The market is expected to increase at CAGR of 2.76% during the forecast period 2022-2033
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Satellite-Based IoT Service – A Global and Regional Analysis.
According to this study, the global satellite-based IoT service market was valued at $279.7 million in 2022 and is projected to reach $372.6 million by 2033.
The following factors are responsible for the increase in demand for satellite-based IoT services:
- Expansion of terrestrial IoT network
- Access to cheaper LEO-based satellite connectivity
- Development of smaller and cheaper IoT hardware
The detailed study is a compilation of 91 market data tables and 19 figures spread through 191 pages.
Check out the detailed table of content here:
Analyst’s Take on the Market Projection
According to Arunkumar Sampathkumar, Principal Analyst, BIS Research, “The IoT domain is in its growth phase despite delays caused by COVID-19. The expansion of IoT architectures and terrestrial connectivity infrastructure is driving the need for connecting remote units/sensors. Satellite-based remote connectivity has become a must-have as a consequence. Multiple satellite-based IoT service providers utilizing non-GSO constellations are developing their solutions to cater to this growing demand. The increasing partnership between the downstream IoT solution providers and non-GSO satellite operators will further drive the growth of this market. Evolving hybrid connectivity architecture will also deliver a similar impact. Overall, many new customers are going to enter the IoT domain as satellite-based IoT is expected to help them improve efficiencies and reduce operational costs.”
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Major Existing Industry Leaders in the Satellite-Based IoT Service Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are:
- Astrocast SA
- Iridium Communications
- hiSky Ltd.
- Kepler Communications Inc.
- Lacuna Space
- Orbcomm Inc.
- Fleet Space Technologies
- OQ Technology
Recent Developments in the Global Satellite-Based IoT Service Market
- In December 2022, Astrocast SA signed a multi-million-dollar contract with ArrowSpot to start the mass production of ArrowSpot’s ArrowTrack SAT device. Hardware integration and Satellite IoT (SatIoT) connectivity are included in the contract between Astrocast and ArrowSpot for a first three-year period.
- In September 2022, hiSky and Network Innovations signed a collaboration agreement where hiSky’s unique satellite network, along with its low data rate (LDR) network, will enable Industrialized Internet of Things (IIoT) applications, thus enabling low-cost satellite solutions for end users.
- In August 2022, Inmarsat signed a contract of $578 million for the course of the next 10 years for the maintenance and operation of the global end-to-end commercial communications infrastructure. Under the contract, the company will also upgrade the existing band with their newly developed ELERA band for seamless connectivity.
- In July 2022, Astrocast and Soracom signed a partnership to integrate the Astrocast Satellite IoT (SatIoT) solution into the Soracom platform. Through this partnership, Soracom would provide integrators and end users with blended IoT connection solutions that include cellular and satellite connectivity.
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
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