Satellite IoT Market worth $2.9 billion by 2027, growing at a CAGR of 21.9% Report by MarketsandMarkets™

Chicago, July 07, 2023 (GLOBE NEWSWIRE) -- The global Satellite Iot Market size is expected to grow from USD 1.1 billion in 2022 to USD 2.9 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 21.9% during the forecast period, according to a new report by MarketsandMarkets™. The rapid adoption of advanced technologies like ML and AI has accelerated the growth in the satellite IoT market across the globe. 

Browse in-depth TOC on "Satellite IoT Market"

170 - Tables
43 - Figures
195 - Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=203680911

Scope of the Report

By vertical, Transportation and logistics is estimated to account for the largest market share in 2022. Businesses involved in logistics and transportation long for a way to trace their shipments. Along with trying to outperform the competition by providing better customer service, companies are also under pressure to boost cost efficiency due to concerns about shifting fuel prices and rising fleet maintenance costs. However, not every area of the surface of the Earth has mobile service, which poses a serious challenge to the digitalization of the logistics industry.

Outside of residential areas, cellular network coverage on roads and highways can be spotty or non-existent. For telematics applications that track vehicles, containers, or such that report the temperature of goods across shipping routes, satellite IoT connectivity provides the missing service link for low-powered telematics devices. To solve this lack of connectivity, Sateliot deployed a nanosatellite LEO (low earth orbit) constellation 500 km from the Earth. It works as a cell tower from Space, providing global IoT connectivity over standard 5G NB-IoT protocol, allowing unmodified commercial terrestrial devices to connect directly to Space wherever they are.

Request for Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=203680911

By region, North America is estimated to account for the largest market share in 2022, and this trend is projected to continue until 2027. The US and Canada are the leading markets in this region. Increased investments in space exploration missions, surged development of satellite payloads, and technological advancements in digital/flexible satellites are some key factors anticipated to drive the growth of the satellite IoT market in this region.

This market growth can also be attributed to the increasing demand for small satellites from the commercial sector, government organizations, space agencies, defense organizations, emerging private companies, and research institutions.

Top Trends in Global Satellite Iot Market 

• Increasing demand for global connectivity: Satellite IoT connects remote and rural areas where traditional terrestrial networks are unavailable or unreliable. As a result, there is an increasing need for satellite IoT services in a variety of industries, including agricultural, logistics, transportation, and environmental monitoring.
• Emergence of low Earth orbit (LEO) satellite constellations: LEO satellite constellations, such as SpaceX's Starlink and OneWeb, have received a lot of interest in recent years. These constellations are made up of thousands of small satellites in low orbit, allowing for quicker data transmission and lower latency for satellite IoT applications.
• Advancements in miniaturization and cost reduction: Miniaturisation of satellite components has resulted from technological improvements, reducing the size, weight, and cost of satellite IoT devices. This has made satellite IoT systems more cheap for businesses and consumers to deploy and use. *Hover over text
• Integration of satellite IoT with terrestrial networks: Satellite IoT systems are being combined with terrestrial networks, such as 4G/5G cellular networks and LPWAN (Low Power Wide Area Network) technologies such as LoRaWAN and NB-IoT, to enable seamless worldwide connection. This integration enables efficient data routing and assures smooth device interactions.
• Focus on power-efficient solutions: Satellite IoT devices frequently operate in inaccessible and remote regions, making power management critical. Power-efficient satellite IoT devices that can run for lengthy periods of time utilising minimum power sources or energy collecting techniques are becoming increasingly important.
• Enhanced security and privacy measures: As satellite IoT applications handle sensitive data, establishing effective security and privacy protections is a crucial trend. Satellite IoT providers are concentrating on providing secure communication protocols, encryption techniques, and authentication systems to protect data and prevent unauthorised access.
• Expansion of satellite IoT ecosystem: An ecosystem of satellite operators, IoT platform providers, device makers, and application developers is growing in the satellite IoT sector. Collaborations and partnerships among various stakeholders are enabling full end-to-end solutions and fostering innovation.

Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=203680911

Key Industry Development

• Deployment of Low Earth Orbit (LEO) satellite constellations: Several businesses have deployed or plan to construct huge constellations of low Earth orbit satellites to provide worldwide coverage for satellite IoT services, including SpaceX's Starlink, OneWeb, and Amazon's Project Kuiper. These constellations intend to provide low-latency, high-speed connectivity to IoT devices all around the world.
• Strategic partnerships and collaborations: Companies in the satellite IoT market are developing strategic alliances and collaborations to improve their offerings and extend their market position. Satellite operators, for example, are collaborating with IoT platform providers, device makers, and other industry stakeholders to deliver integrated solutions. These collaborations aid in the pooling of expertise and resources to create complete satellite IoT services.
• Advancements in satellite technology: Companies in the satellite IoT market are developing strategic alliances and collaborations to grow their market presence and improve their products. To develop integrated solutions, satellite operators, for example, are collaborating with IoT platform providers, device makers, and other industry partners. These collaborations aid in the pooling of expertise and resources in order to provide complete satellite IoT services.
• Government initiatives and regulations: Governments around the world are recognising the promise of satellite IoT and taking steps to promote its adoption. They are developing laws and regulations to assist the industry's growth and the deployment of satellite IoT networks. These initiatives include spectrum allocation for satellite IoT, financial programmes, and regulatory frameworks to enable the efficient and secure operation of satellite IoT services.
• Rising investments and acquisitions: The worldwide satellite IoT industry has received significant investment from venture capital firms, technology companies, and traditional satellite operators. These investments are intended to stimulate the expansion of satellite IoT infrastructure, improve service capabilities, and accelerate innovation. Additionally, there have been mergers and acquisitions within the business as companies seek to enhance their market position and diversify their service offerings.

Browse Adjacent Market: Mobility and Telecom Market Research Reports & Consulting  

Browse Other Reports:

6G Market - Global Forecast to 2030

Open Radio Access Network (Open RAN) Market - Global Forecast to 2027

Video Conferencing Market - Global Forecast to 2027

Video as a Service Market - Global Forecast to 2026

Wireless Broadband in Public Safety Market - Global Forecast to 2026

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com