key factors, with the growing reach of the Internet playing a central role in driving connectivity and digital transformation across various industries. The rise of Low Earth Orbit (LEO)-based satellite services is particularly significant in extending Internet access to remote and underserved areas, promoting inclusivity and improving access to information. Additionally, large enterprises are increasingly adopting satellite-enabled Internet of Things (IoT) solutions, which enhance operational efficiency and open new avenues for data-driven decision-making.
This growing reliance on satellite technology highlights its importance in enabling seamless connectivity, allowing businesses to leverage IoT for innovation and growth. As these trends continue to unfold, satellite-based services are expected to have a profound impact on the future of global connectivity and digitalization, shaping industries and economies around the world.
The market encompasses the use of Defense organizations' Low Earth Orbit (LEO) satellites to provide high-speed broadband connectivity for industrialized countries and consumers, as well as less developed countries. LEO orbits offer an opportunity for Ka-band and V-band spectrum utilization, enabling AI-based algorithms to process data for various applications. In the 1990s, the dot-com bubble brought about the potential for LEO-based services, leading to the development of 5G networks and direct-to-satellite connectivity. This technology is crucial for nature monitoring, situational awareness, and economic activities in remote areas. Ground gateway and application server providers like Myriota, Hiberband Direct, Astrocast, and others play a significant role in this market.
The agriculture vertical, including precision agriculture and farming, benefits greatly from this technology, ensuring optimal crop yields and efficient resource management. However, challenges such as cybersecurity attacks and the need for ground infrastructure remain. The integration of LEO satellites with 5G networks and AI-based algorithms will continue to drive innovation and growth in the market.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The large enterprise segment is estimated to witness significant growth during the forecast period.In the market, defense organizations and industrialized countries are significant contributors, utilizing Low Earth Orbit (LEO) satellites for various applications such as communications, Earth observations, weather monitoring, navigation, and scientific research. LEO satellites, which orbit at a lower altitude compared to geostationary satellites, offer advantages like high-speed broadband, expanded coverage regions, and better image resolutions. The opportunity for LEO-based services is immense, with the demand driven by factors like the need for real-time data transfer, increased payload capacity, and the proliferation of AI-based algorithms in industries. Ka-band and V-band spectrum are crucial for these applications, providing the necessary bandwidth for high-speed data transmission.
However, challenges persist, including cybersecurity attacks and the need for direct-to-satellite connectivity to bypass terrestrial networks. Nature monitoring, situational awareness, economic activities, and remote area development are some of the key applications benefiting from satellite IoT and networks. Companies like Myriota, Hiberband Direct, Astrocast, and others are pioneering advancements in this field, focusing on agriculture verticals like precision agriculture and farming. The 1990s, marked by the dot-com bubble, saw a slow growth in the satellite IoT market. However, the advent of 5G networks and the increasing importance of direct-to-satellite connectivity have revived interest in this sector. Ground gateway and application server technologies are essential components of satellite IoT systems, enabling seamless integration with terrestrial networks.
In conclusion, the market is a dynamic and evolving landscape, driven by the needs of various industries and applications. LEO satellites, high-speed broadband, and AI-based algorithms are key enablers, while challenges like cybersecurity and connectivity remain areas of focus for innovation.
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The Large enterprise segment accounted for USD 0.61 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The Satellite IoT market is a significant segment of the electronic equipment industry, driven by the integration of Internet connectivity and data transmission capabilities into IoT devices. This market enables real-time data transfer from remote locations, making it essential for various service types, including direct-to-satellite services, asset management, disaster response, and navigation applications. Satellite IoT backhaul plays a crucial role in this market, providing essential connectivity for IoT devices in areas with limited terrestrial infrastructure. The market caters to diverse industries, such as the gas industry, which relies on satellite IoT for monitoring and managing pipelines and infrastructure. The Satellite IoT market encompasses various satellite types, including Low Earth Orbit (LEO), Medium Earth Orbit (MEO), and Geostationary Earth Orbit (GEO), each with distinct altitudes and data rates.
LEO satellites offer high data rates and real-time data transfer, making them suitable for positioning applications and navigation services. In contrast, GEO satellites provide consistent coverage and are ideal for applications requiring constant connectivity, such as disaster response and asset management. Band spectrum technologies, such as Ka-band and Ku-band, are essential for the efficient transmission of data in the Satellite IoT market. These technologies enable high-speed data transfer and support various applications, including GPS and positioning services. The Satellite IoT market is continually evolving, with advancements in technology leading to improvements in data rates, real-time data transfer, and the development of new satellite types. This market is expected to play a pivotal role in various industries, including transportation, agriculture, and energy, by providing reliable and efficient IoT connectivity.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing usage of Internet is the key driver of the market. The satellite-enabled Internet of Things (IoT) market is experiencing substantial growth due to the increasing demand for high-speed broadband connectivity, particularly in defense organizations, industrialized countries, and less developed areas. Low Earth Orbit (LEO) satellites are playing a pivotal role in providing dependable, fast Internet access to remote locations where terrestrial infrastructure is weak or non-existent. LEO-based services offer opportunities for consumers and businesses in rural and underserved regions to engage in economic activities, such as e-commerce, online learning, telecommuting, and streaming videos. The 1990s Dot-com bubble marked the beginning of the satellite industry's expansion, and since then, advancements in technology have led to the development of Ka-band and V-band spectrum for LEO orbits.
AI-based algorithms and direct-to-satellite connectivity are enabling new applications in nature monitoring, situational awareness, and various economic activities. However, challenges such as cybersecurity attacks and the integration of 5G networks with satellite IoT networks remain. Satellite IoT companies like Myriota, Hiberband Direct, Astrocast, and others are providing application servers and ground gateways to facilitate the deployment of IoT devices in agriculture verticals, such as precision agriculture and precision farming, which are part of the Agriculture 4.0 and New Farming movements. Satellite networks and IoT are revolutionizing economic activities in remote areas by enabling cellular and terrestrial networks to extend their reach. Despite these advancements, the satellite industry faces challenges in ensuring cybersecurity and integrating with existing terrestrial networks to provide seamless connectivity.
Increasing R and D spending on aerospace and defense is the upcoming trend in the market. Defense organizations worldwide are investing significantly in the market, particularly in the development of Low Earth Orbit (LEO) satellites. These investments facilitate advancements in satellite technology, including design, propulsion systems, communication capabilities, sensors, and imaging technologies. The result is more sophisticated LEO-based services, such as high-speed broadband, which can benefit industrialized countries and consumers alike. However, the challenge of providing reliable and secure connectivity in less developed countries remains. The opportunity lies in the utilization of Ka-band and V-band spectrum for LEO orbits. AI-based algorithms can enhance the functionality and dependability of these systems, mitigating the risk of cybersecurity attacks.
The integration of 5G networks and direct-to-satellite connectivity can revolutionize nature monitoring, situational awareness, and economic activities in remote areas. Companies like Myriota, Hiberband Direct, Astrocast, and others are pioneering this technology in various verticals, including agriculture. Precision agriculture, precision farming, Agriculture 4.0, and New Farming are all set to benefit from Satellite IoT and satellite networks, enabling real-time monitoring and optimization of farming practices. Despite the progress, the implementation of satellite IoT faces challenges. Ground gateway and application server infrastructure must be established to support the growing demand for satellite connectivity. As the market evolves, it is crucial to ensure that satellite networks complement, rather than compete with, cellular and terrestrial networks.
Regulatory issues in satellite operations and services is a key challenge affecting the market growth. Defense organizations and industrialized countries have implemented stringent regulations on satellite operations and services, particularly in Low Earth Orbit (LEO), which can significantly impact the growth and profitability of satellite-enabled IoT enterprises. These rules encompass limitations on satellite launches, spectrum allocation, licensing requirements, and technical specifications. Governments' concerns over national security and protecting domestic industries result in rigorous control and monitoring of satellite activity. For instance, LEO satellites operating at low altitudes are subject to intense scrutiny due to their proximity to Earth. Ka-band and V-band spectrum, essential for high-speed broadband and LEO-based services, are heavily regulated. New competitors face challenges in entering the market due to the time and financial resources required to secure permits and approvals.
Cybersecurity attacks and the need for AI-based algorithms to manage the vast amounts of data generated by satellite IoT further complicate matters. Despite these challenges, the satellite IoT market presents a significant opportunity for growth. 5G networks and direct-to-satellite connectivity are driving innovation in various sectors, including nature monitoring, situational awareness, economic activities, and remote areas. Companies like Myriota, Hiberband Direct, Astrocast, and those focusing on agriculture verticals such as precision agriculture, precision farming, smart farming, Agriculture 4.0, and New Farming, are leveraging satellite IoT and networks to provide innovative solutions. Ground gateway and application servers play a crucial role in managing the data generated by satellite IoT devices.
LEO orbits and satellite networks enable IoT connectivity in remote locations where terrestrial networks and cellular networks are unavailable. In conclusion, while government regulations pose challenges to the market, the opportunities for growth and innovation are significant. Companies must navigate the complex regulatory landscape to secure permits and approvals, while also addressing cybersecurity concerns and implementing advanced technologies to manage the vast amounts of data generated by satellite IoT devices.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Al Yah Satellite Communications Co. PJSC - In the realm of Internet of Things (IoT) technology, satellite-enabled solutions have emerged as a game-changer, particularly in the context of government operations for civil defense. One such noteworthy example is Thuraya's M2M IoT offering, which guarantees uninterrupted satellite connectivity in the airborne sector, spanning both land and maritime domains. This cutting-edge technology ensures seamless communication and data transfer, even in the most remote and challenging environments, thereby enhancing the overall efficiency and effectiveness of critical government operations. The market encompasses a wide array of applications, including tracking and monitoring systems, remote data collection, and real-time situational awareness, all of which are indispensable in the realm of civil defense.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The marketing refers to the promotion and sale of Internet of Things (IoT) devices and services that utilize satellite connectivity. This technology enables IoT devices to function in remote areas where terrestrial networks may not be available. The market is expanding rapidly due to the increasing demand for real-time data and communication in various industries such as agriculture, transportation, and energy. Satellite-enabled IoT solutions offer several advantages, including wider coverage, improved reliability, and enhanced security. These benefits are driving the adoption of satellite-enabled IoT devices and services in various applications, including asset tracking, weather monitoring, and disaster management. The market is expected to grow significantly in the coming years due to the increasing demand for remote monitoring and control systems.
The market is also being driven by the ongoing advancements in satellite technology and the growing adoption of IoT devices in various industries. The marketing strategies focus on highlighting the benefits of satellite connectivity, such as wider coverage, improved reliability, and enhanced security. These strategies also emphasize the importance of real-time data and communication in various industries and the role of satellite-enabled IoT solutions in addressing these needs. In conclusion, the market is poised for significant growth due to the increasing demand for real-time data and communication in various industries. The marketing strategies focus on highlighting the benefits of satellite connectivity and the importance of real-time data and communication in various applications.
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Market Scope |
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Report Coverage |
Details |
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Page number |
151 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 21.92% |
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Market growth 2024-2028 |
USD 2.31 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
19.86 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 36% |
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Key countries |
US, China, Japan, Russia, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
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., and Vodafone Group Plc |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Source
7 Market Segmentation by Service
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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