Growing Adoption of IoT Services in Several Industries to Propel Satellite IoT Market to US$ 6.14 Bn by 2031 TMR Study
- Substantial application of satellite IoT in remote tracking and monitoring of assets in various industries driving revenue gains; rising uptake in transportation & logistics sectors generate sizable revenue shares
- Growing deployment of direct-to-satellite IoT solutions for terrestrial networks in oil & gas, agriculture, and healthcare sectors to offer value-grab opportunities
ALBANY, N.Y., Jan. 5, 2022 /PRNewswire/ -- The drive for satellite communications stems from the pressing need for global connectivity for Internet of Things (IoT) devices. A TMR study scrutinizing the various growth dynamics estimates the satellite IoT market to reach US$ 6.14 Bn by 2031. Rise in demand for IoT networks in remote asset management offers massive revenue potential in satellite connectivity.
Several companies in the space industry are investing in expanding the use cases of satellite communication, notably through the launch of SmallSat constellations. Key players include Myriota, Astrocast, and Kepler Communications. Subsequently, efforts to integrate these with 5G terrestrial networks present a vast avenue for players in the satellite IoT market.
The analysts of the TMR report have estimated the L-band (1-2GHz) segment held a major market share of 41.6% in 2020. Of note, technological advancements in L-band have spurred their commercialization in several end-use industries, notably for extending IoT network in dense environments. In particular, the growing use of IoT networks for real-time monitoring in the agriculture sector is estimate to generate substantial growth opportunities.
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Key Findings of Satellite IoT Market Study
- Satellite Complement Cellular Connectivity in IoT Networks: Cellular connectivity has limited or no terrestrial coverage leading to low coverage of IoT network. Thus, businesses in end-use industries are keenly harnessing satellite communications for strengthening their IoT networks by complementing terrestrial networks. Stakeholders are leveraging the synergies of partnerships for integrating terrestrial and satellite communication technologies with the aim to develop frameworks for global IoT connectivity.
- Advancements in Wireless Technologies Spur Adoption of Satellite IoT Services in Various End-use Industries: Standards for wireless technologies have also advanced considerably over the years. In recent years, manufacturers in wireless communication technologies are offering cutting-edge communication designs that are characterized by use of a satellite constellation. This is offering value-grab revenue opportunities, assert the analysts in a TMR study on the satellite IoT market.
- Service Providers Gain Massive Revenues from Demand for Direct-To-Satellite Services: Providers of direct-to-satellite IoT services are garnering vast revenue gains in the satellite IoT market from the growing adoption of these in tracking and tracing of remote assets in logistics and agriculture sector. The services are gathering traction among end-use industries from the potential of direct-to-satellite for large scale coverage of panoply of IoT devices.
- High Adoption in Transportation & Logistics Sectors: The demand for satellite IoT services in transportation and logistics sectors for remote management of assets is significantly high. It held a leading share of 27.16% in 2020, finds the TMR study on the satellite IoT market.
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