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

Drivers

Technological Advancements in Satellite IoT Applications and Wireless Technologies to Drive Market Growth

• 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.

Network Applications for Satellite IoT

• The driving force behind the global satellite IoT market is the expanding range of information uses and applications across industries, providing significant market growth. As IoT technology matures and develops and its integration with satellite connectivity opens new opportunities. businesses looking to monitor, manage and operate their assets and services. In transportation, energy, environmental monitoring, satellite IoT is changing how companies collect, make decisions, and provide data performance improves. Satellite IoT enables farmers to remotely monitor crop health, soil moisture levels and weather conditions in real time, allowing for more precise agricultural planning and better input allocation.

Restraints

Increased Costs Associated with Satellite IoT Development and Maintenance

• High cost of setting up and maintaining the ground station system is one of the major factors restraining the growth of the market. Most of the materials required are usually custom-made or purchased from commercial off-the-shelf (COTS) suppliers. The value chain of this system requires significant investments in R&D, manufacturing, system integration and assembly phases. Additionally, satellite IoT services are used for the most sophisticated security systems.

Vulnerability of Satellite IoT Devices to Cybersecurity Attacks

• In the last few years, there has been an increase in cases of cybersecurity breaches around the world. Security is an important area of technological concern for most organizations using IoT systems and 5G networks, with a wide range of devices including networks, platforms and devices. The proliferation of IoT means that if a single encryption device or communication is not secured, it can be manipulated.