The Global Enterprise VSAT Market is projected to grow at a CAGR of 8.8% and reach a value of $10,617.5 million by 2024. The increasing adoption of VSAT (Very Small Aperture Terminal) systems in the BFSI sector is driving the market growth.
VSAT systems provide a reliable platform for secure data communication, which is crucial in today’s business environment. They can also adapt to the expanding data requirements and provide a secure connection in isolated areas with poor network services, such as ATMs and branches. This is particularly important for banking and finance businesses in remote locations.
The global enterprise VSAT market is segmented based on type, organization size, and region. In terms of organization size, large enterprises accounted for the leading market share, while small and medium enterprises (SMEs) are projected to have a CAGR of 9.8% during the forecast period.
The market is further segmented based on type, with hardware and customer services being the two main segments. Customer services accounted for the largest market share in 2018 and are expected to have the highest CAGR of 9.1% during the forecast period.
Geographically, North America is the leading region in terms of market share, followed by the Asia-Pacific region. North America has several VSAT network service providers that support enterprise VSAT devices. In the Asia-Pacific region, China is projected to achieve the highest market share, supported by India, Japan, South-East Asia, and South Korea. The market in this region is driven by the increasing number of SMEs and advancements in digital technologies.
Some of the major players in the global enterprise VSAT market include Global Eagle, Hughes Network Systems, Singtel, Gilat Satellite Networks, VT iDirect, Newtec, Comtech Telecommunications Corporation, Gigasat, Skycaster LLC, Omniaccess, and Viasat Inc.
In conclusion, the global enterprise VSAT market is experiencing significant growth due to the increasing adoption of VSAT systems in the BFSI sector. Large enterprises and customer services are the key segments driving market growth. North America and the Asia-Pacific region are the leading markets in terms of market share.