SINGAPORE, April 18, 2024 /PRNewswire/ -- The satellite Internet of Things (IoT) market is transforming remarkably, driven by technological advancements and an ever-increasing demand for global connectivity. As the world becomes more interconnected, the limitations of terrestrial networks become apparent, particularly in remote and underserved regions. This is where satellite IoT steps in, bridging the gap with its ability to provide widespread, reliable connectivity across the globe. Global technology intelligence firm ABI Research forecasts the market to surge past the US$4 billion mark by 2030, signaling significant growth potential in the market.
"The rapid growth of the satellite IoT market is fueled by several factors, including the decreasing cost of satellite launches, advancements in satellite technology, such as low-earth orbit (LEO) constellations, CubeSats, and Nanosatellites, and increasing demand for untethered connectivity and remote asset management," explains Victor Xu, Satellite Communications Research Analyst at ABI Research.
Technological advancements in IoT devices have made new use cases for satellite IoT emerge at an unprecedented rate, from precision agriculture to ocean monitoring and from connected mines to disaster prediction and response. While satellite IoT currently accounts for only a small portion of overall satellite connectivity revenue, it is growing positively with major players like Inmarsat, Iridium, and ORBCOMM driving the market.
North America, particularly the United States, will be the dominant region for satellite IoT. North America's position as a main region for Satellite IoT can be attributed to several key factors that make it a highly attractive growth opportunity of this technology.
According to Xu, "North America's leadership in the Satellite IoT market is attributable to its early adoption of space technologies, alongside the launch of major commercial space operators like SpaceX, Amazon Kuiper, and Globalstar driving down costs for satellite services. Furthermore, the region's strong presence in key outdoor IoT industries such as agriculture and oil and gas, combined with a favorable regulatory environment, solidify its position."
The Asia-Pacific region is projected to be the fastest-growing market due to several key factors, such as rapid urbanization and industrialization, increasing investments in space technology in China (G60 Starlink and China SatNet (Guowang) LEO mega-constellations), a booming agricultural sector, and rapid economic growth.
The standardized satellite communication technologies, multi-technology/orbit connectivity solutions, and satellite IoT integration with terrestrial 5G networks (NTN) are the key trends with significant opportunities for innovation and growth in the market. Xu concludes, "With the ongoing expansion of the satellite IoT market, the potential of this technology for innovative use cases is limitless, and the diverse applications of satellite IoT will drive the overall market."
These findings are from ABI Research's Satellite Communications: IoT Deployments & Subscriptions market data report. This report is part of the company's Satellite Communications research service, which includes research, market data, and analyst insights. Market Data spreadsheets comprise deep data, market share analysis, and highly segmented, service-specific forecasts to provide detailed insight into where opportunities lie.
About ABI Research
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