Satellite IoT Market Analysis

Satellite IoT Market Analysis

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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.
 

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 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. 
 

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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.