Satellite Enabled IoT Software Market Key News, Size, Industry Share and Regional Forecast to 2027
Market Overview
The satellite enabled IoT
software market 2020 could potentially reach a valuation of USD 2 BN by 2027-end,
says Market Research Future (MRFR). It is also projected that the market can
expand at a rate of 8% between 2020 and 2027 (assessment period). We will
provide COVID-19 impact analysis with the report.
Primary Boosters and Key Barriers
Mounting demand for connections with remote locations has been
instrumental in the development of the satellite enabled IoT market. Growth of
connected IoT devices including smart devices all over the world has been a
major trend in the market, which can lead to further business expansion in the
near future. The satellite enabled IoT software market share also gets a boost
from the increasing integration of 5G networks and satellite to facilitate
connected environments, machine learning and blockchain and quantum Solutions
for secure satellite IoT operations.
The widespread consumer demand for reduced data connection rates
is another reason for the massive growth of the satellite enabled IoT market.
Despite the relentless growth, the path loss during satellite transmission of
data because of long coverage distances can be a significant roadblock for the
market in the following years. With that said, the soaring need for high speed,
secure and cost effective wireless communication system can be a lucrative
opportunity for the renowned companies and also induce considerable market
growth.
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COVID-19 has been a challenging event for all the industries
across the globe, which also includes the ICT sector. Satellite enabled IoT
software market however, holds the potential to bear the ramifications since
more and more payers are doing everything in their capacity to cope with the
collapsing supply chain network. Speaking of the long-term impact of COVID-19
on the revenue generation, trade experts assume that the satellite enabled IoT
software market can achieve decent growth in the next several years, given the
rising popularity of cloud computing within the IT industry. A number of
businesses everywhere are moving from on-premise to cloud, since it aids in
getting access to the data that is on the server. The impact analysis on
COVID-19 also states that the work from home strategy adopted by the companies
during the lockdown situation and the increasing consumption of content on
digital platforms can work in favor of the satellite enabled IoT software
market.
Market Segmentation
Technology and application are the primary segments based on which
the Satellite Enabled IoT Software Industry has been assessed by MRFR analysts
in the report.
The main technologies described in the market study are Ku-Band,
Ka-Band and L Band.
Application-wise market segmentation includes transportation &
logistics, telecommunication, military, aerospace, agriculture and healthcare,
and more.
Regional Insight
The geographical segregation of the satellite-enabled IoT market
covers Europe, North America, Asia Pacific or APAC, and the rest of the world
or RoW.
There is a strong possibility of Europe gaining the leading
position in the global market during the appraisal period, primarily on account
of the large number of esteemed vendors that have a strong grip on the region. Also,
massive contribution of countries like the United Kingdom (U.K) and France
towards revenue generation assists with the market growth. In terms of IoT
connectivity, Europe stands as one of the most developed markets.
Satellite-enabled IoT solutions are expected to aid multiple public sectors and
enterprises to access remote location across the region, which could also push
the market demand in the years ahead.
After Europe, North America stands as the strongest market at a
global level. The rapid proliferation of the satellite industry and the rising
rate of technological advancements to reduce the line-of-sight issues to
facilitate uninterrupted coverage in Canada and the United States are projected
to induce business growth during the conjectured period. The surge in
government efforts in the form of initiatives to boost the adoption of
manufacturing satellites using 3D printing is also stimulating the market
growth in the region.
MRFR experts expect APAC to be the fastest gaining market in the
approaching years, thanks to the massive investments by emerging countries such
as India, Japan and China in the ICT field. Several satellite operators in the
region are continuously exploring innovative approaches to connect IoT devices.
While the majority depends on proprietary satellite connectivity technologies
for IoT devices, many other make use of terrestrial wireless IoT connectivity
technologies to boost their network strategies. These innovative strategies
adopted by the players and the constant exploration of new ways to ramp up the
technological aspect are expected to lead to market growth across the region.
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Top Players
Top players in the satellite-enabled IoT industry are
NanoAvionics, Kepler Communications, Inc (Canada), Inmarsat Plc (U.K), Orbital
ATK Inc (U.S.), SES S.A (Luxembourg), Eutelsat S.A (France), Thuraya
Telecommunications Company (UAE), Thales Alenia Space (France), Maxar
Technologies Ltd (Canada), Space Exploration Technologies Corp (U.S.), Lockheed
Martin (U.S.), to mention a few.
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