Satellite IoT Market Growth Analysis 2024: Forecast Market Size And Key Factors Driving Growth

Overview and Scope
Satellite IoT (Internet of Things) refers to using satellite technology to enable communication and data exchange between IoT devices in remote or global locations where terrestrial network coverage is limited or nonexistent. It facilitates global asset tracking, agricultural monitoring, and maritime and logistics operations by providing widespread, reliable connectivity across the Earth’s surface, including oceans and rural areas. Satellite IoT supports industries by offering real-time data collection and analysis from any location, enhancing operational efficiency and decision-making.

Sizing and Forecast
The satellite IoT market size has grown exponentially in recent years. It will grow from $1.57 billion in 2023 to $1.93 billion in 2024 at a compound annual growth rate (CAGR) of 23.0%.  The growth in the historic period can be attributed to global connectivity needs, asset tracking and management, environmental monitoring, precision agriculture, maritime and aviation safety, emergency response and disaster management, energy sector applications, scientific research and exploration, and supply chain optimization.

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Segmentation & Regional Insights
The satellite iot market covered in this report is segmented –

1) By Service Type: Direct-To-Satellite, Satellite IoT Backhaul
2) By Frequency Band:  L-Band, Ku And Ka-Band, S-Band, Other Band Frequency
3) By Enterprise Size: Large Enterprise, Small And Medium-Sized Enterprise
4) By Industry Vertical: Oil And Gas, Transportation And Logistics, Energy And Utilities, Agriculture, Maritime, Healthcare, Military And Defense, Other Industry Verticals

North America was the largest region in the satellite IoT market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the satellite IoT market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The growing space industry is expected to propel the growth of the satellite IoT market going forward. The space industry refers to economic activities related to manufacturing components that go into outer space, delivering them to those regions, and related services. The space industry contributes to the expansion and improvement of satellite IoT by providing cost-effective and scalable solutions, global connectivity, enhanced technology, and addressing the specific needs of IoT applications in various industries. For instance, in March 2023, according to gov.uk, a UK-based government agency, UK space organizations revenue increased to £17.5 ($18.86) billion from £16.5 ($17.79) billion in 2020, while the sector expanded to 1,590 entities from 1,293, adding 1,772 jobs. Therefore, the growing space industry is driving the growth of the satellite IoT market.

Key Industry Players
Major companies operating in the satellite IoT market are Airbus SE, Northrop Grumman Corporation, Space Exploration Technologies Corp., EchoStar Corporation, Inmarsat Limited, Iridium Communications Inc., Orbcomm, Globalstar Inc., Spire Global Inc., Kepler Communications Inc., Ligado Networks, NanoAvionics Corp., Fleet Space Technologies Pty. Ltd., Skylo Technologies, Actility S.A., Alén Space, Leaf Space, Kineis, Myriota Pty. Ltd., Sateliot , Xona Space Systems Inc., OQ Technology , Hiber AB, Fossa Systems S.L., Sky and Space Global Ltd.

The satellite iot market report table of contents includes:

1. Executive Summary
2. Satellite IoT Market Characteristics
3. Satellite IoT Market Trends And Strategies
4. Satellite IoT Market – Macro Economic Scenario
5. Global Satellite IoT Market Size and Growth
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32. Global Satellite IoT Market Competitive Benchmarking
33. Global Satellite IoT Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Satellite IoT Market
35. Satellite IoT Market Future Outlook and Potential Analysis
36. Appendix

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