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Satellite IoT Market - By Service (Satellite IoT Backhaul, Direct-to-Satellite), By Frequency Band (L-Band, Ku-and-ka Band, S-Band), By Organization Size (Large Enterprise, SMEs), By End-Use & Forecast, 2023-2032

  • Report ID: GMI5703
  • Published Date: May 2023
  • Report Format: PDF

Satellite IoT Industry Analysis

Satellite IoT Market size was valued at over USD 900 million in 2022 and is anticipated to grow at a CAGR of over 20% between 2023 and 2032. As more businesses and organizations are adopting IoT technology to connect & manage assets and devices located in remote or hard-to-reach locations, the need for satellite IoT services is increasing. Satellite IoT connectivity provides reliable & ubiquitous coverage, allowing businesses to track and monitor their assets and collect data in real time.

Satellite IoT Market

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As the number of satellite IoT subscribers increases, satellite operators and IoT platform providers can offer more services & solutions to meet the growing demand, leading to further global market expansion. This trend is expected to continue in the coming years, as more industries adopt IoT technology to improve efficiency, reduce costs, and enhance safety.

Data security concerns are major challenges for the satellite IoT market as IoT devices transmit sensitive data over the satellite network, making them vulnerable to cyber-attacks. This is particularly important for sectors, such as defense, government, and healthcare, where data security is critical. The complexity of securing IoT devices and the cost of implementing security measures is also a concern for many businesses. As a result, some organizations may delay or avoid implementing satellite IoT solutions until data security concerns are addressed, which could hinder market growth.

Satellite IoT End-Use Segmentation

Global Satellite IoT Market Revenue, By End-use,

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Agriculture segment is expected to witness highest CAGR of over 22% in coming years. Precision farming is driving the agriculture segment in the satellite IoT market by increasing demand for satellite connectivity to monitor and manage crops and agricultural resources. Satellite IoT solutions provide farmers with real-time data on soil moisture, temperature, and other environmental factors, enabling them to optimize their crop yields and reduce waste. Growing digitalization in agriculture sector has made precision farming a key focus for the agriculture industry, driving the adoption of satellite IoT solutions.

 Satellite IoT Services Segmentation

The satellite IoT market from satellite IoT backhaul segment is expected to generate revenue of over USD 2 billion by 2032 due to increasing demand for satellite connectivity to transmit data from remote IoT devices to the cloud. With the rising IoT device penetration, there is a growing need for satellite connectivity to support the transmission of large amounts of data from remote devices or those in hard-to-reach locations. Satellite IoT backhaul is a cost-effective solution for businesses and organizations to transmit this data over satellite networks. These solutions offer reliable & secure connectivity, enabling businesses and organizations to efficiently manage their IoT devices and assets from anywhere in the world. As a result, the satellite IoT backhaul segment is expected to witness a healthy growth rate during the forecast period.

Satellite IoT Organization Segmentation

Global Satellite IoT Market Share, By Organization Size, 

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Satellite IoT market from large enterprises segment holds market share of over 70% in 2022, majorly due to growing investment in IoT technology. It is difficult for large enterprises to monitor operations taking place in multiple countries. Satellite IoT provides them a one solution to gain real-time data and insights effectively. Also, growth in satellite IoT is attracting market players to launch their services. For instance, in February 2022, Astrocast, partnered with IoT service provider, UnaBiz, to develop an end-to-end IoT solution for asset tracking and monitoring. 

Satellite IoT Regional Analysis

 North America Satellite IoT Market Revenue

North America satellite IoT market is expected to surpass USD 1.5 billion by 2032 due to the high adoption rate of IoT technology across various regional industries including transportation, energy, and agriculture. North America has a well-established satellite infrastructure including both government and private satellite operators, providing reliable & widespread coverage for satellite IoT connectivity. The region has a strong focus on innovation and technology, with a robust startup ecosystem and significant investments in research & development. These factors, combined with the increasing demand for satellite IoT solutions in the region, make North America a promising market for satellite IoT providers.

Satellite IoT Industry Leaders

The major companies operating in the satellite IoT market include Vodafone, Inmarsat Global, Iridium Communication, Eutelsat, Kepler Communication, I.M.T. Srl, OQ Technology, and Astrocast. These players are focused on enhancing satellite IoT efficiency across several industries.

In March 2023, OQ Technology announced plans to increase its constellation of satellites for 5G Narrowband (NB-IoT) communications from three to ten in Low Earth Orbit (LEO) this year. The European operator will add seven satellites to its constellation, including the "MACSAT" and "PHI-Demo" satellites that were previously announced, as well as five additional 6U nanosatellites called Tiger-4 to Tiger-8, which have already been ordered from European suppliers.

The satellite IoT market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2023 to 2032 for the following segments:

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By Service

  • Satellite IoT backhaul
  • Direct-to-satellite

By Frequency Band

  • L-band
  • Ku-and-Ka band
  • S-band
  • Others

By Organization Size

  • Large enterprise
  • SMEs

By End Use

  • Maritime
  • Oil & gas
  • Energy & utility
  • Transportation & logistics
  • Healthcare
  • Agriculture
  • Military & defense
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • South Africa
    • Saudi Arabia
    • UAE


Authors: Preeti Wadhwani, Anish Pathak

Frequently Asked Questions (FAQ) :

Satellite IoT industry size was over USD 900 million in 2022 and will record over 20% CAGR between 2023 and 2032 due to increasing adoption of IoT technology by businesses and organizations.

Large enterprises held more than 70% of the satellite IoT market share in 2022 drive by the growing investments in IoT technology.

Satellite IoT market share from the backhaul segment is expected to record over USD 2 billion by 2032 on account of the rising demand for satellite connectivity to transmit data from remote IoT devices to the cloud.

North America market for satellite IoT will exceed USD 1.5 billion by 2032 owing to the rising adoption in the transportation, energy, and agriculture sectors.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 304
  • Countries covered: 17
  • Pages: 230
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