Satellite IoT Market to reach $8.7 Billion, Globally, by 2032 at 21.1% CAGR: Allied Market Research

The growth of the global satellite IoT market is driven by the increase in use of satellite IoT to automate routine processes in agriculture industry

PORTLAND, Ore., May 9, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Satellite IoT Market by Service Type (Direct-to-Satellite and Satellite IoT Backhaul), Frequency Band (L-Band, Ku and Ka-Band, S-Band, and Others), Enterprise Size (Large Enterprise and Small and Medium-sized Enterprise), and Industry Vertical (Oil and Gas, Transportation and Logistics, Energy and Utilities, Agriculture, Maritime, Healthcare, Military and Defense, and Others), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032″ According to the report, the global generated $1.3 billion in 2022, and is estimated to reach $8.7 billion by 2032, witnessing a CAGR of 21.1% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Drivers, Restraints, and Opportunities-

The growth of the global satellite IoT market is driven by the increase in use of satellite IoT to automate routine processes in agriculture industry. However, the high cost of innovation, and budget constraints hamper the growth of the market. Furthermore, rapid changes in business model software due to the geographical expansion of the businesses is expected to provide lucrative growth opportunities for the market during the forecast period.

Request Sample Report: https://www.alliedmarketresearch.com/request-sample/75116

Report coverage & details:

Covid-19 scenario-

*  The COVID-19 pandemic boosted the growth of the global satellite IoT market, owing to the expansion of the range of IoT services and surge in demand for enhanced and reliable connectivity.

*  During the wake of the COVID-19 pandemic, the importance of satellite IoT increased as it provided direct support, connectivity, and flexibility for workers regardless of the location they were working from.

*  During the pandemic period, IoT services provided by satellites overcame the limitations of scalability by providing truly global connectivity that can even reach devices with limited or no access to terrestrial networks.

Procure Complete Report (469 Pages PDF with Insights, Charts, Tables, and Figures) at:

https://www.alliedmarketresearch.com/satellite-iot-market/purchase-options

The direct-to-satellite segment to rule the market-

By service type, the direct-to-satellite segment held the major share in 2022, garnering more than two-thirds of the global satellite IoT market revenue and is estimated to maintain its leadership status throughout the forecast period. The satellite IoT backhaul segment would also showcase the fastest CAGR of 23.2% during the forecast period, owing to deployment of low-power devices dispersed over wide geographical areas. Satellites will play a key role in bridging the gap towards a pervasive IoT able to easily handle disaster recovery scenarios (earthquakes, tsunamis, flash floods, and others.), where the presence of a resilient backhauling communications infrastructure is crucial.

The L-band segment to maintain its dominance during the forecast period

By frequency band, the L-band segment contributed to the highest share in 2022, accounting more than one-third of the global satellite IoT market revenue and is estimated to maintain its leadership status throughout the forecast period. The Ku and Ka-band segment would also showcase the fastest CAGR of 23.6% throughout the forecast period, owing to the increasing frequency on Ka-band system can get more bandwidth, which means a higher data transfer rate.

The large enterprises segment to dominate by 2031

By enterprise size, the large enterprises segment accounted for more than two-thirds of the global satellite IoT market share in 2022, and is expected to rule the boost by 2032. The small and medium-sized enterprises segment would also display the fastest CAGR of 23.6% throughout the forecast period, owing to increase in number of SMEs in developing IT infrastructures in Asia-Pacific including China, Japan, and India. The adoption of satellite IoT is expected to increase to optimize the business capabilities of small & medium-sized enterprises.  

Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/75116

Asia-Pacific garnered the major share in 2021-

By region, North America garnered the highest share in 2022, holding more than one-third of the global satellite IoT market revenue. The Europe region would also portray the fastest CAGR of 22.9% during the forecast period, and is projected to retain its dominance by 2032, owing to the increase in use of cloud in satellite IoT that is central to both modern communications scenarios for remote operations and the gathering, processing, and distributing tremendous amounts of data from space.

Leading Market Players-

• ORBCOMM
• Iridium Communications Inc.
• Inmarsat Global Limited
• Airbus
• Astrocast
• Intelsat
• Globalstar
• Thales
• OQ Technology
• Eutelsat Communications S.A. 

The report analyzes these key players in the global satellite IoT market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

Trending Reports in ICT & Media Industry:

Satellite Broadband Communication in Public Safety Market Expected to Reach $10.76 Billion by 2030

Satellite Internet Market Expected to Reach $18.59 Billion by 2030

Commercial Robots Market Expected to Reach $85.2 Billion by 2031

Industry 4.0 Market Expected to Reach $618.4 Billion by 2031

VSAT Maritime Satellite Communication Market Expected to Reach $2.96 Billion by 2030

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa

5933 NE Win Sivers Drive

#205, Portland, OR 97220

United States

USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022

UK: +44-845-528-1300

Hong Kong: +852-301-84916

India (Pune): +91-20-66346060

Fax: +1(855)550-5975

help@alliedmarketresearch.com

Web: https://www.alliedmarketresearch.com/reports-store/information-and-communication-technology-and-media

Follow Us on Blog: https://www.technologyplz.com/

Logo: https://mma.prnewswire.com/media/636519/3950895/Allied_Market_Research_Logo.jpg

 

View original content:https://www.prnewswire.com/news-releases/satellite-iot-market-to-reach-8-7-billion-globally-by-2032-at-21-1-cagr-allied-market-research-301819265.html

SOURCE Allied Market Research