Global Satellite-Based IoT Service Market Report 2023: Expansion of Terrestrial IoT Network Drives Growth -
Global Satellite-Based IoT Service Market Report 2023: Expansion of Terrestrial IoT Network Drives Growth - ResearchAndMarkets.com
March 10, 2023 07:51 AM Eastern Standard Time
“Global Satellite-Based IoT Service Market - A Global and Regional Analysis- Focus on Application, Product, and Country - Analysis and Forecast, 2023-2033”
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.
Impact
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