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Satellite-Based IoT Service Market Size and Top Key Players Analysis by BIS Research

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BIS Research
Satellite-Based IoT Service Market Size and Top Key Players Analysis by BIS Research

Space has a vast amount of satellite presence, which contains all the different types of satellites based on the type of orbit they are in and the type of application they serve. All the satellites present in space serve different purposes, which can vary from Earth observation (EO), communication, navigation, satellite-based Internet of Things (IoT), and many more.

Read Report Overview: Satellite-Based IoT Service Market

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.

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, increasing 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.

North America to Dominate Global Satellite-Based IoT Service Market

The global satellite-based IoT service market is expected to witness the second-highest growth during the forecast period 2023-2033, driven by various activities in the UK, Germany, France, and Russia. Increased spending by commercial organizations such as Boeing, Astrocast SA, Intelsat, Iridium Satellite Communications, Echo Star, KORE Wireless, Orbcomm Inc, ViaSat, Hughes Networks, and government key agencies for different end users is expected to drive huge growth in the global satellite -based IoT service market during the forecast period.

Competitive Landscape

The competitive landscape of the global satellite-based IoT service market consists of several organic and inorganic strategies followed by the key players to increase their market share. The strategies include product innovations, contracts, partnerships, acquisitions, and business expansions, among others.

Take a Deep Dive: Access Our Sample Report to Understand How the market Drive the Satellite-Based IoT Service Market!

Some of the key players in the global satellite-based IoT service market include Intelsat, Orbcomm, Astrocast SA, Kepler Communications, Inmarsat, Eutelsat, Thales, and Boeing. These companies are aiming for a wide range of partnerships, collaborations, agreements, and contracts to expand their operations and increase their market presence globally to generate revenues and attract new customers.

Key Questions Answered in this Report:

  • What are the futuristic trends in the global satellite-based IoT service market, and how is the market expected to change over the forecast period 2023-2033?
  • What are the key drivers and challenges faced by the companies that are currently working in the global satellite-based IoT service market?
  • How is the market expected to grow during the forecast period 2023-2033?
  • What are the opportunities for companies to expand their businesses in the global satellite-based IoT service market?
  • Which region is expected to be leading the global satellite-based IoT service market by 2033?
  • What are the key developmental strategies implemented by the key players to sustain in this highly competitive market?
  • What is the current and future revenue scenario of the global satellite-based IoT service market?
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