The "Global Satellite-Based IoT Service Market - A Global and Regional Analysis- Focus on Application, Product, and Country - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering.
The global satellite-based IoT service market was valued at $279.7 million in 2022, and it is expected to grow with a CAGR of 2.76% and reach $372.6 million by 2033.
The satellite-based IoT service market companies have witnessed the demand from the growing commercial industry. The ecosystem of the satellite-based IoT service market comprises system manufacturers, original equipment manufacturers (OEMs), and end users.
Market Lifecycle Stage
Currently, many space agencies and commercial companies across the globe have been focusing on developing low Earth orbit (LEO) satellite constellations. This would drive the market for satellite-based IoT services. Moreover, rising research and development activities to develop cost-efficient IoT terminals and modules are other factors contributing to the growth of the satellite-based IoT service market.
For instance, in December 2022, Astrocast SA signed a multi-million-dollar contract with ArrowSpot for the mass production of ArrowSpot's ArrowTrack SAT device for hardware integration and Satellite IoT (SatIoT) connectivity.
The expansion of the terrestrial IoT network, along with access to cheaper LEO-based satellite connectivity, has placed a high demand for the production of the satellite-based IoT service market during the forecast period.
Furthermore, there is a rise in research and development activities for the development of smaller and cheaper IoT hardware has increased the demand for satellite-based IoT services for satellites.
Demand - Drivers and Limitations
The following are the drivers for the global satellite-based IoT service market:
- Expansion of Terrestrial IoT Network
- Access to Cheaper LEO-Based Satellite Connectivity
- Development of Smaller and Cheaper IoT Hardware
The following are the challenges for the global satellite-based IoT service market:
- Expensive GEO-Based Satellite Connectivity Services
- Conflict between Satellite Network Latency and Ground Network Latency Requirement
- Evolving Regulatory Framework
The following are the opportunities for the global satellite-based IoT service market:
- Need for Different Types of IoT Sensors Based on IoT Architecture
- Deployment of IoT across Different Verticals
How can this report add value to an organization?
- Product/Innovation Strategy: The product segment helps the reader understand the different types of satellite-based IoT service markets available for deployment in the industries for space platforms and their potential globally. Moreover, the study provides the reader with a detailed understanding of the different satellite-based IoT service market by service (commercial, defense, and civil government) and terminal (commercial, defense, and civil government).
- Growth/Marketing Strategy: The global satellite-based IoT service market has seen major development by key players operating in the market, such as business expansion activities, contracts, mergers, partnerships, collaborations, and joint ventures. The favored strategy for the companies has been contracted to strengthen their position in the global satellite-based IoT service market. For instance, in November 2022, Lacuna Space and Wyld Networks signed a partnership under which Wyld would be able to transfer data from its low-power, sensor-to-satellite LoRaWAN terminals and modules through Lacuna's network of low Earth orbiting (LEO) and mid Earth orbiting (MEO) satellites for IoT applications where there is little or no alternative connectivity.
- Competitive Strategy: Key players in the global satellite-based IoT service market analyzed and profiled in the study involve satellite-based IoT and telecommunication providers. Moreover, a detailed competitive benchmarking of the players operating in the global satellite-based IoT service market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as contracts, partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analysis of the company's coverage, product portfolio, and market penetration.
The top segment players leading the market include established players of satellite-based IoT service, which constitutes 80% of the presence in the market. Other players include start-up entities that account for approximately 20% of the presence in the market.
Company Type 1: Satellite-Based IoT Service Providers
- Astrocast SA
- Iridium Communications
- Company Type 2: Primary and Secondary Manufacturers
- hiSky Ltd.
- Kepler Communications Inc.
- Lacuna Space
- Orbcomm Inc.
- Fleet Space Technologies
- OQ Technology
- Company Type 3: Others
- HEAD Aerospace Group
Segmentation 1: By Service
- Transport and Logistics
- Energy and Utilities
- Oil and Gas
- Natural Resource Monitoring
- Others (Construction, Media, Plant Engineering, Disaster Management, Infrastructure, and NGO)
- Civil Government
Segmentation 2: by Terminal
- Civil Government
Segmentation 3: by Region
- North America - U.S. and Canada
- Europe - France, Germany, Russia, U.K., and Rest-of-Europe
- Asia-Pacific - China, India, Japan, and Rest-of-Asia-Pacific
- Rest-of-the-World - Middle East and Africa and Latin America
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.
Key Topics Covered:
5 Competitive Benchmarking and Company Profiles
6 Growth Opportunities and Recommendations
7 Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/xd65j8
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