PUBLISHER: Allied Market Research | PRODUCT CODE: 1344553
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344553
According to a new report published by Allied Market Research, titled, "Satellite IoT Market," The satellite iot market was valued at $1.3 billion in 2022, and is estimated to reach $8.7 billion by 2032, growing at a CAGR of 21.1% from 2023 to 2032.
Factors such as growth in digitalization and increase in adoption of advanced technologies are positively impacting the growth of the market. In addition, the increase in adoption of satellite IoT in various industries such as utilities, maritime, defense & military, among others to enhance productivity, are expected to fuel the growth of the market. Furthermore, the increase in investments in advanced technologies such as AI, ML, cloud-based services and IoT is expected to provide lucrative growth opportunities for the market during the forecast period. Moreover, integration of satellite with mainstream technologies for business intelligence positively impacts the growth of the market. However, the high cost of technologies and regulatory issues and lack of comprehensive government policies regarding satellite IoT are expected to hamper the market growth. Furthermore, rise in adoption of cloud-based solution and increase in application of augmented reality (AR) & virtual reality (VR) technologies in information system are expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
On the basis of enterprise size, the large enterprise segment dominated the satellite IoT market size in 2022 and is expected to continue this trend during the forecast period. The surge in adoption of satellite IoT in large businesses opens numerous opportunities for the market growth. However, the small and medium-sized enterprise segment is expected to experience the fastest growth in the coming years. Factors such as surge in digitalization and increase in government initiatives through various digital small and medium-sized enterprise campaigns throughout the world fuel the growth of the market.
By region, North America dominated the satellite IoT market share in 2022 for the satellite IoT market. The increasing investment in advanced technologies such as cloud-based services, AI/ML, business analytics solution and IoT to improve businesses and the customer experience are anticipated to propel the growth of the satellite IoT market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the increase in penetration of digitalization and higher adoption of advanced technology are expected to provide lucrative growth opportunities for the market in this region.