Satellite IoT Market Growth Accelerated by Global Tech Advances
- Satellite IoT is commonly referred to as internet over satellite connections. Satellite IoT is a complex network and connects physical things such as sensors and actuators to the internet. Satellite IoT is the backbone to drive secure connection of different devices to the internet across sectors such as automobile, energy & utilities, oil & gas, agriculture, and forestry.
- Satellite IoT is a complete system that uses edge and cloud computing to create a secure connection with remote assets, inaccessible assets, and critical assets.
- Satellite communication supports IoT applications in various areas, including deep sea, remote sites, and mining locations, where cellular connectivity is unavailable.
- The global satellite IoT market is projected to expand at a rapid pace during the forecast period, due to advancement in technologies across the globe.
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Global Satellite IoT Market: Dynamics
Global Satellite IoT Market: Key Drivers & Restraints
- Surge in adoption of robust and dynamic business models, and a growing shift in investments and research from the public to private organizations is a major factor likely to accelerate the satellite IoT market in the next few years.
- Rise in demand for better communication and interaction with the physical environment to accomplish a broad range of activities in a more efficient and informed manner across the globe is estimated to boost the growth of the satellite IoT market during the forecast period.
- Additionally, rise in adoption of satellite IoT among various sectors such as oil & gas, and agriculture, to increase connectivity is projected to boost the demand for satellite IoT across the globe.
- Rising demand to fill the gap in tracking issues related to pipeline leakages is also expected to propel the satellite IoT market during the forecast period.
- Increase in adoption of smart technologies, and applications such as autonomous vehicles and autonomous vessels is anticipated to boost the market.
- At present, various sectors are focused on wireless technologies, and on increasing productivity and reducing losses which is expected to create new opportunities for the satellite IoT market during the forecast period.
- However, technology fragmentation and strong competition from terrestrial infrastructure is the major factor projected to hinder the global satellite IoT market in the next few years.
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Impact of COVID-19 on the Global Satellite IoT Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. Most manufacturing or production of goods has been temporarily suspended all over the world. Businesses have been adversely impacted in most countries due to partial or full lockdown. This in turn is projected to indirectly hamper the global satellite IoT market in the next few years. Lack of industrial activity is expected to result in low cash flows, further hampering the funding of projects.
North America to Hold Major Share of the Global Satellite IoT Market
- In terms of region, the global satellite IoT market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global satellite IoT market in 2019. The U.S. is the key market in the region due to the increasing adoption of satellite IoT connectivity in various sectors such as oil & gas, transport & logistics, and energy & utilities.
- The satellite IoT market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to increasing digitalization & infrastructure spending across countries such as China, Japan, and India in the region.
Key Players Operating in the Global Satellite IoT Market
- Hiber
- Astrocast
- Kineis
- OQ Technology
- Iridium Communications Inc.
- Inmarsat plc
- Eutelsat Corporation
- Vodafone Group plc
- Intelsat Corporation
- Globalstar, Inc.
- ORBCOMM Inc.
- Cisco System Inc.
- Microsoft Corporation
- Verizon Communications
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