Fri. Sep 29th, 2023
Satellite IoT Market Expected to Experience Healthy Growth

The Satellite IoT market is projected to reach a value of approximately USD $$ billion by 2028, growing at a healthy rate of more than $$% during the forecast period. Satellite IoT refers to a system of interconnected devices that can transfer data over a network without human-to-human or human-to-computer interaction. The adoption of Satellite IoT services in various industries and the increase in space exploration missions are key factors driving the market growth.

The global revenue from satellites reached 271 billion U.S. dollars in 2019, with 95 new satellites launched that year. Technological advancements in Satellite and the development of ride-sharing systems and specialized satellite-launch solutions are also contributing to the increased demand for Satellite IoT. However, challenges such as high costs of satellite launching, disruptions in the supply chain, and logistical hurdles pose obstacles to the market’s growth.

North America is currently the leading region in the Satellite IoT market, thanks to early technology adoption and government investments in the space industry. However, Asia-Pacific is expected to exhibit significant growth during the forecast period due to the increasing adoption of Satellite IoT services in various industries.

Key players in the Satellite IoT market include Vodafone Group plc, Iridium Communication, Inmarsat Global Limited, Intelsat Corporation, Thales Group, Swarm Technologies, Eutelsat Communication SA, OQ Technology, and Thuraya Telecommunication.

The objective of the market study is to analyze and forecast the market size, classify and forecast the market based on service and end-use, identify drivers and challenges, examine competitive developments, and conduct pricing analysis. Additionally, the report aims to profile and analyze leading players in the market.

Overall, the Satellite IoT market is expected to witness significant growth in the coming years, driven by advancements in technology and increasing adoption across various industries.