Satellite IoT Market Size, Share, Growth Analysis, By Service Type (Satellite IoT Backhaul, Direct-to-Satellite), By Organization Size (Large, SMEs), By Vertical (Maritime, Oil & Gas), By Region - Industry Forecast 2024-2031

Global Satellite IoT Market size was valued at around USD 1.34 billion in 2022 and is expected to rise from USD 1.63 billion in 2023 to reach a value of USD 6.53 Billion by 2031, at a CAGR of 21.9% over the forecast period (2024–2031).

Global satellite IoT market is characterized by intense competition driven by technological advancements, expanding use cases, and the growing demand for global connectivity in remote and challenging environments Collaboration between satellite communications provider and IoT platform is the strategy followed by key players. For example, Inmarsat brings its extensive experience and infrastructure in satellite communications, enabling reliable and world-class connectivity, especially in remote and challenging areas that may not be accessible by terrestrial networks. By combining their strengths, Inmarsat and Actility aim to provide end-to-end solutions for various IoT use cases such as asset management, environmental monitoring, and industrial workflow automation and can be enabled for real-time monitoring, efficiency, and automation. 'Orbcomm (US) ', 'Iridium Communication (US) ', 'Globalstar (US) ', 'Astrocast (Switzerland) ', 'Inmarsat Global (UK) ', 'Airbus (Netherlands) ', 'Intelsat (US) ', 'Thales (France) ', 'Eutelsat (France) ', 'Northrop Grumman (US) ', 'Thuraya (Singapore) ', 'Vodafone (UK) ', 'Surrey Satellite Technology (UK) ', 'Head Aerospace (China) ', 'I.M.T. SRL (Italy) ', 'Fleetspace Technologies (Australia) ', 'Swarm Technologies (US) ', 'Alenspace (Spain) ', 'OQ Technology (Luxembourg) ', 'Fossa Systems (Spain)'

Satellite IoT is the integration of Internet of Things devices and services into satellite networks. IoT devices are small, low-power devices equipped with sensors and communication capabilities to collect data and communicate with other devices or systems. Satellite IoT market revenue strategies for growth internet of things (IoT) and machine-to-machine communications (M2M) was responsible. According to statistical analysis, more than 6,000 satellites orbit the earth. About 3,000 of them are in LEO and many of these satellites are owned by the same companies, allowing companies and government agencies to network together. Although most people are familiar with satellite applications such as GPS tracking and others. These technologies have simply been implemented satellite technologies have already proven to be credible in industrial IoT ecosystems, and as IoT develops, it will become a valuable resource for cities, communities, farms, and manufacturers.

Increasing Technological Advances: Another LEO satellite saw the use of Ka-band and V-band spectrum while providing higher data rates, greater security, narrower beams and smaller antennas. Efficient antennas with better spectrum utilization increased the content/data transfer rate of each satellite, enabling LEO-constellation capabilities. Recent advances in analytics, combined with increasing computing power and AA based algorithms are helping to reduce operational costs and response times.

North America accounts for the largest share of the satellite IoT market. The increase is due to rising government spending on military communications systems. The presence of several key players, such as Honeywell International, Inc., General Dynamics Corporation, L3 Harris Technologies Corporation, etc., is fueling the growth of the market across the region. 5G networks will play a key role in helping policymakers and governments share the social and economic benefits of an advanced, digital, data-rich economy. As a result, authorities must build and upgrade passive assets such as fiber networks and data centers to meet the demand of the market.